Introduction to Odoo Accounting
Introduction
Looking for a smart, flexible, and fully-featured accounting solution? Odoo Accounting could be the perfect fit for your business—whether you’re managing daily transactions, handling taxes, or overseeing multiple companies.
Designed to boost efficiency, Odoo Accounting combines automation (like AI-powered invoice recognition and bank synchronisation) with easy-to-use tools for invoicing, reporting, and more. It’s ideal for businesses of all sizes looking to simplify financial management and maintain accurate, real-time records.
In this guide, we’ll walk you through how to get started with Odoo Accounting and highlight its key features and tips to streamline your workflow.
Step-by-Step Instructions
1. Get Started with Odoo Accounting
- Begin by setting up your chart of accounts tailored to your business structure.
- Define your fiscal years, journals, and default tax configurations.
- Enable multi-company or multi-branch management if you operate across different legal entities or divisions.
2. Manage Taxes & Fiscal Positions
- Configure your business tax rates and rules, including custom fiscal positions for different customer types or regions.
- Generate tax reports automatically based on your journal entries.
- Lock reporting periods after submission to maintain data integrity.
3. Send and Receive Invoices
- Create customer invoices with custom payment terms and product details.
- Use built-in OCR (Optical Character Recognition) to automatically digitise and record vendor bills.
- Enable online payments, batch billing, and automated reminders for unpaid invoices.
4. Handle Payments with Ease
- Accept payments through various channels: online gateways, cheques, or bank batch uploads.
- Track payment statuses and configure automated follow-ups for overdue invoices.
- Easily register partial, full, or grouped payments across multiple invoices or bills.
5. Bank Sync and Reconciliation
- Connect your bank account directly to Odoo to import transactions automatically.
- Odoo’s smart matching engine suggests matching entries for quick and accurate reconciliation.
- Get a live overview of your business’s cash position across all accounts.
6. Track Inventory and Valuation
- Choose the right valuation method: FIFO, LIFO, average cost, or standard price.
- Link inventory with your accounting system for real-time valuation of stock movements.
- Automatically record cost of goods sold, inventory changes, and adjustments.
7. Generate Real-Time Reports
- Stay in control of your financial health with real-time access to:
- Profit & Loss Statement
- Balance Sheet
- Cash Flow Statement
- Trial Balance
- General Ledger
- Aged Receivables and Payables
- Product Margins and Budget Analysis
- Customise reports with filters, date ranges, and formatting options for internal or external reporting.
Tips for Better Accounting with Odoo
- Choose your accounting basis: Use either cash or accrual basis depending on your reporting needs.
- Automate tasks: Save time with AI invoice recognition, smart reconciliation, and auto-reminders.
- Track company-wide or branch-specific results: Use multi-company and multi-branch management for clear oversight.
- Review retained earnings automatically: Odoo carries forward balances without the need for manual year-end adjustments.
- Switch on accounting firm mode: Use this for faster data entry, invoice sequencing, and batch processing if you're an external accountant.
