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Introduction to Odoo Accounting

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Odoo Accounting is a full accounting system that covers day-to-day transactions, tax handling and multi-company reporting. It suits businesses of any size wanting accurate, real-time financial records in one system.

Getting started

Set up the chart of accounts to match the business structure, define fiscal years, journals and default tax configurations, and enable multi-company or multi-branch management for businesses operating across several legal entities.

Manage taxes and fiscal positions

Configure tax rates and rules, including fiscal positions for different customer types or regions, and generate tax reports automatically from journal entries. Reporting periods can be locked once submitted to keep the figures unchanged.

Send and receive invoices

Create customer invoices with payment terms and product details, and use built-in document digitisation to help capture vendor bills. Online payments, batch billing and automated reminders for unpaid invoices are also available.

Handle payments

Accept payments individually or in batches across multiple invoices or bills.

Bank sync and reconciliation

Connect a bank account to import transactions automatically. Odoo’s matching engine suggests likely matches for faster reconciliation, giving a live view of cash position across accounts.

Track inventory and valuation

Choose a valuation method, FIFO, Average Cost or Standard Price, and link inventory with accounting for real-time valuation of stock movements, with cost of goods sold recorded automatically.

Generate real-time reports

Access reports including the Profit and Loss statement, Balance Sheet, Cash Flow Statement, Trial Balance, General Ledger, and Aged Receivables and Payables, with filters and date ranges for internal or external reporting.

Tips

  • Use multi-company and multi-branch management for clear, entity-level oversight.
  • Odoo carries forward retained earnings automatically, avoiding manual year-end adjustments.
  • Accounting firm mode speeds up data entry for external accountants managing several client companies.

Frequently asked questions

Can Odoo read vendor bills automatically?

Yes, built-in document digitisation (OCR) can scan and pre-fill vendor bills, which can then be checked and confirmed.

Which inventory valuation methods does Odoo support?

FIFO, Average Cost and Standard Price, linked with the accounts so stock movements are valued in real time.

Can several companies share one Odoo Accounting database?

Yes, multi-company and multi-branch management lets each entity keep its own accounts while being managed centrally.

Need help?

Need help setting up Odoo Accounting? Contact support@thoughtlogik.com or see our Odoo implementation services.

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