ITEXC Group

Accounting Module Presentation

ESSID Fatma Zohra

13/04/2024
Table des matières
Introduction..............................................................................................................................2
Accounting................................................................................................................................2
Accounting Periods...............................................................................................................3
Bank Account........................................................................................................................3
Taxes.....................................................................................................................................4
Extra taxes........................................................................................................................5
Chart of account...................................................................................................................5
Invoicing...................................................................................................................................7
Company Data......................................................................................................................7
Document Layout.................................................................................................................8
Create invoice.......................................................................................................................8
Online payment....................................................................................................................8
Customer Invoices....................................................................................................................9
Introduction
Odoo's Accounting and Invoicing modules offer a comprehensive solution for businesses to
efficiently manage their financial operations. With Odoo Invoicing, users can easily create,
send, and manage invoices, while Odoo Accounting provides a full-featured accounting app
with AI-powered invoice recognition, bank synchronization, and smart matching suggestions.

Key features include:

 Integrated Platform: Seamlessly integrates with other business applications within

the Odoo ecosystem.
 Flexible Chart of Accounts: Customize chart of accounts to suit specific business
needs.
 Automated Invoicing: Generate professional invoices and send them to customers
directly from the system.
 Payment Processing: Support for various payment methods and real-time payment
tracking.
 Expense Management: Record and track expenses, categorize, and link to specific
projects or departments.
 Reporting and Analytics: Built-in reports and analytics tools for gaining insights into
financial performance.
 Double-entry Bookkeeping: Ensures accurate recording of all accounting
transactions.
 Multi-currency and Multi-company Support: Manage finances for multiple
companies and currencies within a single database.
 Accrual and Cash Basis Accounting: Support for both accrual and cash basis
accounting methods.
 International Standards: Supports over 70 countries with central standards and
country-specific modules.
 Accounts Receivable and Payable: Track customer and vendor balances, run reports
per customer or vendor.
 Bank Synchronization: Automatically import bank transactions into the system for
real-time cash flow monitoring.
 Inventory Valuation: Supports both periodic and perpetual inventory valuations.
 Retained Earnings: Calculates current year earnings in real-time, no year-end journal
required.
 Fiduciaries Mode: Enables quick encoding of transactions with editable document
sequences and pre-filled fields.

Overall, Odoo's Accounting and Invoicing modules provide businesses with the tools they
need to streamline financial management processes and gain better control over their
finances.

Accounting
When you first open your Odoo Accounting app, the Accounting Overview page welcomes
you with a step-by-step onboarding banner, a wizard that helps you get started. This
onboarding banner is displayed until you choose to close it.
The settings visible in the onboarding banner can still be modified later by going to
Accounting ‣ Configuration ‣ Settings.

Accounting Periods
Define here your Fiscal year’s opening and closing dates, which are used to generate reports
automatically, and your Tax Return Periodicity, along with a reminder to never miss a tax
return deadline.

By default, the opening date is set on the 1st of January and the closing date on the 31st of
December, as this is the most common use.

Bank Account
Connect your bank account to your database and have your bank statements synced
automatically. To do so, click on Add a Bank Account button, find your bank in the list, click
on Connect, and follow the instructions on-screen.
Taxes
As part of your fiscal localization package, most of your country’s sales taxes are already
preconfigured on your database. However, only a few taxes are activated by default. To
activate enable the toggle button under the Active column.

To edit or create a tax, open a tax or click on New.

Default taxes define which taxes are automatically selected when creating a new product.
They are also used to prefill the Taxes field when adding a new line on an invoice in
Accounting Firms mode. To change your default taxes, go to Accounting ‣ Configuration ‣
Settings ‣ Taxes ‣ Default Taxes, select the appropriate taxes for your default sales tax and
purchase tax, and click on Save.

To edit or create a tax, go to Accounting ‣ Configuration ‣ Taxes and open a tax or click on
New.

Extra taxes
is a broad term referring to additional taxes beyond the standard or basic taxes imposed by
governments. These extra taxes can be luxury taxes, environmental taxes, import or export
duties taxes, etc.

To compute an extra tax in Odoo, create a tax, enter a tax name, select a Tax Computation,
set an Amount, and in the Advanced Options tab, check Affect Base of Subsequent Taxes.
Then, drag and drop the taxes in the order they should be computed.

Chart of account
The chart of accounts lists all the company’s accounts: both Balance sheet accounts and P&L
accounts. Every transaction is recorded by debiting and crediting multiple accounts in a
journal entry.
With this menu, you can add accounts to your Chart of Accounts and indicate their
initial opening balances.
Basic settings are displayed on this page to help you review your Chart of Accounts.
To access all the settings of an account, click on the double arrow button at the end
of the line.

The chart of accounts (COA) is the list of all the accounts used to record financial
transactions in the general ledger of an organization. The chart of accounts can be
found under Accounting ‣ Configuration ‣ Chart of Accounts.
To create a new account, click New, and fill in (at the minimum) the required fields
(Code, Account Name, Type).

It is not possible to delete an account once a transaction has been recorded on it.
You can make them unusable by using the Deprecated feature: check the
Deprecated box in the account’s settings, and Save.
Some accounts, such as accounts made to record the transactions of a payment
method, can be used for the reconciliation of journal entries. Therefore, the account

used to record credit card payments needs to be configured to allow reconciliation.

To do so, check the Allow Reconciliation box in the account’s settings, and Save; or
enable the button from the chart of accounts view.

Invoicing
There is another step-by-step onboarding banner that helps you take advantage of your
Odoo Invoicing and Accounting apps. The Invoicing onboarding banner is the one that
welcomes you if you use the Invoicing app rather than the Accounting app.
If you have Odoo Accounting installed on your database, you can reach it by going to
Accounting ‣ Customers ‣ Invoices.
The Invoicing onboarding banner is composed of four main steps

Company Data
This menu allows you to add your company’s details such as the name, address, logo,
website, phone number, email address, and Tax ID, or VAT number. These details are then

displayed
on your documents, such as on invoices.

Document Layout
With this tool, you can design the appearance of your documents by selecting which layout
template, paper format, colors, font, and logo you want to use.
You can also add your Company Tagline and the content of the documents’ footer. Note that
Odoo automatically adds the company’s phone number, email, website URL, and Tax ID (or
VAT number) to the footer, according to the values you previously configured in the
Company Data.
Create invoice
Click on the create button to create the first invoice

Online payment
To make it more convenient for your customers to pay the invoices you issue, you can
activate the Invoice Online Payment feature, which adds a Pay Now button on their
Customer Portal. This allows your customers to see their invoices online and pay directly
with their favorite payment method, making the payment process much easier.

Multi-currency system
Odoo allows you to issue invoices, receive bills, and record transactions in currencies other
than the main currency configured for your company. You can also set up bank accounts in
other currencies and run reports on your foreign currency activities.

Main Currency
The main currency is defined by default according to the company’s country. You can change
it by going to Accounting ‣ Configuration ‣ Settings ‣ Currencies and changing the currency
in the Main Currency setting.
Enable Foreign Currency
Go to Accounting ‣ Configuration ‣ Currencies, and enable the currencies you wish to use by
toggling the Active button.

Currency rates
To manually create and set a currency rate, go to Accounting ‣ Configuration ‣ Currencies,
click on the currency you wish to change the rate of, and under the Rates tab, click Add a line
to create a new rate.

When you activate a second currency for the first time, Automatic Currency Rates appears
under Accounting Dashboard ‣ Configuration ‣ Settings ‣ Currencies. By default, you have
to click on the Update now button (🗘) to update the rates.

Odoo can update the rates at regular intervals. To do so, change the Interval from Manually
to Daily, Weekly, or Monthly. You can also select the web service from which you want to
retrieve the latest currency rates by clicking on the Service field.
Each account can have a set currency. By doing so, all moves relevant to the account
are forced to have that account’s currency.
To do so, go to Accounting ‣ Configuration ‣ Charts of Accounts and select a
currency in the field Account Currency. If left empty, all active currencies are handled
instead of just one.

If a currency is set on a journal, that journal only handles transactions in that

currency.
To do so, go to Accounting ‣ Configuration ‣ Journals, open the journal you want to
edit, and select a currency in the field Currency.
Multi-currency accounting
For all documents, you can select the currency and journal to use for the transaction on the
document itself.

To register a payment in a currency other than your company’s main currency, click on the
Register Payment payment button of your document and, in the pop-up window, select a
currency in the Amount field.

When creating or importing bank transactions, the amount is in the company’s main
currency. To input a foreign currency, select a currency in the Foreign Currency. Once
selected, enter the Amount in your main currency for it to automatically get converted in the
foreign currency in the Amount in Currency field.

When reconciling, Odoo displays both the foreign currency amount and the equivalent
amount in your company’s main currency.

To see exchange difference journal entries, go to Accounting Dashboard ‣ Accounting ‣

Journals: Miscellaneous.
Customer Invoices
Odoo supports multiple invoicing and payment workflows, so you can choose and use the
ones that match your business needs. Whether you want to accept a single payment for a
single invoice or process a payment spanning multiple invoices and taking discounts for early
payments, you can do so efficiently and accurately.

In Odoo, the invoicing process starts once goods are shipped. When a shipment occurs,
whether it's sending items to a customer or receiving them from a supplier, it fulfils the
terms of the contract. At this point, Odoo allows warehouse staff to create a Draft Invoice.
After this, the typical steps involve issuing the invoice, receiving payment, depositing it in the
bank, closing the Customer Invoice, and following up if payments are late. Finally, the
income is presented in the Profit and Loss report, and the decrease in assets is shown in the
Balance Sheet report.

From Draft invoice to profit and loss

Invoice creation
Draft invoices can be manually generated from other documents such as Sales Orders,
Purchase Orders, etc. However, you can create a draft invoice directly if you would like.
An invoice must be provided to the customer with the necessary information for them to
pay for the goods and services ordered and delivered. It must also include other information
needed to pay the invoice in a timely and precise manner.

To create a customer invoice, go to Accounting Dashboard ‣ Customer Invoices and click on

the New button

“Confirm” the invoice when you are ready to approve it. The invoice then moves from the
Draft state to the Posted state.
When you have validated an invoice, Odoo gives it a unique number from a defined, and
modifiable, sequence.

After validating the customer invoice, you can directly send it to the customer via the ‘Send
& Print’ functionality.

In Odoo, an invoice is considered to be paid when the associated accounting entry has been
reconciled with the payment entries. If there has not been a reconciliation, the invoice will
remain in the Open state until you have entered the payment.

Register the payment for the invoice by clicking on the Register Payment button the status
will change to IN PAYMENT
Create a transaction from the accounting dashboard with the related journal and enter the
amount of the invoice.

The validate the payment, click on Validate button

Then you will see this view

The status of the invoice change to paid

A typical journal entry generated from a payment will look like as follows:
Payment Follow-up
There’s a growing trend of customers paying bills later and later. Therefore, collectors must
make every effort to collect money and collect it faster.

Odoo will help you define your follow-up strategy. To remind customers to pay their
outstanding invoices, you can define different actions depending on how severely overdue
the customer is.

By going to the configuration record and diving into the “Follow-up Levels”

Click New to create new follow-up

Configuration
Companies often have multiple locations, and it is common that a customer invoice should
be sent to one address and the delivery should be sent to another. To specify a sales order’s

invoice and delivery addresses, first go to Accounting ‣ Configuration ‣ Settings. In the

Customer Invoices section, enable Customer Addresses and click Save.
Delivery orders and their delivery slip reports use the address set as the Delivery Address on
the sales order. By default, invoice reports show both the shipping address and the invoice
address to assure the customer that the delivery is going to the correct location.

Payment terms specify all the conditions of a sale’s payment to help ensure customers pay
their invoices correctly and on time.

To create new payment terms, Go to Accounting ‣ Configuration ‣ Payment Terms and click
on New

Payment terms can be defined using the Payment Terms field on:

 Contacts: To automatically set default payment terms on a contact’s new sales

orders, invoices, and bills. This can be modified in the contact form, under the Sales
& Purchase tab.
 Quotations/Sales Orders: To set specific payment terms automatically on all invoices
generated from a quotation or sales order.
Specifying terms and conditions is essential to establish important contractual points, such
as returns and refunds, warranties, and after-sale services. You can add default terms and
conditions at the bottom of all customer invoices, sales orders, and quotations, either as text
or a link to a web page. Go to Accounting ‣ Configuration ‣ Settings. Under the Customer
Invoices, enable Default Terms & Conditions.

By default, the Add a Note option is selected, and the terms and conditions are displayed at
the bottom of the document. Enter the terms and conditions in the text box below.

Alternatively, to display the terms and conditions on a web page, select the Add a link to a
Web Page option and click Save. Click Update Terms, edit the content, and click Save. The
link to that page is then added as a note in your document.