The Odoo Accounting Module and Its Functions

The accounting module's goal is to manage all financial or accounting activities such as accounts receivable, accounts payable, bank balances, fixed assets, etc. It offers a variety of modules that make it easy to test double-entry and multi-currency support, invoice values, and other features.

The submodules are as follows:

• Overview
• Customers
• Vendors
• Accounting
• Reporting
• Configuration

Menu for Customers:

Invoice: By selecting client, reference, invoice date, payment terms, journal, and company, we may generate a personalized invoice. Choose your product and publish it.

Credit Notes: Credit notes are issued to the client by the seller.

Receipts: You may use this to record customer receipts and submit diary entries.

Payments: Choose a payment method for the consumer here.

Menu of Vendors:

• Bill: Here you may create a new vendor bill, as well as specify the reference bill, bill date, and so on.
• Refund: A refund is the restitution of the original payee's funds to the original payer.
• Receipts: Add vendor receipts here.
• Payments: Recording payments for vendors.
• Items: To create a new product or to see current products
• Vendors: add new vendors or see current ones.

Accounting Menu:

Miscellaneous 

Journal Entries: All journal entries for the transaction inside any firm were included.

Journals:

Sales: You may view every journal relating to your sales and their corresponding partners, as well as the invoice number, the product in each invoice, and the debit/credit amount.

Purchases: On this page, you may generate and view your organization's purchases.

Bank & Cash: Displays all journals associated with your bank & cash journals.

Ledgers:

General Ledger: This may reveal all of the transactions generated in any organization from all of the account information that has been reviewed.

The partner ledger contains information about the existing open balances with any customer or vendor.

Management: Automatic Transfer: In this section, we may set up automatic transfers such as monthly IFRs rent expenditure transfers, and yearly liabilities.

Assets: You may use this to keep track of your permanent assets such as machinery, land, and buildings.

Deferred Revenue: A type of payment received by a corporation is deferred revenue.

Deferred Expenses: This section is about Deferred Expenses.

Action:

Reconciliation is the process of matching the payment method to the associated invoice.

Generic Statements Reporting Menu

Profit and Loss: This is a detailed record of your total income and total expenses for a given time period.

A balance sheet is a statement that shows a company's assets, liabilities, and shareholder equity at a certain point in time.

The executive summary describes a company's business plans and financial reporting.

Cash Flow Statement: This statement makes it simple to analyze changes in balance sheet accounts and income affect cash equivalency.

Reports from Partners

The uploaded journal entries may be found in the Partner Ledger.

Aged Receivables: This submodule allows you to assess the financial condition of any company's clients. The periodic report in this module categorizes receivables-based organizations based on time length and unpaid invoice data.

Aged Payable: It prompts the user to decide whether invoices are past due for payment.

General Ledger, Trial Balance, Consolidated Journals, Tax Reports, Journal Audits, and Assets Reports are all examples of audit reports.

Configuration Options:

Invoicing: This contains Payment Terms, taxes, Fiscal Positions, a Journal, and a level of follow-up.

Payments:  consists of adding a bank account, Bank Accounts, Saved Payment info, Payment Icons, and Payment Transactions.

Accounting submenus: include Chart of Accounts, Journal Groups, Product Categories, Reconciliation Models, Account Tags, Account Group, Asset Models, Deferred Revenue Models, Deferred Expense Models, and Deferred Expense Models.

Management: covers the Tax Report and Financial Reports.