This guide will help you get started with Odoo Accounting. Once you're done, you'll benefit from:
- Reduced data entry: no need to manually create invoices, register bank statements, and send payment follow-ups.
- Clean customer invoices: easy to create, beautiful and full featured invoices.
- Automated documents sending: automatically send your invoices by email or snail mail.
- On-the-fly payment reconciliation: automatic suggestions of outstanding payments when creating invoices.
- Banking interface: with live bank feed synchronization and bank statement import.
5) For setup, you will need the following information:
- Your company's legal name, tax ID, address, and logo.
- One bank statement for each bank account you hold.
- A list of your customer and supplier payment terms.
- A list of common taxes and their rates.
- Your Trial Balance (list of accounts and their balances).
- Your outstanding invoices, payments, and undeposited funds.
Enjoy your Odoo experience,
For the Odoo Team,Fabien Pinckaers, Founder
The first step is to set up your company's information. This is mostly used in printed business documents like orders and invoices.
| Logo |
| Change |
|---|---|---|
| Legal Name | Change | |
| Address | Change | |
| Tax ID | Change | |
| Main Currency | Change | |
| Terms & Conditions | Change | |
| Payment Terms |
| Review Terms |
Odoo can manage multiple companies, but we suggest to setup everything for your first company before configuring the other ones.
Once your company information is correct, you should setup your bank accounts.
Once your bank accounts are registered, you will be able to access your statements from the Accounting Dashboard. The available methods for synchronization are as follows.
- Direct connection to your bank
- Importing your statements in via a supported file format (QIF, OFX, CODA or CSV format)
- Manually enter your transactions using our fast recording interface
Before continuing, you must install the Chart of Account related to your country (or the generic one if your country is not listed).
Install Chart of AccountA Chart of Accounts has been installed. You should review it and create any additional accounts.
It's recommended that you do not delete any accounts, even if they are not relevant. Simply make them inactive.
Odoo has already preconfigured a few taxes according to your country.
Simply review them and check if you need more.
Check the Taxes configuration:
To manage the tax applied when invoicing a Company, Odoo uses the concept of Fiscal Position: they serve to automatically set the right tax and/or account according to the customer country and state.
The multi-currency option allows you to send or receive invoices in difference currencies, set up foreign bank accounts and run reports on your foreign financial activities.
To use the multi-currency option:
- Activate the option in the Accounting Settings
- Review the list of available currencies (from the Configuration menu)
Most currencies are already created by default. If you plan to use some of them, you should check their Active field.
Exchange rates can be automatically updated once a day from Yahoo Finance or the European Central Bank. You can activate this feature in the bottom of the Accounting Settings.
Unless you are starting a new business, you probably have a list of customers and vendors you'd like to import.
< 200 contacts
If you have less than 200 contacts, we recommend you create them manually.
- Create Customers
- Create Vendors, if accounting or purchase is installed
> 200 contacts
We can handle the whole import process for you: simply send your Odoo project manager a CSV file containing all your data.
If you want to do it yourself:
- Download the Excel template
- Import using the "Import" button on the top left corner of the customer list
A product in Odoo is something you sell or buy whether or not it is goods, consumables, or services. Choose how you want to create your products:
Recommended if <100 products
Recommended if >100 products
We can handle the whole import process for you: simply send your Odoo project manager a CSV file containing all your products.
If you want to do it yourself:
- Download the Excel template
- Import using the "Import" button on the top left corner of the product list
Once you have created your chart of accounts, you will need to update your account balances.
- In your old accounting software, print a trial balance
- In Odoo, create a journal entry to set the balance of all of your accounts.
It's common practice to change your accounting software at the end of a fiscal year. This allows you to have less data to import and balances to set. If you plan to do so, we recommend you start using Odoo for invoicing and payments now, and then move all other accounting transactions at a later time.
If you want to be able to send your customers their statements from Odoo, you first need to record all outstanding transactions in the payable and receivable accounts. These would be invoices that have not been paid or payments that have not been reconciled.
Registering outstanding invoices and payments can be a huge undertaking, but you can start using Odoo without it by:
- Sending customer statements (outstanding invoices) manually during the transition period
- Registering payments related to outstanding invoices separately in a different account (e.g. Account Receivables 2014)
If you want to be able to send customer statements from Odoo, you must:
First, register any outstanding customer invoices and vendor bills:
Next, register any unmatched payments:
Odoo Accounting has many free extra-features:
Assets Management
Manage your various fixed assets, such as buildings, machinery, materials, cars, etc..., and calculate their associated depreciation over time.
Install NowRevenue Recognition
Use in conjunction with contracts to calculate your monthly revenue for multi-month contracts.
Install NowDeposit Tickets
Simplify your cash, checks, or credit cards deposits with an integrated batch payment function.
Install NowContracts & Subscriptions
Manage time & material contracts or fixed-price recurring subscriptions.
Install NowWhen inviting users, you will need to define which access rights they are allowed to have. This is done by assigning a role to each user.
There are three different levels of access rights in Odoo:
These users handle billing specifically.
The Advisors have full access to the Accounting application, plus access to miscellaneous operations such as salary and asset management.
This role is best suited for managing the day to day accounting operations:
- Recording invoices
- Managing bank fees
- Reconciling journal entries
Invite Your Users
Test the following three scenarios in order to assist you in familiarizing yourself with Odoo:
Create a Customer Invoice
Record Bank Statement (or import file)
Depending on the volume of your transactions, you should be recording your bank statement every week to several times a day.
Reconcile Bank Statement
Create a Customer Invoice
Record a payment by check on the Invoice
Simply click on the 'Pay' button.
Create a Deposit Ticket
This allows you to record the different payments that constitute your bank deposit. (You may need to activate this feature first)
Record Bank Statement
Reconcile with existing transaction
In this case, Odoo should automatically match the bank statement with the previously recorded check transaction.
Reconcile your Bank Statements
Check unpaid invoices
Run an Aged Receivable report and check which customers still owe you money.
Send follow-up letters
The Deposit Ticket module can also be used to settle credit card batch made of multiple transactions.
Test the following three scenarios in order to assist you in familiarizing yourself with Odoo:
Create the bill in Odoo
with a proper due date, and create the vendor if it doesnt' exist yet.
Cash transactions
(for which there is no invoice or bill), should be entered directly into your Cash Registers bank account.
Validate the bill
after encoding the products and taxes.
Mark the bills to pay
Group or filter your bills to see those due in the next week, then open each bill individually, click on 'Pay' and select the payment method you prefer.
Print checks
From the Vendor Payments list, select those you want to pay and click on Print Check (you may first need to activate the check feature in the Accounting Settings)
Or generate payment orders
Create a Payment Order and select the bills you'd like to pay as Entry lines (only the validated bills will appear).
Odoo should do most of the reconciliation work automatically, so you'll only need to review a few of them when a 'Reconcile Items' button appears on your Vendor Bills dash.
Congratulations, you're done!
We hope this tool helped you implement our accounting application.
Don't hesitate to send us an email to describe
your experience or to suggest improvements !
-The Odoo Team
