Odoo Accounts & Finance

To set up General Ledger accounts in Odoo:

1. Go to Accounting Module → Configuration → Chart of Accounts.
2. Click Create to add a new account.
3. Fill in the details:
   • Account Code: Unique number for the account.
   • Account Name: Name of the account (e.g., Cash, Sales Revenue).
   • Account Type: Choose the type (e.g., Receivable, Payable, Income, etc.).
   • Currency: Choose a specific currency, if applicable.
4. Click Save.

To add a Credit Card Account in Odoo:

1. Go to Accounting Module → Configuration → Chart of Accounts.
2. Click Create.
3. Input the following details:
   • Account Code: Assign a unique code (e.g., 2001).
   • Account Name: Name it “Credit Card Account.”
   • Account Type: Choose Payable (since credit cards are liabilities).
4. Save the changes.

In Odoo 11, moving inventory accounting requires configuring the inventory valuation method:

1. Go to Inventory Module → Configuration → Settings.
2. Under Inventory Valuation, select:
   • Manual: You manually update inventory accounting entries.
   • Automated: Odoo automatically generates journal entries for inventory moves.
3. Set the Valuation Method:
   • FIFO (First In First Out)
   • AVCO (Average Cost)
4. Link accounts in your products:
   • Go to Products → Edit Product → Inventory Tab.
   • Assign proper Stock Input Account, Stock Output Account, and Stock Valuation Account.
5. Test inventory moves:
   • Perform incoming shipments, internal transfers, or deliveries.
   • Verify that accounting journal entries are automatically created under the Accounting Module.

In Odoo 10 Community Edition (CE), the Accounting Module provides:

1. Chart of Accounts: Manage general ledger accounts.
2. Customer Invoices: Create and track customer invoices.
3. Vendor Bills: Record and manage supplier invoices.
4. Payments: Register and reconcile payments.
5. Bank Reconciliation: Match transactions with bank statements.
6. Taxes: Configure and apply sales and purchase taxes.
7. Financial Reporting: Generate essential reports like:
   • Profit and Loss
   • Balance Sheet
   • Trial Balance

Limitations in Odoo 10 CE:

• Lacks advanced features like automated bank feeds, asset management, or deferred revenue (available in the Enterprise version).