Odoo Accounting Configuration

First, you need to install the accounting app from Odoo to your database

• Then you can follow the four steps for configuration

• Next step is to add Bank Account
  you can search bank in your country or worldwide.
  there might be beta versions for checking the purpose

• Then you can select the Fiscal year of the company

• Finally, you can add the company chart of account 

   

  Here you can see an overview of your accounts.

  

   

• Customer Invoice:- gives information about invoices which are paid and unpaid and total amounts. You can create an invoice directly from here



• Vendor bills:- gives information on vendor bills that are paid and unpaid
  We can import bills from data in CSV formats.



• bank :- It consists of our bank statements and allow us to reconcile accounts



• cash :- Shows balance and latest statement of our cash  

Reconciliation : In accounting, it is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent.  

Follow-up on invoices and get paid faster 

Odoo will help you identify payments that are late and will allow you to send the appropriate reminders.The overdue invoices you need to follow-up on are available by default in Accounting ‣ Sales ‣ Follow-up Reports. There, you can easily send a reminder by email or print it as a letter. Then, you can click on the Done button to view the next follow-up that needs your attention.

Tip:

Odoo recommend that you reconcile your bank statements before launching your follow-up process. It will avoid you the trouble of sending a statement to a customer that has already paid you.

 Some of other features of Odoo accounting are

Beautiful user interface

A fast and modern user interface your users will love. Based on Google Material Design trend.

Reduce data entry

No need to create invoices manually, print and send them, register bank statements, follow-up payments... Automate more, save time.

Collaboration & Alerts

Follow what interests you and get automatic alerts, collaborate on documents easily.

Pay Multiple Invoices

Ability to reconcile a payment with several invoices using a button on the payment form.

Easy setup

Simplified initial setup with a configuration progress bar (example: set your initial balances from one screen).

Mobile

Get an instant access to all accounting features, wherever you are, on tablets or smart phones.

Bank Interfaces

Get your bank statements automatically synced with your bank. Save time with Automated reconciliation.