One of the best open-source ERPs is Odoo ERP, which has advantages over other management solutions in terms of how a company's accounting system operates. 

At the end of a company's operation, the Accounting Module is regarded as one of the best-advanced management programs. 

The Odoo Accounting Module is cutting-edge accounting software that accurately tracks your accounting and finances, it makes all accounting tasks easier for you. 

In this blog post, we'll go over all of the complete basic Odoo accounting features that will help you choose Odoo ERP software for your business. 

Key features of Odoo Accounting

1. Overview

With the Odoo accounting dashboard, the user can see a summary of tax invoice operations, create invoices, connect to a bank, create and view vendor bills, and much more for the home view of the accounting module. 
The dashboard menu options are to deal with customers and vendors and generate reports on invoice analysis, aged reports, and follow-up reports.

2. Customers menu

In the Customer tab of the invoice window, the user can select to add new invoices and create a custom invoice by selecting customer, reference, invoice date, payment terms, journal, and company. 
By choosing the Add a Line option under the product lines menu, the user can add products relevant to the sale to the invoice. Note: With the Odoo Accounting module, you can add lists of your respective customers and vendors. You can also add descriptions, images, and additional information about the products and services that your company is offering.

3. Vendors menu

Bill: In this section, you can add a new vendor bill and specify the reference bill, bill date, and other details. 

• Refund: This option allows users to request that the amounts based on the items listed in the window be refunded. 
  
  
• Receipts: Here you can add vendor receipts. 
  You can record a purchase receipt manually from the accounting module. Go to the vendor tab ‣ Receipts, click on create, fill out all data required, and post.
  
• Employee expenses: (This menu is only displayed, when having the expenses module installed.) To view and manage the accounting of employee expenses, you can simply select the "Employee Expenses" option under the "Vendors" tab. This will display a list of existing employee expenses along with their current status. 
  
  
• Payments: Here you can select a payment type for the supplier and have all the registering payment.
• Batch payments: (this feature requires activation of batch payments in the settings of the accounting module.) In Odoo, the batch payment feature allows you to combine various payments into a single batch for easy reconciliation.
  
• Products: For creating a new product list or seeing the existing products.
• Vendors: to add new vendors to the list or see the existing ones.
  

4. Accounting menu 

In the accounting module menu, the user can make various accounting operations, such as journal entries. That included all journal entries for the transaction that the user can review and check. 

There is a list of types of ledgers available on the platform, all the transactions generated from all the analyzed account details viewed in General Ledger, and the details of the current open balances with any customer or vendor viewed in the partner ledger. 
In addition, various management operations such as asset management, automatic transfers like monthly IFRs rent expense transfers, yearly liabilities, and revenue management that could be conducted from respective windows, and actions such as reconciliation would allow the user to match the payment method to the corresponding invoice.

5. Reporting 

The module continually analyzes many aspects of the business, including profit and loss, balance sheet, business plans, financial reports viewed by executive summary, cash flow statement, invoice information, etc. 
The platform generates reports that are important for your business. The data will help users better understand the company’s activities and cloud accounting software. Additionally, in the accounting dashboard, the data is available in different graphic formats, including charts, graphs, and tables. 

Meet our accounting expert Thomas

At SAMSA-IT we have made it our task to provide our customers with perfectly localized accounting that complies with German law.  We help our clients to cost-effectively manage their financial and tax reporting model. For further questions or a free demo to understand processes and functions of Odoo Accounting feel free to contact us.