When it comes to Accounting, it is considered a vital aspect for any organization to meet various strands of finance in the organization. With the help of accounting, a company can earn a maximum profit for investment and future growth. This time, in version 14, Odoo has made remarkable changes that are integrating all the accounting modules in one place.
Earlier, when Odoo was not popular, Accountants were hassled with lots of work and pressure because they had to compute billions of dollars with the lethargic apps and Softwares that were not integrated with the other modules. While working on rigid platforms, accountants and bookkeepers were looking for a smart platform where they could work tirelessly with easy shortcuts.
Odoo: An Advantage for Accounting
Odoo is serving as a savior for the accounts departments of its users. As Odoo is considered one of the best open-source enterprise and resource planning software (ERP), it has benefitted most accounting users who are working day and night tirelessly without giving a break.
As the new Odoo version has been released in 2020, it has started providing benefits to its users without any error. In short, users can efficiently work on Odoo without giving a thought to the errors because they are nearly not possible in the high-end Odoo platform. The new Odoo v14 is a user-friendly platform equipped with advanced features integrated with third-party payment gateways in the business with Odoo ERP.
In this blog, we will discuss the Odoo 14 accounting module and its features to help the organization in various ways.
The best thing about Odoo 14 accounting module is the vendors and advanced analytical reporting functionalities that make Odoo a user-friendly platform. With smart features like invoice operation, generation, bank integration, and vendor bill generation, users can efficiently conduct multiple operations to accelerate their productivity.
From the invoice window of the customer tab, the user can create invoices for multiple customers. After purchase, the user can easily bill the customer for the products. In the Odoo v14 accounting module, the invoicing functionality is wholly integrated with the POS in Odoo ERP.
The user can easily view the invoices from the invoice window and conduct tasks on them with seamless integrations with other modules. In the invoice creation module, the user can easily view the customer’s information to check the details. With the advancement in the invoice module, Odoo has created a benchmark for other ERPs.
An easy way of Dealing with Multiple Currencies
Till the time, users have multiple ways to deal with the numerous currency on Odoo ERP. The users could view, edit the currency rates, and automate the current currency calculation by syncing it with European Central Bank or set a default currency for an account in Chart of Accounts.
· Inside each journal, the user can select the corresponding currency in each bill/invoice they generate
· Users can fetch the reports of unrealized profits and losses and get the power of real-time balance sheets.
Track your Taxes
With the Odoo 14 Accounting Module, the user can get the report of the disallowed expenses. The user can get the report of those expenses that are not eligible for deduction in the fiscal result but are deductible in the booking result. The user can easily,
· Create disallowed Categories with the applicable legal percentages.
· Go to their Chart of Accounts
· User can easily link their expense account to each disallowed category.
In the new Odoo v14 accounting module, the user gets the feature for reporting spreadsheets. With the help of the spreadsheet report, the user can create complex reports with the up to date data. Odoo has prepared report templates that are useful for the business. If you want to look at the journal items and require a report of the past six months, you can choose a pivot view, and then you are ready to build your report with the filters.
Payment Refactoring Option
The user can update the balance sheet in real-time and sync it with bank statements. The suspense account in the bank journal has been improved, and it will help keep track of the ream time bank transactions. The user can keep a direct relation between the balance sheet and the bank account. Suspense accounts will be automatically updated as soon as the user reconciles their bank entries. Odoo has added new transfer account in its v14 accounting module, and they are:
1. Incoming Payments
2. Outgoing Payments
Until reconciliation, all the bank payments will be tracked in these accounts. The user has an easier way to keep track of the statements that are needed reconciliation. It could be tricky to find the differences between General Ledger and the bank statements because of manually inserting journal entries. Now, Odoo will notify its users about the accounting entries not reconciled by Bank Statements or Payments.
Through all these functionalities in the Odoo 14 accounting module, the user can rely on all the financial aspects. Additionally, the module can be considered a handy tool to manage the assets and liabilities for which the company is responsible.