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Analytical Accounting In Odoo

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AsrayaJan. 21, 2019

Analytical Accounting

Tracking income and expenses is one of the most essential internal procedures a business can utilize. In business, analytic accounting is a name for the mandatory component of project management. It depends on financial data to make judgements about how, when and why a business spreads and gets money. We can use it to filter a product or service expense details, analyze the cost of a company, also in budget and assets.

As a result, analytical accounting uses a huge amount of the same financial measurements that organizations track and record for their budgeting and financial statements. The key contrast is that financial data in various ways depending on an analyst’s needs and questions, instead of simply balancing accounting.

Reasons for using Analytical Accounting

Organizations use Analytical Accounting for many reasons. All of which depends on the additional data it makes available to assist with decision-making processes. One reason is to distinguish costs that arise over time with hopes of reducing them. As a result, this is also a helpful method of recognizing temporary or regionally specific revenue increases so business leaders can attempt to sustain them. However, in a more broad sense, organizations can develop more customized views of their finances, which have more value to managers.

Analytical Accounting in Odoo

Most of the analytical accounting use software tool to make the process accurate and to reduce the time it takes to compile and organize data. Thus, analytical accounting in Odoo is very effective for the businesses in all size. You can track the cost of purchases, expenses and subcontracting in the Invoicing module. Let’s have a look at Tracking income and expenses by Analytical Accounting in Odoo.

Firstly, to enable Analytic Accounts go to Invoicing > Configurations > Settings > Tick Analytical Accounts > Save:

Enable Analytical Accounting In Odoo

Then go to Invoicing > Configuration > Analytic Accounting > Analytic Accounts > Create:

Type the Analytic Account name, select the customer name if needed and Save the details. In this Analytical Account, you can point out all the income and expenses.

Enter the Analytic Account details in odoo

How to record an expense with Analytic accounting in case of employees

You can record an expense made by the employee for business needs. For that, you have to create an expensive product. Go to Expenses module, click on Configuration > Expense Products. Here you can Create a new product and set the cost price. Finally, Save the details.

Record an expense made by the employee in Analytical Accounting In Odoo

Book the Expense

For expense booking go to Expense module > click on Expenses to Submit > enter Expense Description, Select the appropriate Analytic Account. Save the details. Click on Submit to Managers and Approve button for enter expense details into Analytic Account.

 Enter the expense details for booking the expense in Analytical Accounting In Odoo

Customer Invoice with Analytic Account

If you have to record a Customer Invoice, go to Invoicing > Create a Customer Invoice.

Enter the customer details and click on Add an Item. Also, you can choose the Analytic Accounting option over there.

Save > Validate.

recording the Customer Invoice

Similarly we can do for vendor bill as well.

Finally, go to Invoicing > Configurations > Analytic Accounts > select the account which you have created. Click on the Cost/Revenue button:

select the created account

You can see the Expense and customer invoice you have created,it will be added to the Analytical Account. The expense will be shown in the negative figure and deducted from the income.

The created Expense and customer invoice will be added to the Analytical Account

In short, hope you understood the Analytical Accounting in Odoo concept.

Watch Video :

https://www.youtube.com/watch?v=3UbbVkgT1a8

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