Muhammed AliJune 15, 2019
Chart Of Accounts(COA) is simply a list of all accounts, a company might need to record all its various business transactions. It helps to make good financial decisions based on the information that it shows. Chart of accounts in Odoo is included in the accounting field which deals with the balance sheet or profit and loss accounts.
All the financial activities basically fall under some basic nature. The nature of the financial activities represents different aspects of the company’s financial situation. In Odoo, account types automatically created when installing a chart of account. By default, Odoo provides a lot of chart of accounts, so we can install the one related to the specific country.Therefore,we cannot create new account types. The most common basic nature of financial activities are Assets, Liability, Equity, Income and Expense.
Following are the account types used in odoo:
Prepayments - Record any payment made in advance of the goods or services being received later on
Current assets - Record assets that can be reasonably expected to be converted into cash within one year
Non-current assets - Long term investments where the full value will not realised within the accounting year
Current Liabilities - Financial obligations that are payable within one year
Equity - Record capital gains and losses
Other Income - Record income that does not come from a company's main business
Direct Costs - Record total cost incurred to obtain a sale and the cost of the goods or services sold
Depreciation - Record how the value of an asset declines over time
Select the invoicing application to get started chart of accounts in Odoo. Then click on accounting and then chart of accounts in the left side of the window.
You will see a list view of all accounts.From here you can create, edit and remove accounts as per the needs.
To create an account click the create button.
When you click the create button, you will get a following window.
The following fields are in need when creating an account:
Account code is the unique identifier of the account. Account code will be generate depends on company accounting adviser, the number of business units and many other factors.The following is an example of generalised accounting code pattern.
Liability Accounts – codes starting from 3000 to 3999
Expense Accounts – codes starting from 5000 to 5999
Account types are detailed above in the 'Account Types in Odoo' .
When finished, click the Save button.
To edit an existing account, click on the account you wish to edit and then click the Edit button.
When you click on the edit button you will get this window. Change the various fields, as needed.Then click the Save button.
To delete an account, select the checkbox next to the account's code. Then, click the Action drop down menu and select 'Delete'.
We can also print the report of accounts in odoo. And There are three types of reports,
To print the reports, Select report which you want to print from the Print menu on an account.
If you enjoy our content here, you’ll love the stuff we share on LinkedIn