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Chart Of Accounts In Odoo

Chart of Accounts in Odoo
Author

Muhammed AliJune 15, 2019

Odoo Chart of Accounts

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:

Assets

  1. Receivables - Record funds owed to you
  2. Prepayments - Record any payment made in advance of the goods or services being received later on

  3. Current assets - Record assets that can be reasonably expected to be converted into cash within one year

  4. Fixed Assets - Record assets and property that cannot be easily converted into cash
  5. Non-current assets - Long term investments where the full value will not realised within the accounting year

  6. Bank and Cash - Record bank and cash transfer transactions
    Liability
  7. Payable - Record funds you owe
  8. Current Liabilities - Financial obligations that are payable within one year

  9. Non-current Liabilities - Financial obligations that will not become due within the accounting year

Equity

  1. Equity - Record capital gains and losses

  2. Current Year Earnings - Record net income or loss for a company within the current year
    Income
  1. Income - Record revenue of business earns
  2. Other Income - Record income that does not come from a company's main business

Expenses

  1. Expenses - Record outflow of funds to pay for goods and services of business uses
  2. Direct Costs - Record total cost incurred to obtain a sale and the cost of the goods or services sold

  3. Depreciation - Record how the value of an asset declines over time

 

Configuring Chart of Accounts in Odoo

 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.

Select invoicing application to get started with chart of accounts in odoo.

You will see a list view of all accounts.From here you can create, edit and remove accounts as per the needs.

create, edit, remove accounts from the list of account as per the need

To create an account click the create button.

Click on create button to create an account.

When you click the create button, you will get a following window.

The following fields are in need when creating an account:

Code:

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.

 

  • Assets Accounts – codes starting from 1000 to 1999
  • Equity Accounts – codes starting from 2000 to 2999
  • Liability Accounts – codes starting from 3000 to 3999

  • Income Accounts – codes starting from 4000 to 4999
  • Expense Accounts – codes starting from 5000 to 5999

  • Name: The name of the account, which indicates what types of transactions are classified under this account.
  • Type: The type of account is the most important detail need while creating the accounts in Odoo chart of accounts. Because this will decide that how this account will impact company’s financial statements. It is also necessary to generate country specific legal reports and to set the rules for closing the fiscal year and to generate the opening entries.

Account types are detailed above in the 'Account Types in Odoo' .

When finished, click the Save button.

fill the require field in the window and save.

To edit an existing account, click on the account you wish to edit and then click the Edit button.

 

click on edit button to edit existing account.

 

When you click on the edit button you will get this window. Change the various fields, as needed.Then click the Save button.

change various field as per need and save changes.

To delete an account, select the checkbox next to the account's code. Then, click the Action drop down menu and select 'Delete'.

To delete an account select delete from action drop down menu

We can also print the report of accounts in odoo. And There are three types of reports,

  • Partner Ledger: The sales invoices that were awaiting payment
  • General Ledger: All transactions during a chosen period of time
  • Trial Balance: Closing balances of account on a specified date

 

To print the reports, Select report which you want to print from the Print menu on an account.

To print the reports, Select report which you want to print from the Print menu on an account.

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