Odoo Accounting Module
Odoo Accounting Module is one of the tools of the Odoo platform, designed to increase business productivity. The module automates the work of accountants and allows tracking of the company cash flow. The company accountant is able to make transactions with a few clicks and manage all finances, providing the accounting department with the necessary functions.  
The dashboard provides a quick overview of finances, and extensive menu navigation provides access to detailed reports on vendor bills and customer invoices.

Odoo modules are designed to make work processes more productive


Thanks to the close operation of the Odoo system and its modules, Odoo accounting automates and optimizes various accounting processes. For example, when creating an invoice from the customer order, the system automatically fills in the required fields with the information known to it, applying the necessary accounting records and taxes, and with a predefined e-mail template, allows you to send the invoice to the customer. The module also allows customers to create automatic reminders about invoice payments, automatically create journal entries and register bank payments.

A small insight into the functionality of the Odoo Accounting module

Invoices

Recording and processing invoices is an important element of company accounting, which requires accurate and fast work. Odoo Accounting module allows you to quickly and easily create invoices based on purchases and sales, automatically linking the necessary data and creating a transaction.

Odoo Accounting - Invoices

Chart of Accounts

The module allows you to freely define accounts – specify the required number, account type, provide permissions, etc. Midis also offers a localized account plan for Latvia, which allows you to start accounting in accordance with the regulatory enactments of Latvia. The system also allows you to set default accounts for your product categories or even for each product separately, and will automatically apply them when creating invoices.

Journal Entries

Thanks to the close connection of the Odoo system with other modules, it allows you to record and monitor various changes regarding the warehouse values of the company. When approving invoices or making an inventory of the warehouse, the system automatically creates a transaction based on the data known to it, which is directly linked to the different accounts of accounting.

Odoo Accounting - Journals

Reports

Accounting data is information that is important to the company manager. Odoo Accounting module provides real-time data availability, which will make the preparing and transfer of data to the manager as fast as possible. The accountant is able to prepare common reports out-of-the-box - including.

Odoo Accounting - Profit and Loss

Midis also offers localized reports, such as balance sheets, various profit, and loss statements, etc.

Summary

Invoices, account plans, transactions, and reports are only part of the Odoo Accounting module offers. This module allows you to work on the mentioned topics in much more detail, as well as to perform additional activities such as budget planning, automatic tax accounting, and simultaneous work with several currencies. Midis is the first official Odoo partner in Latvia, and by delivering the solution to the customer, we have adapted the Odoo Accounting module to local business needs. By providing flexible customer service, we deliver changes along with updates.

Conclusion

Odoo is a business resource management system (ERP) that is a modular website solution. Each module is a solution for one of the business processes. Therefore, when implementing software in a company, it is important to evaluate the business needs in reality and, taking the scalability of the company and the flexibility of the software into account, consider the possibility of integrating the ERP system. By integrating the Odoo ERP system, the accounting module will be a great addition to increase the company's productivity. 

We are able to train your accountants or providers of outsourced accounting services to work with the Odoo Accounting module.

If you would like to find out more, apply for the Demo presentation!

# Odoo

Retail industry: Odoo ERP system is a solution that will help your business grow