What is Fiscal Policy?

Fiscal policy means the use of taxation and public expenditure by the government for stabilization or growth of the economy. When the government decides on the goods and services it purchases, the transfer payments it distributes, or the taxes it collects, it is engaging in fiscal policy. It is generally focused on the effect of changes in the government budget on the overall economy. The purpose to define such a policy is to balance the effect of modified tax rates and public spending. For instance, the government may try and simulate a slow-growing economy by increased spending. 

Now Lets’ see How to Use Fiscal Position in Odoo:

Odoo Fiscal Position’ is more useful at the same time you are working with multi companies / multi countries / multi states environment and you have multi taxes system. Now you can arranged taxes either in products or products categories. Odoo is one of the important accounting features – ‘Fiscal Position’ this feature helps in mapping taxes and accounts with their relative taxes and accounts as per countries or groups of countries. Such several taxes will be applied in sales orders and invoices. 

Suppose you have one product with sales tax 15.00% but as per Indian accounting standard whenever you want to apply 14.00% instead of 15.00%. The simple solution is here:

>>Firstly you have to install the Accounting module in your database.

>>Now Activate the developer mode from the Setting menu.

>>Go to Accounting -> Configuration -> Accounting -> Fiscal Positions.

Now you can create a new fiscal position:

Now you can set a name for the fiscal position. At that time you can add item into ‘tax on product’ and ‘tax to apply’ under tax mapping field. 

Let’s take one example, Now you can create a Sale order for that customer.

Go to Sales  -> Quotations -> click on Create button. 

At the same time entering items, you can observe that tax is automatically added to the column. The tax applied here is default taxes configured in products.

Now you can set fiscal policy to another customer in customer form. To do so, go to

Configure the fiscal position. eg: ‘Fiscal position for Inter-State’  and click on the Save button. 

Now Let’s see at the same time creating the order for this customer.

At the same time you select the customer, the ‘fiscal position’ automatically changed into ‘Inter-State’ . correspondingly the taxes is changes.

In this article, you can see the various tax applied for the same product in both cases. Such this how the fiscal position works.

Why Choose Planet Odoo?

Planet Odoo employs a team with a wide range of knowledge and experiences in Odoo and its verticals.  Planet Odoo team will meet with the client to hear the client’s vision and offer input to help client’s company to accomplish its business goals. Then, once a strategy is finalized, Planet Odoo Team will get to work create a custom Timeline for the project to achieve your company’s vision and business needs in an appealing way.

As Official Odoo Partners, Planet Odoo embraces a collaborative approach to meet your needs. We provide cost-effective ERP solutions and Odoo apps for accelerating the workflow of companies/organization across the world. Planet Odoo has knowledge and expertise for Odoo version 8, 9, 10, 11 and 12 in Community and Enterprise edition. We have an excellent experience of seven years working in Odoo ERP Implementation, Configuration, Customization, Integration, Data Migration, and Website Development. Our Odoo experts will build your desired outcome into the reality that will make a huge change in your business growth.

To know more about us:

1. https://teckzilla.net/odoo-saas-version-12-documentation/

2. https://teckzilla.net/odoo-13-roadmap/ 

3. https://teckzilla.net/planet-odoo-customization-service/

4. https://teckzilla.net/planet-odoo-official-odoo-parnters/

5. https://teckzilla.net/odoo-quickbooks-integration/

6. https://teckzilla.net/how-to-create-manage-sales-price-list-in-odoo-12/

7. https://teckzilla.net/develop-manufacturing-order-mo-purchase-order-po-from-sales-order-so/

8. https://teckzilla.net/scrap-management-in-odoo-inventory/

9. https://teckzilla.net/employee-contract-management-in-odoo-12/

10. https://teckzilla.net/how-to-create-payment-terms-in-odoo-12/

If you are looking for Odoo implementation for your manufacturing business contact us here   Feel free to connect with us on info@planet-odoo.com   and schedule meeting now.

• Tags:
• Odoo Accounting
• Odoo Fiscal position
• Odoo V12