How to Enable Analytical Accounting in Odoo 13

In Odoo 13 Analytic Account mainly used for costing purposes. Odoo 13 Analytical Accounting uses businesses to track and record for their budgeting and financial statements. It is a very flexible term used in majority sectors inside a company. Odoo Analytic Accounts are used several modules like Project Management, manufacturing- production management, human resource expenses, administration management, etc. Analytical procedures are used in the financial audit to assist in the understanding of business operations and in the identification of potential risk areas that need to be addressed.

 Analytical procedures involve comparisons of different sets of financial and operational information, to see if historical relationships are continuing forward into the period under review.Analytical accounting tools are similar to, but not the same as, general accounting software, although some general accounting programs include basic analytical functionality. Analytic accounting helps you to evaluate costs and revenues everything the use case.

Analytic accounting is flexible and easy to use over Odoo applications like sales, purchase, timesheet, production, invoice, etc. In this Blog, you are going to discuss “How to Enable Analytical Accounting  in Odoo 13”. Analytical Accounting main purpose is to track expense and revenue accounts by categories in order to derive profit and loss by activity.

Configuration:

First of all, now you can install the Accounting app in your database.

Go to Accounting -> Configuration -> Setting -> and tick the checkbox of Analytical accounting then click on the Save button.

At that time  go to Accounting -> Configuration -> Analytic Accounting -> Analytic Accounts -> and click on Create button:

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.

-To create an Expanse Account:

Firstly you have to create an expanse product.

Go to Expanse module -> Click on Create button to create expanse product.

Now you can check your project tracking sheet via analytic account cost/revenue report and you can select the [FURN_7777] Office Chair product and link it to the analytical account discussed above.

To Create Customer Invoice with Customer:

Whenever you want to have record a Customer Invoice, go to Invoicing – > Create a Customer Invoice.

Now you can enter the following fields like customer details and click on the button of add an item, at that time you can select the name of your Analytical account.

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

To Track Costs/Revenue in Accounting

Now you can, go to Invoicing -> Configurations -> Analytic Accounts -> and choose the account which you have created. At that time click on the Cost/Revenue button: