Batch Payment Processing in Odoo 13 In Odoo 13 batch payment processing allows you to create and send multiple payments in one go by simply uploading a file. You can then make a single transfer to TransferWise to cover all payments in the batch. Some people may announce a batch payment a bulk payment, or […]
Odoo 13 Chart of Accounts A Chart of Accounts is a listing of all accounts used in the general ledger of an organization. It provides a complete listing of every account in an accounting system. An account is a unique record for each type of asset, liability, equity, revenue, and expense. In Odoo 13 Chart of accounts […]
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 […]
How to Manage Cash Basis and Accrual Basis Accounting in Odoo In Odoo there are two various methods used to record accounting transactions like Case basis and Accrual basis accounting. Odoo accounting handle both accrual and cash basis reporting. Income or revenue is recorded when payments are received. The key difference between the two methods is in the […]
Setting up your Bank Account in Odoo An account held by an investor at a financial institution. The financial institution holds the money for the investor, leading to a positive or credit balance, or loan money to the investor, leading to a negative or debit balance. In Odoo it is very easy to configure the […]
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 […]
How to create Payment Terms in Odoo 12 A Payment Term is an agreement between the buyer and selling on how much money will be paid in that time. It’s essential that your financial picture matches your business goals. Payment Terms apply to both customer invoices and supplier bills. The payment term is a time […]
Bank Reconciliation in Odoo 12 A bank reconciliation statement is a document that matches the cash balance on a company’s balance sheet to the corresponding amount on its bank statement. A bank reconciliation should be completed at regular intervals for all bank accounts, to ensure that a company’s cash records are correct. Otherwise, it may […]
Deferred Revenue Management in Odoo v12 Deferred revenue refers to payments received in advance for services which have not yet been performed or goods which have not yet been delivered. These revenues are classified on the company’s balance sheet as a liability and not as an asset. Deferred revenue is common among software and insurance […]
How to Set Cash Rounding in Odoo 12 Cash rounding is when the total amount of a bill is rounded up or down to the nearest 5 cents. It is only applied to cash payments and not to electronic methods of payments. It also applies to the total amount of a purchase, not on each individual […]