diff --git a/accounting/overview/main_concepts/in_odoo.rst b/accounting/overview/main_concepts/in_odoo.rst index ea1a40e48..20e5fe4c5 100644 --- a/accounting/overview/main_concepts/in_odoo.rst +++ b/accounting/overview/main_concepts/in_odoo.rst @@ -22,14 +22,14 @@ entries are automatically balanced (sum of debits = sum of credits). Accrual and Cash Basis Methods ============================== -Odoo support both accrual and cash basis reporting. This allows you to +Odoo supports both accrual and cash basis reporting. This allows you to report income / expense at the time transactions occur (i.e., accrual basis), or when payment is made or received (i.e., cash basis). Multi-companies =============== -Odoo allows to manage several companies within the same database. Each +Odoo allows one to manage several companies within the same database. Each company has its own chart of accounts and rules. You can get consolidation reports following your consolidation rules. @@ -51,9 +51,9 @@ web-service. International Standards ======================= -Odoo accounting support more than 50 countries. The Odoo core -accounting implement accounting standards that is common to all -countries and specific modules exists per country for the +Odoo accounting supports more than 50 countries. The Odoo core +accounting implements accounting standards that are common to all +countries. Specific modules exist per country for the specificities of the country like the chart of accounts, taxes, or bank interfaces. @@ -61,7 +61,7 @@ In particular, Odoo's core accounting engine supports: * Anglo-Saxon Accounting (U.S., U.K.,, and other English-speaking countries including Ireland, Canada, Australia, and New Zealand) - where cost of good sold are reported when products are + where costs of good sold are reported when products are sold/delivered. * European accounting where expenses are accounted at the supplier bill. @@ -115,8 +115,8 @@ bank statement lines to your accounting transactions. Odoo also remembers how you've treated other bank statement lines and provides suggested general ledger transactions. -Calculates the tax you owe your tax authority -============================================= +Calculate the tax you owe your tax authority +============================================ Odoo totals all your accounting transactions for your tax period and uses these totals to calculate your tax obligation. You can then check @@ -136,7 +136,7 @@ average price, LIFO (for countries allowing it) and FIFO. Easy retained earnings ====================== -Retained earnings is the portion of income retained by your +Retained earnings are the portion of income retained by your business. Odoo automatically calculates your current year earnings in real time so no year-end journal or rollover is required. This is calculated by reporting the profit and loss balance to your balance