800328e97f
closes odoo/documentation#10850
X-original-commit: 5ea7cefa23
Signed-off-by: Felicia Kuan (feku) <feku@odoo.com>
Co-authored-by: Sam Lieber (sali) <36018073+samueljlieber@users.noreply.github.com>
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========================
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Accounting and Invoicing
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========================
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**Odoo Invoicing** is a standalone invoicing app to create invoices, send them to your customers,
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and manage payments.
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**Odoo Accounting** is a full featured accounting app. Accountant productivity is at the core of its
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development with features such as AI-powered invoice recognition, synchronization with your bank
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accounts, smart matching suggestions, etc.
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.. seealso::
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`Odoo Tutorials: Accounting <https://www.odoo.com/slides/accounting-19>`_
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.. cards::
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.. card:: Get started
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:target: accounting/get_started
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:large:
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Basic concepts of accounting and initial setup of your accounting
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.. card:: Taxes
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:target: accounting/taxes
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Taxes, fiscal positions, and integrations
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.. card:: Customer invoices
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:target: accounting/customer_invoices
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Customer invoices, payment terms, and electronic invoicing
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.. card:: Vendor bills
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:target: accounting/vendor_bills
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Vendor bills, assets, and invoice digitization (OCR)
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.. card:: Payments
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:target: accounting/payments
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Invoices and bills payments (online, checks, batches) and follow-up on invoices
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.. card:: Bank and cash accounts
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:target: accounting/bank
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Bank synchronization, reconciliation, and cash registers
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.. card:: Reporting
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:target: accounting/reporting
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Reporting, declarations, and analytic accounting
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Double-entry bookkeeping
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========================
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Odoo automatically creates all the underlying journal entries for all accounting transactions (e.g.,
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customer invoices, vendor bills, point-of-sales orders, expenses, inventory valuations, etc.).
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Odoo uses the double-entry bookkeeping system, whereby every entry needs a corresponding and
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opposite counterpart in a different account, with one account debited and the other credited.
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It ensures that all transactions are recorded accurately and consistently and that the accounts
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always balance.
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.. seealso::
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:doc:`Accounting Cheat Sheet <accounting/get_started/cheat_sheet>`
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Accrual and cash basis
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======================
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Both accrual and cash basis accounting are supported in Odoo. This allows reporting income and
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expense either when the transaction occurs (accrual basis) or when the payment is made or received
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(cash basis).
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.. seealso::
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:doc:`Cash basis <accounting/taxes/cash_basis>`
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.. _accounting/multi-company:
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Multi-company
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=============
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Several companies can be managed within the same database. Each company has its :doc:`chart of
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accounts <accounting/get_started/chart_of_accounts>`, which is also useful to generate consolidation
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reports. Users can access several companies but can only work on a single company's accounting at a
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time.
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Multi-currency environment
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==========================
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A :doc:`multi-currency <accounting/get_started/multi_currency>` environment with an automated
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exchange rate to ease international transactions is available in Odoo. Every transaction is recorded
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in the company's default currency; for transactions occurring in another currency, Odoo stores both
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the value in the company's currency and the transactions' currency value. Odoo generates currency
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gains and losses after reconciling the journal items.
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.. seealso::
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:doc:`Manage a bank in a foreign currency <accounting/bank/foreign_currency>`
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Branch management
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=================
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Multiple branches can be managed thanks to multi-company hierarchies. This allows to post journal
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entries on each branch as well as setting up a common lock date managed by the main company.
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International standards
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=======================
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Odoo Accounting supports more than 70 countries. It provides the central standards and mechanisms
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common to all nations, and thanks to country-specific modules, local requirements are fulfilled.
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Fiscal positions exist to address regional specificities like the chart of accounts, taxes, or any
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other requirements.
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.. seealso::
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:doc:`Fiscal localization packages <fiscal_localizations>`
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Accounts receivable and payable
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===============================
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By default, there is a single account for the account receivable entries and one for the account
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payable entries. As transactions are linked to your **contacts**, you can run a report per customer,
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vendor, or supplier.
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The **Partner Ledger** report displays the balance of your customers and suppliers. It is available
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by going to :menuselection:`Accounting --> Reporting --> Partner Ledger`.
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Reporting
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=========
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The following financial :doc:`reports <accounting/reporting>` are available and updated in
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real-time:
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+-----------------------------------------------+
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| Financial reports |
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+============+==================================+
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| Statement | Balance sheet |
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| | Profit and loss |
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| | Cash flow statement |
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| | Tax report |
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| | ES sales list |
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+------------+----------------------------------+
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| Audit | General ledger |
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| | Trial balance |
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| | Journal report |
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| | Intrastat report |
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| | Check register |
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+------------+----------------------------------+
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| Partner | Partner ledger |
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| | Aged receivable |
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| | Aged payable |
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+------------+----------------------------------+
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| Management | Invoice analysis |
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| | Unrealized currency gains/losses |
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| | Depreciation schedule |
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| | Disallowed expenses |
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| | Budget analysis |
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| | Product margins |
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| | 1099 report |
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+------------+----------------------------------+
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.. tip::
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:doc:`Create and customize reports <accounting/reporting/customize>` with Odoo's report engine.
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Tax report
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----------
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Odoo computes all accounting transactions for the specific tax period and uses these totals to
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calculate the tax obligation.
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.. important::
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Once the tax report has been generated for a period, Odoo locks it and prevents the creation of
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new journal entries involving VAT. Any correction to customer invoices or vendor bills has to
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be recorded in the next period.
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.. note::
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Depending on the country's localization, an XML version of the tax report can be generated to be
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uploaded to the VAT platform of the relevant taxation authority.
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Bank synchronization
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====================
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The bank synchronization system directly connects with your bank institution to automatically
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import all transactions into your database. It gives an overview of your cash flow without logging
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into an online banking system or waiting for paper bank statements.
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.. seealso::
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:doc:`Bank synchronization <accounting/bank/bank_synchronization>`
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Inventory valuation
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===================
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Both periodic (manual) and perpetual (automated) inventory valuations are supported in Odoo. The
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available methods are standard price, average price, :abbr:`LIFO (Last-In, First-Out)` and
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:abbr:`FIFO (First-In, First-Out).`
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.. seealso::
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:doc:`../inventory_and_mrp/inventory/product_management/inventory_valuation/inventory_valuation_config`
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Retained earnings
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=================
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Retained earnings are the portion of income retained by a business. Odoo calculates current year
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earnings in real-time, so no year-end journal or rollover is required. The profit
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and loss balance is automatically reported on the balance sheet report.
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.. seealso::
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:doc:`Accounting Cheat Sheet <accounting/get_started/cheat_sheet>`
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.. _fiduciaries:
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Fiduciaries
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===========
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The :guilabel:`Accounting Firms` mode can be activated by going to :menuselection:`Accounting -->
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Configuration --> Settings --> Accounting Firms mode`. When enabled:
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- The document's sequence becomes editable on all documents;
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- The :guilabel:`Total (tax incl.)` field appears to speed up and control the encoding by automating
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line creation with the right account and tax;
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- :guilabel:`Invoice Date` and :guilabel:`Bill Date` are pre-filled when encoding a transaction.
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- A :guilabel:`Quick encoding` option is available for customer invoices and vendor bills.
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.. toctree::
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:titlesonly:
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accounting/get_started
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accounting/taxes
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accounting/customer_invoices
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accounting/vendor_bills
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accounting/payments
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accounting/bank
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accounting/reporting
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