d66de0d1f2
This commit is part of a larger work to improve the documentation's structure. The toctree structure used to add levels to create categories and make the structure visually more understandable. With the new version of the documentation, plenty of these categories are now redundant. This commit improves the structure of the "Accounting" app: - it moves the doc "in-odoo" in the top "app" level and its content is included in "accounting.rst" (the content will later be improved) - adds new intro - changes external links to mementos to correct doc references - it renames the category accounting/overview to accounting/getting_started - it renames the category accounting/overview/getting_started to accounting/getting_started/initial_configuration - it moves "memento" one level above, from accounting/overview/main_concepts to the renamed accounting/getting_started as it is the last doc remaining in this category - it renames the app "Invoicing and Accounting" to "Accounting and Invoicing" since the focus should be on "Accounting" task-2535899
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9.3 KiB
ReStructuredText
250 lines
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ReStructuredText
:code-column:
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:custom-css: accounting.css
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:custom-js: accounts.js,chart-of-accounts.js,entries.js,misc.js,reconciliation.js
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==============================================
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Accounting Memento For Entrepreneurs (US GAAP)
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==============================================
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.. h:div:: intro-list
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.. rst-class:: intro-p-l
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The **Profit and Loss** (P&L) report shows the performance of the company
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over a specific period (usually the current year).
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* .. rst-class:: intro-gross-profit
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The **Gross Profit** equals the revenues from sales minus the cost of
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goods sold.
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* .. rst-class:: intro-opex
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**Operating Expenses** (OPEX) include administration, sales and R&D
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salaries as well as rent and utilities, miscellaneous costs, insurances,
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… anything beyond the costs of products sold.
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.. rst-class:: intro-balance
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The **Balance Sheet** is a snapshot of the company's finances at a specific
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date (as opposed to the Profit and Loss which is an analysis over a period)
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* .. rst-class:: intro-assets
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**Assets** represent the company's wealth, things it owns. Fixed assets
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includes building and offices, current assets include bank accounts and
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cash. A client owing money is an asset. An employee is not an asset.
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* .. rst-class:: intro-liabilities
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**Liabilities** are obligations from past events that the company will
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have to pay in the future (utility bills, debts, unpaid suppliers).
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* .. rst-class:: intro-equity
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**Equity** is the amount of the funds contributed by the owners (founders
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or shareholders) plus previously retained earnings (or losses).
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.. rst-class:: intro-retained
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Each year, net profits (or losses) are reported to retained earnings.
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.. h:div:: doc-aside accounts-table
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.. placeholder
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What is owned (an asset) has been financed through debts to reimburse
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(liabilities) or equity (profits, capital).
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A difference is made between buying an assets (e.g. a building) and expenses
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(e.g. fuel). Assets have an intrinsic value over time, versus expenses having
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value in them being consumed for the company to "work".
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.. rst-class:: doc-aside
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.. highlights:: Assets = Liabilities + Equity
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Chart of Accounts
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=================
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The **chart of accounts** lists all the accounts, whether they are balance
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sheet accounts or P&L accounts. Every financial transaction (e.g. a payment, an
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invoice) impacts accounts by moving value from one account (credit) to an other
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account (debit).
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.. h:div:: doc-aside
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.. highlights:: Balance = Debit - Credit
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.. h:div:: chart-of-accounts
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.. placeholder
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Journal Entries
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===============
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Every financial document of the company (e.g. an invoice, a bank statement, a
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pay slip, a capital increase contract) is recorded as a journal entry,
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impacting several accounts.
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For a journal entry to be *balanced*, the sum of all its debits must be equal
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to the sum of all its credits.
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.. h:div:: doc-aside journal-entries
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examples of accounting entries for various transactions. Example:
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Example 1: Customer Invoice:
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Explanation:
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- You generate a revenue of $1,000
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- You have a tax to pay of $90
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- The customer owes $1,090
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Configuration:
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- Income: defined on the product, or the product category
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- Account Receivable: defined on the customer
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- Tax: defined on the tax set on the invoice line
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The fiscal position used on the invoice may have a rule that
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replaces the Income Account or the tax defined on the product by another
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one.
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Example 2: Customer Payment:
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Explanation:
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- Your customer owes $1,090 less
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- Your receive $1,090 on your bank account
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Configuration:
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- Bank Account: defined on the related bank journal
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- Account Receivable: defined on the customer
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.. _accounting/reconciliation:
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Reconciliation
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==============
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Reconciliation is the process of linking journal items of a specific account,
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matching credits and debits.
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Its primary purpose is to link payments to their related invoices in order to
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mark invoices that are paid and clear the customer statement. This is done by
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doing a reconciliation on the *Accounts Receivable* account.
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An invoice is marked as paid when its Accounts Receivable journal items are
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reconciled with the related payment journal items.
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Reconciliation is performed automatically by the system when:
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* the payment is registered directly on the invoice
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* the links between the payments and the invoices are detected at the bank
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matching process
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.. h:div:: doc-aside reconciliation-example
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.. rubric:: Customer Statement Example
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.. rst-class:: table-sm d-c-table
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+-------------------------+-------------------------+-----------------------+
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|Accounts Receivable |Debit |Credit |
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+=========================+=========================+=======================+
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|Invoice 1 |100 | |
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+-------------------------+-------------------------+-----------------------+
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|Payment 1.1 | |70 |
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+-------------------------+-------------------------+-----------------------+
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|Invoice 2 |65 | |
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+-------------------------+-------------------------+-----------------------+
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|Payment 1.2 | |30 |
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+-------------------------+-------------------------+-----------------------+
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|Payment 2 | |65 |
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+-------------------------+-------------------------+-----------------------+
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|Invoice 3 |50 | |
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+-------------------------+-------------------------+-----------------------+
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| | | |
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+-------------------------+-------------------------+-----------------------+
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|Total To Pay |50 | |
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+-------------------------+-------------------------+-----------------------+
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Bank Reconciliation
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===================
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Bank reconciliation is the matching of bank statement lines (provided by your
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bank) with transactions recorded internally (payments to suppliers or from
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customers). For each line in a bank statement, it can be:
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matched with a previously recorded payment:
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a payment is registered when a check is received from a customer, then
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matched when checking the bank statement
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recorded as a new payment:
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the payment's journal entry is created and :ref:`reconciled
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<accounting/reconciliation>` with the related invoice when processing the
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bank statement
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recorded as another transaction:
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bank transfer, direct charge, etc.
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Odoo should automatically reconcile most transactions, only a few of them
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should need manual review. When the bank reconciliation process is finished,
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the balance on the bank account in Odoo should match the bank statement's
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balance.
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.. rst-class:: checks-handling
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Checks Handling
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===============
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There are two approaches to manage checks and internal wire transfer:
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* Two journal entries and a reconciliation
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* One journal entry and a bank reconciliation
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.. h:div:: doc-aside
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The first journal entry is created by registering the payment on the
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invoice. The second one is created when registering the bank statement.
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.. rst-class:: table-sm d-c-table
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+-------------------------+--------------+------------+---------------+
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|Account |Debit |Credit |Reconciliation |
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+=========================+==============+============+===============+
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|Account Receivable | |100 |Invoice ABC |
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+-------------------------+--------------+------------+---------------+
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|Undeposited funds |100 | |Check 0123 |
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+-------------------------+--------------+------------+---------------+
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.. rst-class:: table-sm d-c-table
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+-------------------------+--------------+------------+---------------+
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|Account |Debit |Credit |Reconciliation |
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+=========================+==============+============+===============+
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|Undeposited funds | |100 |Check 0123 |
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+-------------------------+--------------+------------+---------------+
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|Bank |100 | | |
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+-------------------------+--------------+------------+---------------+
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.. h:div:: doc-aside
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A journal entry is created by registering the payment on the invoice. When
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reconciling the bank statement, the statement line is linked to the
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existing journal entry.
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.. rst-class:: table-sm d-c-table
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+-------------------------+--------------+------------+---------------+---------------+
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|Account |Debit |Credit |Reconciliation |Bank Statement |
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+=========================+==============+============+===============+===============+
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|Account Receivable | |100 |Invoice ABC | |
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+-------------------------+--------------+------------+---------------+---------------+
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|Bank |100 | | |Statement XYZ |
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+-------------------------+--------------+------------+---------------+---------------+
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