Jogeshwari West, Mumbai 400102 +(91) 98333 44 333

Odoo Accounting Software | Financial | Module Overview

  • Home
  • Odoo Accounting Software | Financial | Module Overview

Odoo Accounting Software | Financial | Module Overview

Odoo Accounting Software with Financial Management offers you various benefits and advantages from Community (Free Version) as well as addons from Enterprise edition. Account department for any business plays an important role as it deals with funds allocation and complete handling in order to run the business operations.

The concentration of Accounts and Finance is on the main aspect of any company depends on the virtual operation and the management of the various standards of finance in the company could bring in at most profit for the investment as well as reduce the losses. To manage the account and financial hours of employees and managers in the respective departments of the firm. There are specific packages available in the market that only maintains and manage Accounting areas of the business.

This Module provides you with good functions where you can handle different departments, In this blog post we would be covering complete and full Odoo accounting features that will help you to understand what available functions are there before implementation and development.

Odoo accounting software, features, documentation

Odoo is one of the best Open-source ERP with its advantages over the operation of the accounting system of a company than other management solutions. This Finance management Module is considered as one of the best-advanced management software at the final stage of operation of a company. It’s a user-friendly platform and offer provision with various advanced features along with the integration ability to add and taking various third party payment gateways.

5 Benefits & Advantages of Odoo Accounting software + ERP

5 main benefits of using Odoo accountingAs an ERP solution you not only get access to the Accounts module but also other modules such as Sales, Purchase, Inventory, HR, Manufacturing for benefitting the business with a complete ERP package. From our experience of following are the Advantages and Benefits of Accounting Module + Using other features such as

  1. Rich & Detailed Financial reporting

Standalone accounting packages offer basic financial reports like income statements, balance sheets, and so forth. In contrast, Odoo ERP offers many more varied types of reports. Examples include cash flow projections based on inventory management and order statuses and accounts receivable aging overlaid with customer order pipeline. These reports give you more than just financial data. They help you manage your business more effectively.

  1. Powerful Automation

Automation helps with productivity. By having ERP and Financial linked, it’s easier to automate workflows that cross between the two systems. When you use Odoo for Accounts, financial tasks can be completely automated.

For instance, you can streamline accounts receivable and accounts payable management and cash management.

Automation also lets you track financial transactions more quickly.

  1. Freedom from duplication and re entries

Having separate systems usually means manual re-inputting of data from one software to the other. Integrated Accounting Module removes this tedious process of data entry and avoid duplications. Odoo makes data entry fast and consistent.

  1. Error Free 

Manual data entry is egregious prone to error. These include exchange digits and incorrect client names, etc. These can cause calculation mistakes, which then take time to unwind. You can also see who did what, for each transaction, in case you need to track down someone who made a mistake.

  1. A higher degree of Control

Using Odoo for Accounting & Financial management gives you more control over your business. You can see the bottom-line impact of events and decisions in real-time.

Note for Screenshots and Odoo Accounting Features

A Demo can be scheduled with our accounting experts for a detailed review of this  module in the latest version. Below screenshots is taken in Odoo version 15.

Accounting dashboard

The accounting dashboard of Odoo is accoutered with advanced options to run the financial aspects of the company. The menu options to deal with the customers, vendors and the advanced analytical reporting functionalities makes the modernized module to be user-friendly.

The Below image outlines the view of the accounting dashboard in that the user can view summarize tax invoice operation, invoice generation, connect with the bank, generate and view vendor bills, and many more for the home view of the accounting module.

Odoo Accounting dashboards


In the Customer tab of the Invoice window, invoices for various customers could be directly created. The respective customer bill user can create as per the Product Purchased. The invoicing functionality is integrated with the point of sales of the  platform.

All the generated invoices can be viewed from the invoice window and various actions can be taken upon them. The below image outlines the invoice creation window as per the user selection of the respective customer along with the product purchased.

odoo accounting invoices management

The user can conduct various operations under the customer window other than invoice generation such as:

Customers: The user can view all the respective customer lists from the window and could add new ones as per the requirements.


Follow up report: The various follow-up operations on the invoice payment by the customers could be followed up on the delay and payment cancellation.

follow up reports in odoo finance module

Products and Services: With clear and complete quotations of your products and services that your company is offering to the prospective customer you showcase your product in a more professional way. With the Odoo Account module, you can add descriptions, images, additional information by just drag and building blocks.

managing products


Accounting Dashboard provides the vendor’s menu with functional operations such as payments, refunds, creation of vendors, and many more. The Odoo platform by the user can be triggered by all the operations with respect to the list of vendors.

Bills: All types of Vendor Bill from the menu can be generated, the generated bill is based on the delivered product or the ordered ones as per the preference. The prices are discussed earlier in PO and an agreement is made with the Vendor. The below image states the bill creation menu where the bills are created for the respective vendors based on the products.

accounting bills

Refunds: In the case of exchange and return of the products such as operation based on various terminologies of business operation. The refund option allows the users to request for the amounts to be refunded based on the items being listed out in the window.

refund management

Payments: We can view all the payment type operations of the company towards the vendor bills. The aspect is connected with the Accounting module to integrate a real-time operation.

account payments

Vendors: In this window can be seen as a list of the vendors. Many operations can conduct on the contact details along with the credentials aspects for every list in the detail.

management of vendors

Accounting menu

In the menu, the user can make various accounting operations listed out. The journal entries can be reviewed and checked upon. There is a list of types of ledgers available on the platform and the operations on each is listed out.

In addition, various management operations such as asset management, transfers, revenue management could be conducted from the respective windows and actions such as reconciliation and lock dates on various accounting aspects can be created

assets management in odoo


The Reporting Function provides graphical analytical report generation options. The users are allowed to generate various financial reports such as profit and loss, balance statements, and etc. In the Indian region with the new update in Odoo allows the users to generate reports based on the GST operations

GST Odoo accounting

Generic statement

The Provision to the user to generate various generic reports such as:

Balance Sheet: The balance sheet is a legal, public document that must be provided to the state yearly. As the reflection of your accounting, it summarizes the company’s liabilities, assets and equities at a precise point in time. T

he Balance Sheet shows a snapshot of the assets, liabilities and equity of your organization as at a particular date. The company’s all financial operations and the equity amount left in the company accounts are depicted here.

balance sheet in odoo

(P&L) Profit and loss balance sheet: All the profits and loss of the company’s business operations with help of  various filtering can listed out all operations and also available by group options

profit and loss

Cash flow statement: The all-cash flow details of the company operations of all aspects of the operation are showcased.

cash flow statement

Partner reports:  The reporting module allows the users to generate various reports based on the partner operations of the company. The reports such as partner ledger, aged receivable, aged payable. All the reports and analytical data based on these could be viewed and generated over here.

partner ledger

Aged Payable

Run the Aged Payable Details report to display information on individual bills, credit notes and overpayments owed by you, and how long these have gone unpaid.

aged payable

Aged Receivable

The Aged Receivables report shows the sales invoices that were awaiting payment during a selected month and several months prior

age receivable

Chart of Accounts: Company can install predefined Chart of Account with respective region. A listing of all accounts grouped by class.

chart of acounts

Executive summary: The summary report on the various financial aspects of the executive operations are showcased here.

The Executive Summary allows for a quick look at all the important figures you need to run your company.

In very basic terms, this is what each of the items in this section is reporting :

  • Performance:
    • Gross profit margin:
      The contribution each individual sale made by your business less any direct costs needed to make those sales (things like labor, materials, etc.).
    • Net profit margin:
      The contribution each individual sale made by your business less any direct costs needed to make those sales, as well as any fixed overheads your company has (things like rent, electricity, taxes you need to pay as a result of those sales).
    • Return on investment (p.a.):
      The ratio of net profit made, to the amount of assets the company used to make those profits.
  • Position:
    • Average debtor days:
      The average number of days it takes your customers to pay you (fully), across all your customer invoices.
    • Average creditor days:
      The average number of days it takes you to pay your suppliers (fully) across all your bills.
    • Short term cash forecast:
      How much cash is expected in or out of your organization in the next month i.e. balance of your Sales account for the month less the balance of your Purchases account for the month.
    • Current assets to liabilities:
      Also referred to as current ratio, this is the ratio of current assets (assets that could be turned into cash within a year) to the current liabilities (liabilities which will be due in the next year). This is typically used as a measure of a company’s ability to service its debt.

executive summaryAudit reports:

The audit function reports of the company could be derived from this window. These would be beneficial in understanding the company operations and the financial status of the company. The various audit reports such as general ledger, trial balance, consolidated journals, tax reports, and journal audits reports could be generated from this window.

These functionalities and advanced tools of the Odoo Accounting module will drive the user to rely on them for all the financial aspects of the company. In addition, the module could be considered as a handy tool to manage the assets and the liability operations which the company is responsible for.

General Ledger

The General Ledger is the primary Accounting record for a business. It tracks all financial transactions and is used to generate the company’s financial statements, including the Income Statement and Balance Sheet

general ledger

Trial Balance

A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance.

trail balance in odoo

Consolidated Journals

The consolidation method works by reporting the subsidiary’s balances in a combined statement along with the parent company’s balances, hence “consolidated”. Under the consolidation method, a parent company combines its own revenue with 100% of the revenue of the subsidiary.

consolidated journals

Tax Report

A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.

tax reports

Intrastat Report

intrastate report

Journals Audit

Users can Configure the Journals Audit need to printjournal audit configuration

Journals Audit Report will print in PDF format

journal audit

Payment Refactoring Option (Reconciliation)

The user can update the balance sheet in real-time and sync it with bank statements. The suspense account in the Bank journal has been improved, and it will help keep track of the ream time bank transactions. The user can keep a direct relation between the balance sheet and the bank account. Suspense accounts will be automatically updated as soon as the user reconciles their bank entries. Odoo has added new transfer account in module, and they are:

  • Incoming Payments
  • Outgoing Payments

Until reconciliation, all the bank payments will be tracked in these accounts. The user has an easier way to keep track of the statements that are needed for reconciliation. It could be tricky to find the differences between General Ledger and the bank statements because of manually inserting journal entries. Now, Odoo will notify its users about the accounting entries not reconciled by Bank Statements or Payments.

accounts reconciliation

The above functions and features of Odoo Accounting App is based on Old version. There may be further customizations which can be performed based on the requirements. Also country specific taxes for India Saudi Arabia USA can be configured easily.

For further questions or a free demo to understand processes and functions of free to contact us on

Read More Articles 

Facebook Comments

Leave Comment