Odoo Accounting Features

As transactions are linked to your contacts, you can run a report per customer,vendor, or supplier. Accountant productivity is at the core of itsdevelopment with features such as AI-powered invoice recognition, synchronization with your bankaccounts, smart matching suggestions, etc. Get your customer invoices created automatically from your sales order, tasks or delivery orders. Draft invoices are created automatically by Odoo based on sales orders, subscriptions, timesheets, or delivery orders. Its primary purpose is to link payments to their related invoices to mark them as paid.

Tax report¶

Get partial and full reconciliation suggestions straight from the invoice or bank statement. For the remaining 5%, the smart matching tool is extremely quick and convenient. Add a QR code to your invoices so customers can pay effortlessly with their mobile banking application. Odoo also supports main payment gateways such as Stripe, Authorize.net, Ogone, PayPal, Adyen, Alipay, and many more. No matter where your customers and suppliers are established, if they have a Tax ID or not, if the goods are sold cross-border, Odoo computes the right taxes and income or expense accounts.

Upselling is facilitated through automatic suggestions of extra options and accessories, coupled with closing triggers and discounts. The system provides tools to design and adjust pricing strategies, including the application of discounts and coupons. Automation within the sales process helps businesses focus on customer relationships and revenue generation, while integration with other Odoo apps ensures a cohesive experience across the sales cycle. Odoo’s Sales Management feature offers an accessible solution for businesses to handle their sales process from start to finish. It allows for the easy creation and sending of polished quotations, complete with electronic signatures and online payment options, making the entire process faster and more efficient.

Multi-currencies¶

This allows reporting income andexpense either when the transaction occurs (accrual basis) or when the payment is made or received(cash basis). Odoo automatically calculates your current year earnings inreal time so no year-end journal or rollover is required. This iscalculated by reporting the profit and loss balance to your balancesheet report automatically. The bank synchronization system directly connects with your bank institution to automaticallyimport all transactions into your database. It gives an overview of your cash flow without logginginto an online banking system or waiting for paper bank statements.

Reconciliation is the process of linkingjournal items of a specific account and matching credits and debits. Have the correct tax rates automatically applied based on U.S. zip codes and product categories. TaxCloud calculates sales tax in real-time for every state, is depreciation a legal responsibility why or why not city, and special jurisdiction in the United States.

SEO optimization ensures higher search engine rankings, while comprehensive dashboards and analytics offer insights to drive decision making. The flexibility to connect the online store to other sales channels, such as POS or CRM, aligns with a broader omnichannel strategy, making Odoo’s eCommerce platform a compelling choice for businesses of all sizes. Odoo’s inventory and supply chain management is geared towards maximizing warehouse efficiency through innovative strategies. By employing a smart double-entry inventory system, the platform dispenses with traditional stock inputs and outputs, treating all activities as stock moves between locations. This model ensures an organized warehouse, reduces stockouts and streamlines supply chain operations. Manage multiple analytic plans and sub-plans with lost ein number applicability conditions to shape your own analytic multi-dimensions/axes for your company.

1. However, it’s important to question whether these unique features necessarily make Odoo better.
2. Depending on the country’s localization, an XML version of the tax report can be generated to beuploaded to the VAT platform of the relevant taxation authority.
3. Larger companies or those with specific needs for customization and multiple company support will find this plan most suitable.
4. No need to record everything, they are proposed by Odoo based on purchase orders or incoming shipments.

Odoo makes bank reconciliation easy by frequentlyimporting bank statement lines from your bank directly into your Odooaccount. This means you can have a daily bookkeeping for auto repair shops view of your cashflow withouthaving to log into your online banking or wait for your paper bankstatements. At $24.90 per user per month for the first year (then $31.10), if billed annually, the Standard plan provides access to all Odoo apps hosted on Odoo Online, in addition to the core features found in the free plan.

Payment and Followups¶

Yes, Odoo offers flexibility in configurations, allowing for customization to fit unique business processes and needs. However, guidance on configurations and interventions on servers/deployments are not included in standard support and may require purchasing additional levels of support such as a Success Pack. Odoo’s ease of use caters to various user capabilities, with accessibility enhanced by unlimited access to support in multiple languages and free access to an eLearning platform. While the platform accommodates a range of needs, some users may find customization challenging, and seeking help from Odoo’s support or local partners may be beneficial for a tailored experience. Odoo’s eCommerce platform presents a versatile solution for businesses looking to establish or enhance their online presence.

Calculate the tax you owe your tax authority¶

This plan is tailored for small to midsized companies that desire a comprehensive solution without customization or the need to manage multiple companies. It offers great value for businesses that require extensive functionalities and serves as an all-in-one solution within a centralized cloud infrastructure. Odoo speeds up bank reconciliation by matching most of your importedbank statement lines to your accounting transactions. Odoo alsoremembers how you’ve treated other bank statement lines and providessuggested general ledger transactions. Every financial document of the company (e.g., an invoice, a bank statement, a pay slip, a capitalincrease contract) is recorded as a journal entry, impacting several accounts.