Introduction to Odoo Accounting
How to use Odoo accounting software tutorial for beginners. Hi there. Today we'll learn about Odoo Accounting, where this is a comprehensive management software suite that offers various modules for different aspects of business operations, including accounting.
The accounting module in Odoo provides a range of features and functionalities to handle financial transactions and manage accounts and generate financial reports. So the first thing that you will be doing here is that you can actually go to your browser and go to odoo.com and you will be routed into this page wherein you'll be able to use a lot of features depending on what part of the business you want to take care of for your account here. So what you can do is you can click on 'try it now' and then you need to choose your apps. As you can see here, what I need to choose is for accounting since this video is about accounting.
Account Setup and Verification
So for us to build our account for Odoo accounting, there is a few informations that we need to fill out or we need to add here on the Odoo sign up. So here, once you have the application for accounting applied or added into your account, what you need to do first is you actually need to verify your email address, where this will be sent to your email. And all you have to do is to click on the link that they will send you and then you just need to set up your password.
So once you're done with verifying your email address for the email that Odoo sent to you, you can refresh your browser and then you will be able to start managing your business, especially when it comes to accounting. So I'll just refresh my page here since I just finished verifying my email address, and there you'll be able to see that it is now verified.
Navigating the Odoo Accounting Dashboard
So what you can do here is there's actually an arrow that will point into how to use it. So you can click on Accounting for the application that we chose. And then here, this is the dashboard for your accounting application here on Odoo where you can have the customer's invoice, you can even create the vendor bills, you can even have here the miscellaneous operations, your bank, and your cash transactions. You can definitely manage that here.
So here with the accounting application, you will be able to connect your banks to your taxes and your chart of accounts, and they can also modify or configure your accounting periods. So here on this top part of the website, you will be able to see filters where you will be able to modify which parts are important, and you can even sort it by how you would like this to be grouped. So here on the dashboard, this is what you will mainly see. Especially when you have the data already, it will definitely provide you a graph as well.
So here, next to dashboard would be Customers, where you'll be able to create the invoices and anything that you need to deal with the customers. Here for Vendor, you'll be able to create bills or refunds, you can set up the payments, your bank accounts. And for Accounting, you will be able to create your journal entries, your journal items. You can even do management like automatic transfers, asset, deferred revenues, etc.
For Reporting here, you will be able to create a balance sheet, profit and loss, cash flow statement, audit reports where you can have general ledger, trial balance, journal report. And you also have here partner reports, especially when your business is having a partnership. Or here for management where you will be able to manage your assets in the business.
Configuring Core Accounting Settings
So here you can even, on Settings, you'll be able to set the payment terms, you will be able to add a bank account. And here for Accounting, you will be able to look into the chart of accounts that you have, your taxes, the currencies that you can modify, payment providers, and a lot more information that you can take advantage of here for the Odoo accounting option. So another thing here, so let's go to settings and then we will be able to look into the details on how we will be able to begin with or configure our account here.
So you can actually modify, since I'm currently located in the Philippines, and it actually aligns to the laws as well, especially when it comes to taxes. There is different, or it varies from different countries as well. So as you can see here, you are able to modify the colors, your interest, and a lot more. You can even have the fiscal periods, your analytics, your bank and cash informations, your reporting, and your default accounts as well. You will be able to add that here. So you can have accounting imports, the taxes that are involved in your business, you can even add that there. And here is your account settings where you will be able to modify on what you need to measure or you are using on your business, and you will be able to modify as well on what this caches or statistics and contacts you will be able to modify that here as well.
You can also integrate other applications like Google applications for Google Drive, Google Gmail for example, or Google Sheets. You'll be able to use that here as well. So for example, like this one here, it also allows you to personalize your documents, where if you are using a spreadsheet or depending on what type of software or platform you're using, especially when it comes to dealing with inputting the details of your business.
Managing Vendor Bills and Interface Customization
So here we'll go back to the dashboard here on Odoo accounting and here as well, on when I click on my profile in the upper right corner, you are able to modify as well the view of your account where you'll be able to change it to dark mode or the default mode as well.
So let's go back to the dashboard and we'll try to upload vendor bills. This actually is a sample bill that Odoo will allow you to experience so that you will know how it goes through. So for example, you will be able to import the bill. So this is the bill that you will be able to see. Then you just click on next and then after that it will automatically be added into your chart here. And then you will be able to compare it side-by-side from the print format and into your Odoo accounting format as well, so that you will have a comparison on what informations you need to change and how it would look like here on the actual document.
Adding Bank Accounts and Final Steps
So next thing that you can do is you can go to bank account. You will be able to add a bank account here so that for any transactions you have and any cash flows that you have, you'll be able to track that here depending on what bank you are using, on what payment method your customers are using for them to send it to you, and how you will be able to transfer or where those payments will go or to what bank it would go.
And that's basically, once you are able to set up your bank account here, you can now start creating or importing your informations about your business. Especially when you are a starting business, you can definitely keep track of your data here on Odoo accounting. And that's basically how you'll be able to use Odoo accounting. And that's the end of the video. Thank you for watching. Bye.
