The accounting module in Odoo is a comprehensive solution for managing financial transactions, recording and analyzing business transactions, and generating accurate financial reports. It provides essential features and functionality to effectively handle various accounting tasks within an organization.
Now Odoo 17 Accouting has Feature "User-Friendly Bank Synchronization"
Bank synchronization flows have been simplified. A new Transaction Button is added on the dashboard for Banks and Cash.
In previous versions of Odoo, the New Transaction Button is only for the Cash type of the Journals and it will redirect to the list view of the statement lines (Operations) for the Statements.
Where in Odoo 17 Accounting, you can quickly add the statement lines from the dashboard (Operations) directly.
Click on the New Transaction Button, and Odoo open a wizard where you can quickly add the statements directly and save them without going to the list view of the Statement lines.
You can match or reconcile it once you have started the reconciliation process.
Feature "Deferred Entries Management" In Odoo 17 accounting
Path : Accounting module → Configuration → Setting → Post Deferred entries in → Deferred Expense / Deferred Revenue
The management of deferred entries is now distinct from assets. Create deferred revenues and expenses without setting up deferred models in advance.
Go to the Accounting module click on Configuration and then Settings.
Go to Post Deferred entries section in Settings, in which add the account details for deferred entries and in Generate Entries keep - On invoice/ bill validation to get the deferred entries after invoice creation.
Create a separate Deferred Entries Journal if you want to make separate Books.
Set Deferred Expense and Deferred Revenue accounts as per your requirement. Odoo has already been set up based on your installed Charts of accounts.
Generate Entries: Odoo allows us two options to create deferred entries.
-
On invoice/Bill Validation: Deferred entries will be created on an invoice/Bill Validation.
-
Manually & Grouped: You have to create an invoice first and after that, you need to manually create a deferred entry from the deferred revenue or deferred expense menu under the invoice reporting section. Odoo provides the Create entry button to create batch deferred entries with one click on a selected date range.
Amount Computation: Odoo provides two options based on how we can create deferred entries.
-
Based on Days: It will generate the deferred entries based on the total number of days of the start and end dates we configured in the invoice lines.
-
Equals per Month: Divided the Invoice amount based on the total number of months between the selected start and end dates from the invoice lines.
1. Deferred Entries On Invoice/Bill Validation
Let’s Create one Customer Invoice and generate deferred revenue Entries based on that invoice.
Go to Accounting and create customer invoices.
While creating an Invoice make sure to add the Start date and end date to the invoice lines. If it is not visible to you, then activate them from the invoice line options.
As we have selected the “Generate Entries” configuration to the On Invoice/Bill Validation, the deferred entries are created once you confirm the invoice.
You can find out the entries from the state button “Deferred Entries” as shown in the image uploaded below. Odoo takes a “Deferred Revenue” account to create the deferred revenue entries.
Yes Of course you can add another invoice line which is none deferred, make sure you have not selected the start and end dates for that non-deferred invoice.
Same as Customer Invoice, You can create deferred Expense entries from the Vendor Bill with the same start and end dates configurations. Odoo takes the “Deferred Expense” account from the Post Deferred entries configurations.
When clicked on Deferred entries it will show all the deferred entries based on the selected “Amount Computation” Options from the Post Deferred entries configurations as shown below.
2. Manually & Grouped Deferred Entries
In this option, Odoo allows you to generate a batch or a group of the Deferred entries at once, instead of the entries created on validation of the invoice.
Go to the Accounting → Configurations → Settings → Post Deferred entries in → Generate Entries, select the Manually & Grouped option.
Now On creation or Validation of the Invoices or Bills, Odoo will not generate the deferred Entries. But it allows the users to create it manually from the related Deferred Expense and Deferred Revenue menus.
Go to Accounting → Reporting → Management. You will find the Deferred Expense and Deferred Revenue Menus.
You will find out the Generate Entry Button on the top bar and the Filters to filter out the accounts and the amounts with detailed representations of the Deferred entries.
Checked the Draft Generated Entries with the scheduled Accounting Dates and will be posted on the scheduled dates by the auto post accounting scheduler automatically.
