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Double-entry bookkeeping: Odoo automatically creates all the journal entries for each of your accounting transactions and Odoo uses double-entry bookkeeping system, I.E. All journal entries are automatically balanced. Accrual and cash basis methods: Odoo support both accrual and cash basis reporting. This allows you to report income / expense at the time transactions occur. Multi-companies: Odoo allows to manage several companies within the same database. Each company has its own chart of accounts and rules. You can get consolidation reports following your consolidation rules. Multi-currencies: every transaction is recorded in the default currency of the company. For transactions occurring in another currency, Odoo stores both the value in the currency of the company and the value in the currency of the transaction. Odoo can generate currencies gains and losses after the reconciliation of the journal items. International standards: Odoo accounting support more than 50 countries. The Odoo core accounting implements accounting standards that are common to all countries and customized apps are available to accommodate the specificities of individual country.
About the author
Abdoul Hamid Derra - Information systems engineer, entrepreneur, researcher, developer of strategic studies, educational advisor, mother-child health, nutritionist.
