Continental Accounting in Odoo 18 - Odoo Slides
- 1. Continental Accounting in Odoo 18 Enterprise
- 2. Enterprise Odoo 18 offers two main accounting methods—Continental and Anglo-Saxon—each catering to different operational standards. In this slide, let's explore Continental Accounting in Odoo 18. Introduction
- 3. Enterprise Continental Accounting ● Continental Accounting is an accounting method that records revenue costs at the time of purchase. ● When purchasing goods or services, related expenses are recorded in the ledger upon the creation of the expense entries.
- 4. Enterprise Default Configuration: ● Continental Accounting is the standard in Odoo unless you enable Anglo-Saxon Accounting under Configuration > Settings. ● To ensure Continental Accounting is active, disable Anglo-Saxon Accounting (if previously enabled) and click Save.
- 5. Enterprise
- 6. Enterprise Automatic Inventory Valuation: ● For Continental Accounting, set inventory valuation to Automatic to create real-time accounting entries for stock movements. ● Enable Automatic Accounting under Configuration > Settings in the Accounting app.
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- 8. Enterprise Product Category Configuration: ● Go to Configuration > Product Category in the Accounting app. ● Select a category and set Inventory Valuation to Automatic for products in that category.
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- 10. Enterprise Testing Continental Accounting with a Product Purchase Create a Product: ● Add a new product under a category with automatic inventory valuation.
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- 12. Enterprise Make a Purchase Order: ● Go to the Purchase module and create a purchase order for the product.
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- 14. Enterprise Confirm the Order: Confirm and receive the product to create associated vendor bills and ledger entries.
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- 16. Enterprise Automatic Journal Entries: Ledger postings will include: ● Expense Account: Debited (e.g., 600000 Expenses ● Accounts Payable: Credited (e.g., 211000 Accounts Payable) ● Tax Paid: Asset account, debited
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- 18. Enterprise Selling a Product in Continental Accounting Create an Invoice: Use the Sales module or Accounting app to create a sales order or invoice.
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- 20. Enterprise Ledger Entries on Sale: Journal entries for sales will include: ● Product Sale Account: Credited (e.g., 400000 Product Sales) ● Accounts Receivable: Debited (e.g., 121000 Account Receivable) ● Tax Received: Liability account, credited
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- 22. Enterprise Summary ● Expense Recognition: Expenses are immediately recorded upon vendor bill creation. ● Automatic Entries: With automatic inventory valuation, ledger entries are created as products move in and out of stock. ● No Configuration Needed: By default, Odoo uses Continental Accounting, requiring no additional setup.
- 23. For More Info. Check our company website for related blogs and Odoo book. Check our YouTube channel for functional and technical videos in Odoo. Enterprise www.cybrosys.com