How to Map Taxes & Accounts Using Fiscal Position in Odoo 17 Accounting
- 1. How to Map Taxes & Accounts Using Fiscal Position in Odoo 17 Accounting Enterprise
- 2. Introduction Enterprise Tax mapping ensures compliance and prevents tax evasion. Odoo 17's Accounting module simplifies global tax management with fiscal position features and automates nation-specific tax rules, streamlining financial management.
- 3. Map Taxes Enterprise In Odoo 17, selecting the ACTIVATE icon installs your specific localization package instantly, enabling seamless management of finances according to national tax regulations. To set up a tax for goods and services, go to the Taxes menu under Configuration. Here, you can view all tax records, including company details, tax type, and active taxes. To create a new tax, simply click the NEW icon in the Taxes box.
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- 5. Explanation Enterprise In the Tax Name field, enter "Tax 10%" as the title. You can choose from various tax calculation methods, such as Fixed, Python Code, or Group of Taxes. To calculate the tax as a percentage of the price, select "Percentage of Price" in the Tax Computation field, then enter 10% in the Amount field, as shown in the screenshot.
- 7. Explanation Enterprise Select the tax category from Sales, None, or Purchases. Since taxes are applied together, choose the Sales option under Tax Type. After clicking "Add a Line," users can assign taxes for invoices and refunds in the Definition tab.
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- 9. Label on Invoices Enterprise Under the "Label on Invoices" option in Advanced Options, enter the invoice description. Then, as shown in the screenshot, select the "Taxes" option in the Tax Group section.
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- 11. Steps Enterprise Change your company as My Company and set the Country to the United States.
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- 13. Explanation Enterprise After entering all the required information, manually save the data in Odoo 17. To create a new fiscal position, go to the Fiscal Positions menu under Configuration in the Accounting section. You can view individual records for each fiscal position. To configure taxes and accounts, click the NEW button to create a fiscal position, as shown in the screenshot.
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- 15. Steps Enterprise In the open page, enter “Fiscal Position (Australia)" in the Fiscal Position field. To calculate sales taxes for goods and services, enable the "Use TaxCloud API" option in the Fiscal Position window, which activates the TaxCloud feature.
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- 17. Explanation Enterprise Avatax allows for automated sales tax calculations based on the billing address. To enable specific features in the fiscal position, turn on the "Use AvaTax API" option. Then, in the Company form, select "My Company" and enable the "Detect Automatically" field to compute the fiscal position automatically.
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- 19. Steps Enterprise In the Foreign Tax ID option, you can include the company's Tax ID according to its financial status. Additionally, choose Australia as your country, as shown in the screenshot below.
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- 21. Tax Mapping Enterprise In the Tax Mapping section, click the "Add a Line" option to apply a product tax. Then, under the "Tax on Product" field and map the 15% sales tax to our newly created 10% tax .
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- 23. Steps Enterprise After clicking the "Add a Line" option, you can also add an account for a product in the Account Mapping section below.
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- 25. Explanation Enterprise All of these details are dynamically stored in Odoo 17 Accounting, and the created fiscal position is displayed in the main interface.
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- 27. Invoices Enterprise Once an invoice is created, you can manage the fiscal position by selecting the "Invoices" option under the Customers tab to view the pre-configured invoice entries. To create a new invoice, click the NEW icon in the Invoices section.
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- 29. Customers Enterprise In the Customer section, enter your partner's details. Once you select the customer, the partner's delivery address will automatically appear.
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- 31. Example Enterprise Afterward, add the invoice date and the payment terms (such as 30 days, 45 days, or 2 months). For this example, select 30 days as the payment term. You can also designate a specific journal for your invoice, as shown in the following screenshot.
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- 33. ACCOUNTING Enterprise In the Another Info tab under the ACCOUNTING section, select the Australia Fiscal Position you created from the Fiscal Position field.
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- 35. Invoices Enterprise Select an item from the Invoice Lines tab. Users can input additional details about the selected goods, including quantity, price, and tax. All information is manually saved in Odoo 17 Accounting.
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- 37. Explanation Enterprise Also notice that the tax has been mapped from 15 -> 10 % as we have set in our fiscal position . To publish the invoice, click the CONFIRM icon in the Invoices pane. This makes it easy to reference the fiscal position associated with the invoice.
- 38. Conclusion Enterprise Odoo 17 offers powerful tools for tax mapping and fiscal positions, streamlining invoicing for global businesses. It simplifies configuration and invoice management, improving efficiency and accuracy in financial operations.
- 39. 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