Odoo FAQ - Accounting

Odoo Accounting is the financial management app in the Odoo suite, designed to automate invoices, payments, bank reconciliations, and financial reporting for businesses of all sizes.

If you post a vendor bill with a date inside a locked period, Odoo shifts the bill date to the next available open period automatically.

Yes, customer balances are calculated automatically based on open invoices and outstanding payments.

When you enter start and end dates on a bill or invoice, Odoo can create automatic deferred entries across periods.  

You can edit financial report lines through simple drag-and-drop settings, making it easy to tailor your reports.

The system records both the foreign currency amount and converts it into the company’s base currency for consistency.  

Yes, you can configure a lock date to prevent changes to posted entries and ensure your accounting records stay compliant.

Each company can have independent journals and fiscal settings, but they can share the same chart of accounts if needed.

  You can use the document splitter feature to divide and register each bill separately.

Invoices can be canceled and corrected if allowed by your accounting settings, or you can create credit notes to adjust them.  

Odoo supports both manual and automated inventory valuation, posting changes directly to your accounting journals when stock moves.

Accounting Firm Mode simplifies the interface for external accountants by pre-filling dates and allowing direct access to journal entries.

This system account captures accumulated profits and losses, making it essential for closing fiscal years properly.

You can configure automatic emails, SMS reminders, and printed letters to chase overdue invoices.  

Odoo tracks changes separately, and historic entries remain compliant with the tax rules at the time they were posted.

You can register bank fees directly during the reconciliation process by creating an adjustment entry.

Standard journal types include Sales, Purchases, Bank, Cash, and Miscellaneous — each serving different financial operations.

Yes, you can set templates that automatically generate recurring invoices or bills at specified intervals.   

Using the Malaysia localization package, you can automate SST computation and reporting to meet local tax regulations.

The platform calculates exchange gains or losses automatically when you reconcile payments in a different currency.  

A valid journal entry must have at least two lines — one debit and one credit — to maintain double-entry accounting principles.

Petty cash is managed through dedicated cash journals that track small cash expenses outside of regular bank transactions.