Chart of Accounts in Odoo 17

HARSHAD
May 20, 2024
chart-of-accounts

In the general ledger of a company organization, the Chart of Account Odoo 17 lists all financial transactions that are recorded in the general ledger

Using this account list, a corporation can keep track of its financial transactions. You can access the Chart of Account Odoo 17 platform in the Accounting module’s Configuration menu. Besides managing existing accounts, you can also create new ones according to your needs.

chart of accounts odoo

According to the Type section, account types are used for information, legal reports, guidelines for closing fiscal years, and opening entries, among other things. By turning on the Allow Reconciliation box, the account allows journal items to be matched between invoices and payments.

A default set of filters is available: Receivable, Payable, Equity, Assets, Liabilities, Income, Expenses, Account with Entries, and Active Accounts. Using them, you can filter the chart of account . You can organize the accounts based on the Account Type. You can use Add Custom Group to create additional specialized groupings. The Add Custom Filter option makes it easy to create custom filters.

Adding an account to the list can be done by clicking on New from the menu. Once you click on the Create button, a new line will appear, where you can enter account details.

The Balance button displays account debits and credits.

A separate tab will be available in the Accounting module’s Settings menu for choosing the default accounts for different corporate functions.

Chart-of-accounts-in-odoo

The default journal, gain account, and loss account can be set here to submit exchange difference entries in your accounting. A default account can be selected for certain accounting actions and the default accounts can also be selected. There are several accounts included in this section, including the Internal Transfer Account, Cash Discount Gain Account, Cash Discount Loss Account, Bank Suspense Account, Outstanding Receivables Account, Outstanding Payments Account, and Cash Discount Gain Account.

A fiscal year’s closing rule can be set up, opening entries can be generated, and legal reports can be generated based on a particular nation’s laws. The Accounting Type is primarily intended for informational purposes. In the designated area, enter default taxes. Mentioning tags will be useful in your custom reports. In the relevant fields, mention the Account Currency, Group, and Company that this account is compatible with. Odoo 17 can allow you to deactivate an account without deleting it if you enable the Deprecated option.

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