Like any ERP, Accounting Module is the core module of Odoo ERP. The Odoo 14 Accounting module will be the core module among all the modules in ERP. Whether Sales happens in Sales Module, Purchase happened in Purchase Module, Manufacturing happened in the Production module or Project happens in Project Management Module, or Inventory transactions in the Inventory module, there will be a general ledger entry happening in Accounts Modules. In short, any transactions or processing, which is having a financial impact happening in any other modules will generate a journal entry in Accounts. These General Ledger generations can be automated or made online, which means the moment a document happens in the respective module the accounting entries get generated Ledger, else the process can be a batch process where based on the schedule set, it can be daily, weekly, or monthly accounting entries are generated, Ledger.
For Odoo 14 Accounting module, there are lots of new features included compared to the older Odoo versions. First, the look and feel of Odoo 14 itself are amazing.
Odoo 14 is having a very good dashboard that looks exquisite but can be filled with lots of valuable required information. It’s really a user-friendly platform. Odoo 14 Accounting Module can be integrated with third-party payment platforms. It is having beautiful reporting methods using Analytical codes. Dashboards are highly customizable, and you can bring what you need from the accounts module into Dashboards. It can configure the taxes which belong to your country. Payment tracking and allocation are one of the best features. The COA listing and its astonishing drill-down facility will help you to dig and find the transaction level information.
You can track your prepayments, allocations, petty cash, journals, Chart of Account groupings, and so on. In short, Odoo 14 is rich in features, easiness of use and gives a variety of financial statements and reports.