Accounting Modules are one of the Apps from the Odoo Suite. Odoo Accounting ERP Module works as a single stand-alone application and along with Other Odoo Apps with auto integrated as well.
Odoo is one of the largest and popular applications, with more than five million users worldwide.
Odoo comes with predefined COA for a company to begin with all the basic required charts of accounts, but it’s optional to use, and you can very well have your COA structure. You can define any number of journals. You can specify the default credit and debit COA for each journal. Document sequencing also can be determined based on your business needs. Advanced workflow can be implemented with the level of approvals. Journals like purchase invoices, sales invoices, collections, payments, bank transactions, manufacturing, inventory transactions, and any transaction document that directly impacts financials can be auto-generated in the general ledger in the form of journals. So at any point in time, if you take the financial statements such as balance sheet, profit, and loss, aging ledgers or any financial statements and reports will give up-to-date information; this will help users and management a lot.
There are many more features in Odoo Accounting ERP Module, which will be explained in upcoming write-ups.