The below is a small initiative from my side to introduce you about Odoo Accounting Modules.
Accounting Modules are one among the Apps from Odoo Suite. Odoo Accounting 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 application with more than five million users worldwide.
Odoo comes with predefined COA for a company to begin with all the basic required chart of accounts, but it’s optional to use and you can very well can have your COA structure. You can define any number of Journals and you can define the default credit and debit COA for each journals. Document sequencing also can be defined based on your business needs. Advanced workflow can be implemented with level of approvals. Journals like purchase invoice, sales invoice, collections, payments, bank transactions, manufacturing , inventory transactions and any transaction document which is having a direct impact on financials can be auto generated in general ledger in the form of journals. So at any point of 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 a lot more features in Odoo Accounting which can be explained in upcoming write ups.
To know more about Bassam Infotech read the Bassam Infotech is now Odoo Partner in Saudi Arabia