ODOO Accounting 101: A Full Deep Dive in ODOO Accounting for Beginners

Accounting is a broad subject, but it's super important to understand, especially if you're going to be setting up and using an ERP like ODOO. I want to help you understanding accounting better, so I figured I would do this deep dive packed with tons of value. This is for anyone using accounting in ODOO.

I'm going to walk you through setting up your accounting with journals, accounts, contacts, and products. Then I'll walk you through the sales, purchasing, and reconciliation processes.

Finally, I'll go over my best practices for importing historical transactions.

As always, if you have any questions or need help, please reach out!

#odoo #odooerp #erp #erpsoftware #accounting

00:00 - Introduction
01:29 - Basic Principles
02:18 - Journals
09:56 - Accounts
17:41 - Contacts
19:18 - Products
22:46 - Purchasing Flow
28:01 - Sales Flow
31:10 - Payments
32:45 - Bank Reconciliation
37:23 - Important Financial Reports
39:22 - Historical Transactions

[hiltonwong]

This video is fantastic! Reading through the comments, I know that you are preparing Accounting 101. That's excellent news for all of us! A million thanks.

[davids]

This has been my favorite video in the channel so far. Most of us have no training in accounting, we're restaurateurs, real estate professionals, software architects. Please, if you find time please make a 101 accounting principles and how to relate it to Odoo. I would pay for a course. Thank you.

[Mystories]

The best odoo accounting up to now. Keep the good work

[datboyfabi]

Thank you so much please keep up the great work.

[Melissa-guz]

Nice video. Do you have a video on how to set up T&E portion of expenses?

[allenripperden]

Yes dive into accounting 101. I’d love to see a video on that and how it is implemented/relates to Odoo.

[Muhammed_Ahmed]

thank you and please keep making this crystal clear explanation in more details

[swordfish]

Please do the 101 many thanks and God bless

[ms.rotich]

Thank you for the deep dive. I'd like to see more of petty cash entries and receonciliations.

[mgmchonne]

thank you for this, hoping to see more videos specifically the closing your books inside Odoo.

[Mystories]

Of course we want you to dive more if that possible . Dive deeper in Debits, credits and what they can do to each account . Thanks

[imraanalazaan]

Thanks a lot! More videos on accounting would be great. Could you please make a video that explains product profit for calculating the exact profit value?

[toriqulislamkhanbyron]

Past data import can be an interesting topic from odoo community or other accounting database; looking forward for that video. Great explaination!!!! Thanks a lot,

[techflow-]

Great video mate,

the journal short code doesn't affect the bill/inv reference btw

please correct me if I'm wrong

[kartikeyagarwal]

Would really appreciate if you made a tutorial on importing historical transactions👍

[AshishGoyal-rp]

Hi Andrew, Many thanks for Sharing such a great learning videos. I really learnt and sorted alot of queries from your channel. Kindly make a video to identify a margin analysis report from Odoo 17 via FIFO method. Means the system should show the relevant actual cost and margin generated via FIFO againest the sales made. At moment the system only shows the margin via Average costing (which appears on the item card page : Total Purchase Cost or Total Manufacturing cost / Qty Purchased or Manufactured. I need to ascertain the margin analysis via FIFO method. If the system can't show the same then Can we have a line wise FIFO cost or margin column or field by exporting the sales data (Accounting > Customer Invoices > Select rows > Action > Export InvoiceLines data). So that we could analyse the same from Sales Register. I hope you understand my query. It would be great if you suggest or make a video on it.

[khizarshahan]

Hi there,
Is it necessary to create all open invoices when shifting to odoo. Because we have like one to two thousand of them and also there is problem with our receivables. What I was thinking is that I can start with odoo and import the opening balances as they are adjusted in the previous system. And also just passing journal entries for the receivable balances. Is this approach ok.

[MamaJano]

Thank you very much. Can you please make some basic accounting 101 deep dives :)

[estefanmarquez]

My client wants to migrate from QBO to Odoo accounting, I know QBO isn't the same as Odoo, but how can I reconcile properly to avoid discrepancy? In QBO we can just crossmatch the bank statements, and what's categorized in the books, how do we do that in Odoo?