How to have a World Class Odoo Accounting for CE?

This blog is part of a series of the blogs to share my experience on how to enable the Odoo CE Accounting to be on par with any other Accounting software in the market.

• Read this blog on how to configure Profit & Loss and Balance Sheet Reports in the Odoo CE.

• Read this blog on how to enable the Free Odoo CE Accounting module.

• Read this blog on how to use Analytic Account and Analytic tags to keep track of business expenses, cost and profits, by project, cost center or department.

• Read this blog on how the Sales and Purchase process is impacting Accounting in Odoo.

If you've already installed Free modules for Odoo CE Accounting module, you may noticed that many of the features required by a modern Accounting software are lacking.

Despite the fact that the Odoo is having a fantastic browser based, interactive and user friendly interface, from my experience of localizing the Odoo CE Accounting features for Malaysia market, the following are the essential features to be a World Class Accounting.

1. Allow flexibility to add manual foreign Exchange rate for the invoice and vendor bill, payment; and then post the forex gain/loss to the relevant account. Many businesses like the manual forex rate or fixed rate for a period, because they prefer to put buffer on the standard forex rate, but do not like to manually set up the daily exchange rate in the Odoo standard.

2. In the real world, sometimes customers are paying a lump sum or partial payment for multiple invoices. Allow the user to register payment for the multiple vendor bills or customer invoices, and support partial payments to the multiple invoices/vendor bills.

Also, if migration of the opening balance is via the journal entries, then user must be able to reconcile the payments against the journal entries, and not the invoices/vendor bills.

3. Flexible cheque printing function in the payment for different banks and configurable for amount, payee, etc. However, cheque usage in the business is on the declining trend. There are a few paid Odoo modules for this purpose.

4. Write off function for the bad debt, discount, etc, for the existing customer invoices.

5. Print out the Statement of Account for your customer to follow up on payment, which must includes the invoices/vendor bills info, bank payments, credit notes, etc, with aging by month.

6. Payment follow up management to keep track of the amount due from the customer and send the letter of demand to the customer.

7. Use Analytic Account and Analytic tags to keep track of business expenses, cost and profits, by project, cost center or department. Reports to filter based on the Analytic Account and Analytic tags.

8. Printing of the Official Receipt for Customer invoice Payment and Payment Voucher for Vendor bill payment.

9. Dynamic reporting for Profit &Loss, Balance Sheet, Cash Flow, Trial Balance, Partner Ledger, General Ledger and Partner Aging. Monthly Balance Sheet is highly desirable.

10. Partner Payment report to keep track of the payment by the customers or payment to the vendors.

11. Support creation of credit note for multiple invoices or vendor bills, for round up, discount, etc.

12. Bank statement reconciliation to reconcile the credit and debit journal items with the bank opening and ending balance. Printing of the bank reconciliation statement for unpresented cheques and deposits not credited by bank.

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