Managing budgets is an essential part of running a business. Budgets help people become more intentional with the way money is spent and direct people to organize and prioritize their work to meet financial goals. They allow you to plan your desired financial outcome and then measure your actual performance against the plan. Odoo manages budgets using both General and Analytic Accounts.
For Odoo Accounting Services:
First, we need to install the relevant apps to use budgeting. The main module is the accounting app. Go to the app module and install the Accounting and Finance app.
Further configuration is as well necessary. Go to Accounting module ‣ Configuration ‣ Settings and enable the Budget management feature.
Budgetary Positions
Budgetary positions are lists of accounts for which you want to keep budgets (typically expense or income accounts). They need to be defined so Odoo can know which accounts he needs to go get the budget information. The budgetary positions act as a type of restriction on what can be recorded in the ‘practical amount’ column in a budget. Each budgetary position can have any number of accounts from the general ledger (the main chart of accounts) assigned to it, though it must have at least one.
Analytical account Odoo needs to know which costs or expenses are relevant to a specified budget. To do so we need to link our invoices and expenses to a defined analytical account. Create an analytical account by entering the Accounting module click menu ‣ Analytic Accounts under Configuration Create a new Account.
Set a budget
Let’s now set our targets for our budget. We specified that we expect to gain 1000 with this project and we would like not to spend more than 700. To set those targets, enter the accounting app go to Accounting ‣ Budgets, and create a new Budget.
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Cybrosys is enriched with technical experts and research scholars producing high-end quality software tools. Our sophisticated infrastructure and lab facilities constantly bring in new technological innovations and attributions. Partnership with ODOO, MICROSOFT, IBM, Intel, HP, NASSCOM proves our strength and excellence.
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