In this video, we are going to describe How to configure the chart of accounts in Odoo 13?
Video Contents:
00:00 Introduction
00:14 What is Chart of Accounts in Odoo
00:43 Configuration of Chart of Accounts
10:41 Grouping Chart of Accounts
13:47 Filter and Group By in Chart of Accounts
Chart of account simply means a list of accounts used by the business entities to record their business transactions.
All these transactions basically fall under some basic nature.
1.Assets
2.expense
3.Equity
4.Liabilities
For creating CoA goto configuration – Chart of Accounts-Create
– Code
codes starting from 1000 to 1999 – Assets account
codes starting from 2000 to 2999 – Equity account
codes starting from 3000 to 3999 – Liability account
codes starting from 4000 to 4999 – Income account
codes starting from 5000 to 5999 – Expense account
– Account type
Assets
Receivables – funds owed to you
Bank and Cash – bank and cash transfer transactions liability.
Current assets – expected to be converted into cash within one year
Non-current assets – Long term investments where the full value will not realised within the accounting year
Prepayments – payment made in advance of the goods or services being received later on
Fixed Assets – assets and property that cannot be easily converted into cash
Liability
Payable – funds you owe
Current Liabilities – Financial commitment that is payable within one year
Non-current Liabilities – Financial commitment that will not become due within the accounting year
Equity
Equity – capital gains and losses
Current Year Earnings – net income or loss for a company within the current year
Income
Income – revenue of business earns
Other Income –income that does not come from a company’s main business
Expenses
Expenses -the outflow of funds to pay for goods and services of business uses
Depreciation – how the value of an asset declines over time
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