Configuring Cash Basis in Odoo 16 Accounting involves setting up the accounting settings to track income and expenses based on cash flow rather than accruals. Here is a brief description of the steps involved:
1. Navigate in the Accounting module in Odoo 16 go to the Configuration settings
2. Under the Accounting tab, select the option for “Accounting Basis” and choose Cash Basis
3. Set up the journal entries for cash transactions by creating a new journal or modifying an existing one
4. Configure the cash basis accounts for each transaction type (i.e., sales, expenses, refunds, etc.) by linking them to the appropriate journal.
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Verify that the accounts are properly set up by running a cash basis report to ensure that the income and expenses are recorded based on the actual cash inflows and outflows.
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