Taxes in Company Currency in Odoo
Odoo, a powerful open-source ERP, offers a feature to display taxes on invoices in the company’s currency, even when the invoice is created in a different currency. This can be particularly useful for businesses operating in multiple currencies or for regulatory compliance in certain regions.
How to Enable Taxes in Company Currency:
Navigate to Accounting Settings:
Go to Accounting — Configuration — Settings.
Enable the Feature:
In the Customer Invoices section, check the box for “Taxes in Company Currency”.
Save the changes.
How it Works:
Once enabled, Odoo will calculate and display the tax amounts in both the invoice currency and the company’s currency. This provides a clearer picture of the total tax liability in the company’s primary currency.
Key Points to Remember:
Currency Exchange Rates: Ensure that your exchange rates are up-to-date and accurate. Odoo uses these rates to convert amounts between currencies.
Tax Configuration: Verify that your tax configurations are correct, including tax rates, tax groups, and tax computations.
Invoice Currency: The invoice currency will still be the primary currency used for calculations and payments.
Reporting: Reports and analytics will continue to use the invoice currency as the default currency. However, you can customize reports to display information in the company’s currency if needed.
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