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Deferred revenues, or unearned revenue, are payments made in advance by customers for products yet to deliver or services yet to render. #odoo15videos Such payments are a liability for the company that receives them since it still owes its customers these products or services. The company cannot report them on the current Profit and Loss […]
Deferred expenses and prepayments (also known as prepaid expenses), are both costs that have already occurred for unconsumed products or services yet to receive. Such costs are assets for the company that pays them since it already paid for products and services still to receive or that are yet to be used. The company cannot […]
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. #odooaccounting They allow you to plan your desired financial outcome and then measure your actual performance against the plan. Odoo […]
Asset management is a systematic process to organize, monitor, and sell the assets of an organization in a cost-effective way. #odoo15accounting By monitoring the assets and their current working conditions, will help the business to understand the loss/gain, equipment failures, etc. #odoovideos Odoo 15 also provides the feature of asset model and asset creation to […]
Sometimes it is necessary to round the total amount of the bill. Cash rounding enables you to round off the cost during installments. #odoo15accounting #Odoo15 provides the feature of cash rounding in the Accounting module. You can enable the Cash Rounding option from the Settings. This will allow you to define the smallest coinage of […]
Incoterms stands for International commercial terms. Fifteen terms of sale accepted worldwide in an assignment of costs and responsibilities between buyer and seller. #odooincoterms Basically, Incoterms are trade terms published by the International chamber of commerce(ICC), and that is commonly used in both international and domestic trade contracts. #odoo15accounting Incoterms are basically intended to convey […]
Choosing to use the multi-currency option in Odoo will allow you to send sales invoices, quotes, and purchase orders or receive bills and payments in currencies other than your own. Users can configure multiple currencies for the transaction, set its exchange rate, and assign different currencies for individual partners and charts of accounts, run reports […]
Choosing to use the multi-currency option in Odoo will allow you to send sales invoices, quotes, and purchase orders or receive bills and payments in currencies other than your own. Users can configure multiple currencies for the transaction, set its exchange rate, and assign different currencies for individual partners and charts of accounts, run reports […]
In most cases, the fiscal years last 12 months. If it is your case, you just have to define what is the last day of your fiscal year in the accounting setting. By default, it is set for 31st December. However, there might be some exceptions. For example, if it is the first fiscal year […]
It is essential for your business to collect payments when they are overdue. Odoo will help you identify payments that are late and will allow you to send the appropriate reminders. Normally almost all the customers will pay at the right time. Still, there are customers who keep delaying or due payment. In such cases, […]
