A chart of accounts is a rundown of the names of the accounts that an organization has recognized and made accessible for the recording transactions in its general ledger.
Odoo provisions the end client to utilize the predefined charts of accounts, encompassing all basic configurations like tax codes and fiscal localization packages.
2. INTRODUCTION
❖ A chart of accounts is a rundown of the names of the accounts that an organization has
recognized and made accessible for the recording transactions in its general ledger.
❖ An organization has the adaptability to tailor its chart of accounts to best suit its needs.
❖ This is determined via consequently reporting the profit and loss balance in your balance
sheet report.
❖ Odoo provisions the end client to utilize the predefined charts of accounts, encompassing
all basic configurations like tax codes and fiscal localization packages.
3. ❖ However, one can also create their own chart of accounts in Odoo.For that go to
Accounting > Configuration > Accounting > Chart of Accounts
4. ❖ One can see the rundown of different account names. Upon clicking any, one can make
sufficient edits to the existing. Click Save button to mark changes.
5. ❖ One can include the details like:
➢ Tax code
➢ Account Name
➢ Account Type - Account type is used for information purpose, to generate country specific
legal reports, and set the rules to close a fiscal year and generate opening entries
➢ Automate Deferred Expense - Have 3 options
● No - Default value
● Create in draft - Whenever a transaction is posted in account,a draft entry will be
created won’t be validated
● Create and validate - Must select an account and Whenever a transaction is posted in
account, entry will be created and would be validated.
➢ Default taxes - It will be applied when the account is chosen.
➢ Tags for Custom Reporting
➢ Group
➢ Company
➢ Account Currency - Forces all moves for this account to have this account currency).
6. ❖ Let’s check by creating new one. Save your form after providing the details.
7. ❖ Then from product page, setting newly created account as income account for that product.
8. ❖ After that Goto customer > Invoices > Create an invoice for that product
9. ❖ Add your product to the invoice line and we can see that account field is updated with newly
created one.Make your payment.
10. ❖ Goto Chart of account under configuration , search for your account created and from
action we will get option for delete
11. ❖ After clicking the delete button we will get an pop like below.In Odoo it's not possible to
delete an account once the transaction has been recorded on it but one can make use of
the feature called Deprecated.
12. ❖ Once an account is deprecated, Odoo not allow to create transaction on deprecated
accounts.
❖ Lets make created account as deprecated and save
13. ❖ Here again creating invoice for that same product after making account as deprecated,
Click on POST button
14. ❖ As a result we will get a popup like below.
❖ This is the only way to delete a COA once the transaction has been recorded.
15. For More
Details
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How to delete Chart of Account(COA) in Odoo 13? |
Odoo Accounting
