New Features of Odoo ERP 14 Accounting Module

by Alex Forsyth Developer

Odoo 14 got released last year and it came with many new and advanced features and modules for even more efficient management of businesses. And here’s the article about the new features of the accounting module of Odoo 14 shared by an expert Odoo functional consultant.

Do you think any business can run without accounting? Of course not. Accounting is considered the most vital aspect and process of every business. Accounting is the process that takes care of all strands of business finance. With this process, a business can deal with its profit and loss.

Well, in recent times, millions of businesses are using Odoo ERP for their account management. This is because the ERP comes with a separate accounting module that helps to calculate and manage all financial calculations automatically without the need for any manual efforts. Moreover, with this, businesses do not have to invest separately in any accounting software for managing the accounts related tasks.

And the best thing is that Odoo ERP gets upgraded and updated annually and comes with new and improved features. And this year, it's time for Odoo 14. In this version of the software, Odoo has come up with remarkable changes integrating all accounting features under one platform. Working with this robust and unified accounting platform has made things simpler for the accountants and in turn, for businesses. Accountants no more have to take the hassles of computing billions of dollar using those frustrating apps and software systems that were not integrated.

Odoo 14’s accounting module has become a boon for businesses. This new design of the module is more user-friendly and is equipped with modern and improved features and is integrated with more convenient payment gateways.

Here are the features of Odoo 14’s accounting module shared by a skilful Odoo functional consultant.

A new accounting dashboard:

The best thing about the accounting module of Odoo 14 is that it is equipped with advanced analytical reporting features and functionalities that make it a more user-friendly platform. Also, with smart features such as bank integration, invoice generation, vendor bill generation, and a few more, users can conduct multiple operations efficiently at a time to accelerate business productivity.

Invoicing:

From the invoice window, the users can generate invoices for a large number of customers at a time. After purchase, users can send the bills to the customers easily for the products they have purchased. In the new accounting module of version 14, the invoicing feature is entirely integrated into the POS of the ERP.

Users can now view the invoices easily from the invoice window. They can also conduct invoice-related tasks with smooth integrations with the other ERP modules. Users can also view all information about the customers and check their details in the ERP’s invoice creation module.

Odoo 14’s accounting module gave an easy way to deal with multiple currencies:

Till now, users have been using several other ways of dealing with multiple currencies with Odoo ERP software. Now, with the introduction of version 14, users can view the currencies, edit them, automate the currency calculations, sync it with the bank, and do much more. Inside every journal, users can choose the preferred currency in every invoice or bill. They can also fetch the profit and loss reports and can easily get the real-time balance sheets with this new accounting module of Odoo version 14.

Track your taxes easily with Odoo 14’s accounting module:

With version 14’s accounting module, users can fetch the reports of all disallowed expenses as well. They can create disallowed categories with all applicable legal tax percentages. Users can also go to the chart of accounts and can easily link the expense accounts with every disallowed category.

Apart from these, with version 14’s new accounting module, users can also enjoy:

Easy reporting with a new feature of reporting spreadsheets that allows easy creation of complex and up-to-date reports.

And, payment refactoring option that allows users to update balance sheets in real-time, sync them with the bank statements. The new accounting module also has a new transfer account for incoming payments and outgoing payments. Until reconciliation, users can track all bank accounts with this feature of the module.

Through these features and functionalities of the new accounting module, users can manage all their accounting tasks more efficiently than ever before. Users can rely on this module for all their business finances now. In addition to this, this module can also be considered as a very handy tool for managing the liabilities and financial assets of the business.

Alex Forsyth is a skilled and experienced Odoo functional consultant associated with a reliable ERP implementation service provider in Australia, Envertis Software Solutions. The author has written this article to let you know everything about the new accounting module introduced in version 14 of the ERP.