Odoo Accounting

What is Odoo?

Odoo is a business application suite that helps in managing businesses and organizations. Formerly it was called OpenERP and was an enterprise resource planning (ERP) software that provided an accomplished and integrated ERP solution.

Is it possible to have a customized function in Odoo accounting app?

Yes, Odoo allows customization at various levels:

  • Modify existing functions, reports, or screens
  • Add new functions, reports, screens

How can I request customization?

We welcome all customization requests or suggestions from you to improve features in Odoo Accounting. Please send an email to [email protected] or fill out the form at Contact Us

What are the differences between Odoo Accounting App (Odoo.com), and Novobi Odoo Accounting App?

The Odoo Accounting App is developed by Odoo. Novobi’s Odoo Accounting App is an enhancement to Odoo Accounting App. Due to our expertise in Odoo Accounting development and implementation, our clients provided feedback on what else they needed from Odoo’s accounting App. Novobi team has spent over 2,500 hours in development of this enhanced app to add new features and improve existing features. We have made it more intuitive, which translates to more productivity for U.S Accountants.

(Please refer video about our Odoo accounting app for more detail)

What Odoo version does Novobi Odoo Accounting App support?

Currently Novobi’s Odoo Accounting App only run on Odoo Enterprise V11. Please Contact Us if you are on a different version of Odoo but would like to consider Novobi’s Odoo Accounting App.

Does Novobi offer Odoo Accounting training?

Yes, we have full time CPA and senior accountants who are experts in Odoo accounting app, and are available to deliver training in Odoo Accounting. We provide remote or on-site training to ensure you are confident while working with Odoo Accounting.

Are there any tutorial videos of Novobi Odoo Accounting?

Yes, we have more than 10 videos that walk you through key processes of bookkeeping.

Please refer all tutorial videos from here

Does Odoo support multi-companies?

Yes, you can create more than one entity in each Odoo instance. Thus, you could benefit from advanced features for intercompany transactions. Setting up multi-companies in one Odoo instance is complicated. Please contact our team for assistance.

Can I set access right for users?

Yes, access rights can be accessed in the Settings app. Go to Manage Access Right (under Active Users), then choose and apply your preferred setting for each user.

Does Odoo Accounting support US GAAP standards?

Yes, Odoo Accounting fully supports US GAAP standards.

How can I choose cash basis/ accrual basis in accounting?

From the Financial statements section (Profit /Loss report, Balance sheet, and Cash Flow), there is an option to choose Accrual Basis or Cash Basic at the top right corner of the report.

How can I view journal entries of each transaction?

To view the journal entry of a transaction, go to Journal Entry at the top right corner, or “other info,” then click on journal entry name.

When is a journal entry created?

The Journal Entry of a transaction is created when the transaction is validated or posted.

What happens if I only SAVE but not yet VALIDATE a transaction?

The transaction will remain in draft status, and no journal entry will have been recorded.

How to set up initial balance of COA?

To set up the initial balance of COA, please locate “Initial balances” in the Dashboard and input a Debit/ Credit value for each account (make sure  the set up bar in Configuration is not hidden). Another option is to create a general journal entry (Advisor-> Journal entries-> create) to input debit or credit balance of each account.

How to set up initial balance for Vendor/ customer?

To set up the initial balance for Vendor/Customer, please use general journal entry (Advisor-> Journal entries-> Create), select account (Account Payable/ Account Receivable), Partner (Vendor or Customer Name), and add the amount which is the balance for each partner (Customer/Vendor).

How can I set up the opening balance of a bank account for the first reconciliation?

In your first bank reconciliation, there is an option to enter the beginning balance. This balance does not affect the Balance Sheet value.

What does bank reconciliation in Novobi Odoo accounting look like?

This is a huge customization. We have made bank reconciliation as easy as Quickbooks, with the following steps:

  • Set up Bank rules
  • Upload bank transactions or automatically sync from a bank account
  • Review and apply transactions
  • Process bank reconciliation

Also, you have the option to undo reconciliation of previous periods, and run bank reconciliation reports.

(Please refer our tutorial video for more detail)

Can I process credit card payments in the Novobi Odoo Accounting app?

Yes. We have synchronized Authorize.net by default, or you can also request to sync another payment portal into Odoo Accounting app. Now, you can process credit card payments from customers, and save their credit card info (PCI compliant) in the Odoo Accounting app.

How can I check transaction status?

The current status of a transaction is marked in bold in the top right corner.

How can I export customer list, customer invoice list, vendor list, vendor bill list into Excel?

Please go to the transaction list, select all line items, then go to Action – Export. With Novobi’s customization, you can find the Saved Exports template under “Fields to export”, then click on “Export to file”.