Odoo Accounting

What is Odoo?

Odoo is an integrated software suite that allows businesses to run entire operations on a single system, which reduce the need for system integrations among business functions.

First released in 2005, Odoo now has over 4 million users and 1100+ partners around the world.

What is Novobi's Odoo Accounting App?

Novobi’s Odoo Accounting App is an enhancement of Odoo Accounting App. Novobi’s app exists to address three major needs:

  1. Lowering the learning curve of accountants and bookkeepers in the US and Canada, who are typically familiar with other accounting software like Quickbooks, Xero, Sage, etc. We analyzed the major differences between Odoo and those software to narrow down the gaps. Examples of these gaps include bank reconciliation and check handling.
  2.  Enhancing productivity of accountants and bookkeepers, especially in frequent/repeating operations. Labor costs in North America and Europe are the highest in the world, by automating or processing repeating functions in batch, we hope that our app will help businesses save significant costs.
  3. Providing advanced features like budget planning, business KPI monitoring, chatbot, etc. We believe these features are important for growing businesses to reach the next level.

Our team has spent over 2,500 hours in analysis and development, with the level of craftsmanship that we’ve been proud of. We hope you will love our product.

What Odoo version does Novobi Odoo Accounting App support?

Currently Novobi’s Odoo Accounting App only run on Odoo Enterprise Versions 11 and 12. Please Contact Us if you have a different version of Odoo.

Does Odoo Accounting meet US GAAP standards?

Yes, Odoo Accounting fully supports US GAAP standards.

Is Odoo customizable?

Yes, Odoo allows customization at various levels:

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

Is Odoo Accounting customizable?

Yes, similar to other apps in the Odoo platform, Odoo Accounting is also highly customizable.

How can I request customization?

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

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.

Does Odoo support multi-currencies?

Yes, Odoo supports multiple currencies with live exchange rates. Both multi-currency and live exchange rate functions are configurable and customizable.

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”.