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How to Manage Journals in Odoo15 Enterprise Edition

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How to Manage Journals in Odoo15 Enterprise Edition

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Odoo will allow you to send sales invoices, quotes, and purchase orders or receive bills and payments in currencies other than the default/domestic currency.

Odoo will allow you to send sales invoices, quotes, and purchase orders or receive bills and payments in currencies other than the default/domestic currency.

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How to Manage Journals in Odoo15 Enterprise Edition

  1. 1. How to Manage Journals in Odoo 15 Enterprise www.cybrosys.com
  2. 2. INTRODUCTION ❖ An accounting journal is a record of transaction exchanges requested by date, these transactions are recorded in the name of journal entries. ❖ Each journal entry shows account names and their credits and debit values. ❖ In Odoo we can create different types of journals. Sales, Purchase, cash, Bank, and miscellaneous are the basic five types of journals in Odoo. ❖ Exchange Rate Difference Journal: It records the differences in payment registration and the expected amount. If we receive payment against an invoice after a month of invoice creation, the exchange rate most probably will be changed. ❖ This Rate Difference Journal is used to create journal entries of loss or profit caused by the difference in the currency exchange rate.
  3. 3. ❖ Goto Accounting > Journal Entries
  4. 4. ❖ Goto Configuration > Journals
  5. 5. ❖ Open one Journal ❖ Each journal types have different rules like 1. Sales Journal - sales journal used to post sent customer invoices.
  6. 6. ❖ See Advanced Settings Tab for Sales
  7. 7. 2. Purchase Journal - purchase journal used to post received vendor bills.
  8. 8. ❖ See Advanced Settings Tab for Purchase
  9. 9. 3. Cash Journal - cash type journal used to track daily cash transactions as well as the received customer payments.
  10. 10. ❖ See Incoming Payments Tab for Cash
  11. 11. ❖ See Outgoing Payments Tab for Cash
  12. 12. ❖ See Advanced Settings Tab for Cash
  13. 13. 4. Bank Journal - bank for posting your bank statements, track customer or vendor payments and all other transactions recorded by your associated bank account.
  14. 14. ❖ See Incoming Payments Tab for Bank
  15. 15. ❖ See Outgoing Payments Tab for Bank
  16. 16. ❖ See Advanced Settings Tab for Bank
  17. 17. 5. Miscellaneous Journal - miscellaneous journal type used for anything that doesn’t fit into the above types.
  18. 18. ❖ See Advanced Settings Tab for Miscellaneous
  19. 19. ❖ Goto Customers > Invoices > Create ❖ Choose Journal and Click on Confirm
  20. 20. ❖ See history ❖ Click on Mark Done
  21. 21. ❖ Write Feedback and Click on Done
  22. 22. ❖ See Journal Items
  23. 23. ❖ See inventory valuation of product category
  24. 24. ❖ So accounting entry will be generated automatically. ❖ Goto Accounting > Sales
  25. 25. ❖ Create journal entries manually ❖ Goto Accounting > Journal Entries > Create ❖ Click on Post
  26. 26. ❖ Goto Customers > Invoices > Open created invoice ❖ Click on Register Payment
  27. 27. ❖ Click on Create Payment ❖ Goto Accounting > Bank and Cash
  28. 28. ❖ Goto Dashboard ❖ Click on Create Statements
  29. 29. ❖ Ending balance is changed to computed balance. ❖ Click on Post
  30. 30. ❖ Click on Reconcile
  31. 31. ❖ Click on Validate
  32. 32. ❖ Goto Accounting > Bank and Cash
  33. 33. For More Details Check our company website for related blogs and Odoo book. Odoo Book V15 Check our YouTube channel for functional and technical videos in Odoo. How to Manage Journals in Odoo 15
  34. 34. Thank You

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