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How to Manage Your Company Budget Using Odoo 17 Accounting
- 1. How to ManageYour Company Budget Using Odoo 17 Accounting Enterprise
- 2. Introduction Enterprise Effective budget managementis vital for a company's success. Odoo 17 streamlines financial management with tools for transactions, invoicing, and budgeting. Set up budgets for departments, projects, or cost centers, define goals, allocate resources, and set spending limits.
- 3. Budget management Enterprise One ofthe key advantages of using Odoo 17 Accounting is the ability to track expenses in real time. Real-time expense tracking provides instant financial insights, helping to prevent budget overruns.
- 4. Steps Enterprise To set upbudget management in Odoo, start by activating it in the Accounting module's Configuration Settings. Navigate to the Accounting module from the main dashboard. In the Settings menu, find and activate the Budget Management option.
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- 6. Budgets Enterprise Activating the BudgetManagement option will automatically enable the Analytic Accounting feature. Once activated, navigate to the Budgets menu within the Accounting module to view the pre-configured budgets in your database.
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- 8. Budget Configuration Enterprise Click the"New" button to start the budget configuration process. This will open a new wizard where you can create a budget for your company.
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- 10. Budget Enterprise Give your budgeta descriptive name to identify its purpose or related department. Specify the period, which could be a fiscal year, project duration, or any relevant timeframe. Enter the name of the responsible person and the company in the respective fields.
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- 12. Budgetary Positions Enterprise ● Usethe "Add a Line" button to add Budgetary Positions under Budget Lines. ● These positions consist of accounts for managing expenses and revenue. Allocate budget amounts for each account in the Planned Amount field.
- 13. Budget management, Enterprise ● Inbudget management, the Planned Amount is the allocated budget, while the Practical Amount shows actual expenditures or income. ● The Theoretical Amount represents projected figures. The Achievement metric indicates if actual results meet the planned budget. ● The system also displays Journal Entries, providing a detailed view of related transactions for thorough financial tracking and analysis.
- 14. Example Enterprise Also when creatinga new budgetary position make sure to add the accounts related to it also . Here for our first budgetary (R&D )position we are going to add our product sales account and for our second budgetary position (R & D Gross Revenue) add expense account .
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- 18. Steps Enterprise Also make sureto choose a analytic account for the budget lines as well
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- 21. Explanation Enterprise After configuring thebudget details, save it. To activate the budget, click the "Confirm" button. This ensures the budget is ready for use and enforcement.
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- 23. Steps Enterprise ● To computethe budget, create an operational entry linked to the configured accounts. ● As an example, let us create a new customer invoice and see how it affects the newly created budget.
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- 25. Steps Enterprise Make sure todo add the analytic distribution in this case Research and Develop from department in analytic distribution field .Upon confirming the invoice, the invoiced amount will be reflected in the practical amount of the budget. This update will also be shown in the achievement metric and journal entries.
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- 28. Confirm Invoice Enterprise Click ‘Confirm’to confirm the invoice. Upon confirming the invoice, the invoiced amount will be reflected in the practical amount of the budget. This update will also be shown in the achievement metric and journal entries.
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- 31. Bill Enterprise Similarly, When generatinga vendor bill, the corresponding reflection should be visible in the cost line section.
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- 34. Explanation Enterprise As you cansee in the slide above, the Practical Amount is updated as a negative amount.
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- 36. Steps Enterprise Click "Entries" toview all journal entries related to a specific budget account line. Regularly monitor budget performance through the Budget Analysis option in the Reporting menu, and use Odoo 17's reporting tools to generate budget vs. actual reports. Here we click on the pivot view icon on the right to switch to pivot for more information .
- 37. Reports Enterprise Analyze these reportsto make informed decisions and adjust your financial plans. They provide a comprehensive overview, summarizing budgeted amounts versus actual expenses and revenue for a specified period.
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- 39. Reports Enterprise To enhance userconvenience, the report offers grouping and filtering options for efficient data retrieval. These tools help users quickly find specific information and reduce complexities in budget management.
- 40. Conclusion Enterprise Effective budget managementis key to financial success. Odoo 17 Accounting streamlines processes, tracks expenses in real time, and supports informed decision-making. Use Odoo 17 to elevate your company's budget management and drive growth.
- 41. For More Info. Checkour company website for related blogs and Odoo book. Check our YouTube channel for functional and technical videos in Odoo. Enterprise www.cybrosys.com