June 21, 2019 ERP

A Walk-Through on How to Manage Your Financial Reports Using Odoo.

The term finance deals with an individual’s financial circumstances. If such an individual runs a business of their own, their financial reports are the documents required to be set out for management, investors, and the government to see.

When working on a start-up business or a grand company, the busiest department is the finance department. As we are a part of the internet era, we have the privilege of using the most modern technologies and software available in today’s digital world. This software can now allow us to manage business reports effortlessly.

Out of all the accounting software in this world, one of the most used and installed software is Odoo.

Who is Odoo?

Odoo is one of the world’s top running business applications, where they provide over 30 apps to be used by any business organization to help them expand their business. They have over 1500 members, who have contributed to expanding Odoo’s range to provide up to 1600+ apps.

How to Manage Financial Reports Using Odoo

The most attractive feature about Odoo is, it is license free and offers the most advanced accounting proficiencies to both start-up and large companies.

It is undoubtedly easier to manage your financial reports through business software like Odoo. Not only does this save you a lot of time, but also it makes your work much more manageable.

How so?

To name a few advantages, they automate almost everything, control your credit transfers, and who to contact, upload files in one click and also offer the ability to create personalized screens and menus.

One of the benefits of the automating feature is that it saves time, and it costs lower than the required expenditure. Through this feature, the hassle of managing your accounts manually can be avoided. The software automatically works on your invoices, payment reminders and financial reports, and so on.

The credit transfers can be controlled by your staff, allowing them the liberty of contacting whoever is required to manage the overdue accounts. You can upload data with a single click from spreadsheets—which usually involves a lot of time.

You can easily do this using a modern day software like Odoo that allows you to import files and upload your financial data with only one click. Moreover, you can create customized screens and menus, which enables your staff to keep track and use the daily used features.

These are only a few features Odoo offers, amongst the countless others.

Odoo can be trusted with creating financial reports in real time, may those be regular accounting reports or advanced management reports. Odoo also offers two edition views—community and enterprise. In the community edition, files are opened using the pdf format, and the enterprise edition supports both pdf and xls formats.

Odoo deals with various types of reports;  journal audit, trial balance, balance sheet, profit and loss, tax report—to name a few.

Now the question being, how to create these accounting reports using Odoo?

Here’s a step by step walk-through using the Odoo 9 software.

Step 1: Activating the developer mode

To be able to gain access to create a financial report, the developer mode needs to be activated. To activate this mode, click on the user profile in the top right menu and then click on About.

Click on, Activate the developer mode.

Step 2: Creating your financial report

To create your financial report, follow through the process of Accounting → Configuration → Financial report.

After filling in the name section, the next stage involves configuring two other factors.

Show credit and Debit Columns

  1. Analysis Period

*Analysis Period based on:

  1. Date ranges (e.g., Profit and Loss)
  2. Single Date (e.g., Balance Sheet)
  3. Date ranges with ‘older’ and ‘total’ columns and last 3 months (e.g., Aged Partner Balances)
  4. Date ranges and cash basis method (e.g., Cash Flow Statement)

Step 3: Adding lines in your custom reports

After creating your report, the next step is to fill it with lines. The stories are required to have a name, a code (that refers to the front), a sequence number and a level (used for line interpretation).

The formula section consists of numerous items available. To fill in the formula section, you can add one or more formulas to cosign a value to the balance column (as well as, debit and credit column if applicable, separated by a 😉

To mention the several items available in the formula:

  1. Ndays: The number of days in the selected period—for reports with a date range.
  2. Another report, referred by its code. Use .balance to obtain its balance value. Other codes available: .credit, .debit and .amount_residual).

A line can also be constructed on the summation of account move lines on a chosen domain. In such cases, you are required to fill the domain with an Odoo domain on the account move line object, after which an extra object is available in the formulas section—that is, sum, which is the sum of the account move lines in the domain. The group by field option can be used to group the account move lines by one of their columns.

Other useful fields include:

  • Type: type of the result of the formula
  • Is growth good when the effect is positive: when computing the different column. To check if growth is good, it will be displayed in green.
  • Certain line date changer: If a particular line in the report should not use the same dates as the rest of the report.
  • Show domain: Display of the domain of a line. It can be foldable at the beginning, but can’t be unfolded. Always (always displayed) or never (never shown).

It has somewhat become a necessity to be comfortable in whatever you’re doing and platforms like Odoo offering all these attractive features, definitely seem to do the trick. Over 3 million people entrust Odoo with their business management, so take your chances not to be disappointed.

Get in Touch

We’re an exceptional team of engineers & design thinkers based in Toronto, Canada. We respond efficiently to the challenges of business & technology challenges of the modern day.