This blog is part of a series of the blogs to share my experience on how to enable the Odoo CE Accounting to be on par with any other Accounting software in the market.
Read this blog on how to enable the Free Odoo CE Accounting module.
Read this blog on how to configure Profit & Loss and Balance Sheet Reports in the Odoo CE.
Read this blog on how to have a world class Accounting module for Odoo CE.
Read this blog on different options of doing bank reconciliation in Odoo.
Read this blog on how the Sales and Purchase process is impacting Odoo Accounting.
In addition to General Account (CoA), Analytic Account/Analytic Tags are another great analytic tool available in the Odoo, for management to keep track of the financial aspect in the business operation.
1) Analytic Account – available in the Invoice, Vendor bill, sales order and purchase order.
Once you have validated the Invoice or vendor bill, the analytic account from these documents will also be tagged to the journal entries.
You may use it for the following:
Cost Center
Analyze performance of a project (expense/revenue)
Budget management
Timesheet invoicing
Vendor bill will be posted to the debit account (Cost), while Invoice will be posted to the credit account (Sales), and the difference will be the profit.
2) Analytic Account Group - group your analytic accounts in a hierarchical format. However, i'm yet to see any Odoo financial report that can really show it in a business accepted manner.
3) Analytic Tags - support multiple-tags, so that you may tag hierarchical departments (eg, Operation and Production). It is available in the Invoice, Vendor bill, purchase order and Sales Quotation, similar to Analytic Account. Once you have validated the Invoice or vendor bill, the analytic tags from these documents will also be tagged to the journal entries.
You may use it for the following:
Analytic Distribution - dividing your expenses or revenue among several analytic accounts (departments).
Departments or Branches
The following is the typical Use Case in a company. With Analytic Tags and Analytic Account, you may be able to analyze the profit & loss of the departments or projects, with the Dynamic Financial Report.
Example of the Analytic Account and Analytic Tags in the invoice.
In the P&L report, you may view the P&L for a specific project.
An analytic report that may allow you to view the project's sales, cost and profit.
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