Odoo Accounting (Finance) App Customization

1. Chart of Accounts (Configuration & Customization) 

Configuration Involves: 

Setting up a personalized chart of accounts that corresponds with the client’s industry, business type, and reporting requirements. This may encompass the creation, deletion, change, or rearranging of account groups and codes.

Customization Requirement: 

The default chart of accounts is often generic which does not capture the exact nature of the business. 

Different internal reporting requirements can be a great efficiency problem during audits because there are no accurate financial insights due to lack of reporting.

There is a challenge in being able to track particular income, expenditure, or department statistics without customization.

2. Invoice Template (Configuration & Customization) 

Configuration Involves: 

Adding an element of personalization is always required, there is a need to change the invoice template by placing company logos, desired colors, payment, and legal disclaimers. This helps in presenting an invoice that meets the requirements of the business and is in line with the relevant country’s legal requirements.

Standard Odoo Invoice Template: 

Standard Odoo Invoice Preview:

Customization Requirement:

The prebuilt templates do not accommodate sophisticated layout or branding styles, which poses a challenge in maintaining a professional appearance.

It is hard to maintain proper company branding and design in invoices. This may lead to client confusion or inaccurate understanding of payment details.

Each invoice must be edited and formatted manually which increases the administrative burden.

3. Invoice Payment Terms (Configuration & Customization) 

Configuration Involves: 

Add your custom payment terms or condition while raising the invoice. Add detailed terms or conditions using a link to the page or simply add a few lines that describe your payment terms. 

Establishing different payment options (like net 30 or installment plans) and automating reminders. Custom rules may include changes like early payment discounts or late payment penalties.

To edit payment terms: 

1. Go to Configuration > Click on Payment Terms

2. Click on “New”

Create your new custom payment term like we did for splitting payments in two equal installments at an interval of 30 days. Get a preview of your custom terms on the right hand side.

3. Click on “Create Invoice”

Click on “Payment Terms” as shown in the figure below. 

Add your product and pricing details for the invoice

4. Click on the Preview icon on the previous screen to check the impact of created payment term. 

The invoice amount is divided into 2 equal installments with different payment date at an interval of 30 days.

This is how you can customize your Payment Terms and create new ones along with the available ones by default.

Add default terms and conditions to your invoices. 

1. Go to Configuration > Type “Terms” in search box
2. Click on Default “Terms & Conditions” checkbox
3. Also, you can add your custom text or click on “Add a Link” to invoice and mention all terms and conditions details there.  

Customization Requirement:

There are no forms of payments that apply to all types of customers or contracts. Customers suffer from delays and misunderstandings concerning when the payment is due. The need to follow up and make changes manually heightens administrative burden.

4. Multi Currency Management (Configuration & Customization) 

Multi currency management in Odoo helps you manage currencies in multiple ways, raising invoice in foreign currency, currency conversion, day on day basis reporting, daily currency rate conversion and more. 

Configuration Involves:

1. Based on regional package your currency will be automatically picked by Odoo. 
2. To change the currency follow the steps mentioned below. 
3. Settings > Accounting Settings > Search Currencies.
4. Select your default currency from this drop down as shown in the figure below. 

How To Activated Second Currency For Accounting or Invoicing In Odoo?

1. In the above screenshot > Click on the “Currency” link to open the below screen. 
2. Search your preferred currency and make it “Active”

Check Bills With New Currency

1. To test the changes made in the above screens. Click on “Vendors” > “Bills” 
2. Click on “New Bill”

This will help you see this bill screen. Here there is an option to raise this bill in a domestic currency or you can raise an invoice in foreign currency. Adjustments will be made automatically by Odoo.

These are few basic customization that you might need to get started. If you are looking for utility grade customization, get in touch with us on [email protected].