Effective management of your finances is the biggest challenge for any business to thrive, and the proper equipment in your inventory can be the difference between winning and defeat. That is where Odoo Accounting steps in – an omnipotent, single-platform system meant to make it easier for you to manage your finances. In this guide, we will demonstrate how you can manage your financial reports in Odoo Accounting and utilize your company’s full financial data.
Main Financial Reports in Odoo Accounting
Odoo Accounting provides you with some important reports that enable you to monitor the financial position of your company. We will discuss the most important ones and how you can execute and use them.
1. Balance Sheet
Balance Sheet is one of the main financial statements that provide you an impression of your business’s financial position at a specific point in time. It classifies assets, liabilities, and capital and provides you with a correct impression of your business finances.
How to Make It in Odoo:
- Navigate to the Accounting module click Reports, and then Balance Sheet.
- You may have it tailored by splitting accounts or subaccounts for a total account.
Why It Matters: A P&L statement is used to determine if a company is financially healthy or not and is of the utmost significance while reporting to stockholders, lenders, or auditors.
2. Profit and Loss (P&L) Statement
The P&L statement shows your business’s expenses and revenues over time, whether your business is profitable or is losing money.
How to Do It in Odoo:
- Navigate to Odoo’s Accounting module’s Reports module and click on Profit and Loss.
- Select your date range of choice.
Why It Is Important: A P&L report enables you to see profitability and make fact-based budgeting, pricing, and cost decisions.
3. Cash Flow Statement
A cash flow statement shows money coming in and going out of your business. Use it in the course of your research on your ability for short-term commitments and facility of operation.
How to Make It in Odoo:
- Select Reports and then Cash Flow.
- Odoo generates the report of cash flow automatically depending on operating, investing, and financing activities.
Why It Matters: Knowing cash flow enables you to avoid shortages and make smart decisions on working capital management.
4. Trial Balance
Trial balance contains all of your accounts with their respective balances at a certain point in time and is prepared to check if your books of accounts are accurate and balanced.
How to Get It in Odoo:
- Go to Reports > Trial Balance.
- It displays a reconciliation of accounts so that you can verify the balance.
Why It Matters: Trial balance captures mistakes before they turn into gigantic ones.
5. Aged Payables and Receivables
Aged payables and receivables tracking enables you to monitor outstanding bills and invoices and have cash coming in nicely.
How to Make It in Odoo:
- Navigate to Reports and choose Aged Receivables or Aged Payables.
- To filter by supplier, customer, or date range.
Why It Matters: This guide enables you to make a journal entry for accounts receivable and accounts payable and track cash flow.
Setting Up Financial Reports in Odoo
To generate reports, install Odoo Accounting based on your fiscal year, reporting period, and chart of accounts. Configure financial periods such that reports will be rendered between specified intervals.
Customizing Reports in Odoo
One of the most powerful features of Odoo is its high degree of flexibility. You are able to customize your financial statements to suit your requirements, such as changing the P&L and balance sheet, filtering and grouping, and using analytical accounts so that you are able to have a very detailed report.
Generating and Exporting Financial Reports
After you’ve set up your reports, it is simple to run them directly from Odoo’s dashboard as and when needed. You can even schedule reports to automatically run and be emailed to yourself regularly, which will save you time and keep you informed. Print reports to PDF or Excel for audits or regulatory purposes.
Financial Reporting Automated using Odoo
Odoo simplifies reporting in accounting through the automation of certain processes, i.e., repeated journal entries in regular transactions, as well as the automatic generation of VAT or GST reports. Incorporation with various Odoo modules consolidates data from your company from all sources to enhance the depth of accounting reports.
Conclusion
Financial report management needn’t be agony. With Odoo Accounting, you can create, customize, and automate your reports so you’ve got everything in your financial snapshot. Whether you’re keeping an eye on your balance sheet, evaluating your P&L, or managing your cash flow, Odoo makes it easy to handle financial report management.
Ready to bring your financial reporting to the next level? Learn more about Odoo Accounting today and how you can revolutionize the way you manage the finances of your business.
