By Natalia KATERYNETS, Leading Business Analyst at SelfERP
We analyzed new features introduced in the world's most used ERP system and share with you some of them that we found most valuable. Today, we are pleased to present the first article in this series. The focus is on the updated accounting functionality in Odoo 18.
Multicompany
Most of our already implemented customers and current implementation requests require accounting and metrics analysis for multiple companies working for the same business. Previous versions of Odoo make it easy to meet this need leveraging the multi-company functionality.
We set up as many companies, legal entities, management structures, individual entrepreneurs on one database as necessary to provide a full overview of the entire business.
Company-specific chart of accounts, journals, and currencies for each individual structure ensures accurate accounting and reporting for each entity within the Odoo base - this is crucial for generating statutory reports. At the same time multicompany functionality, flexible reports and consolidation features provide a unique opportunity to receive reports on the group, on the entire business in a few clicks. This is provided, inter alia, by :
- Separating transactions within the group of companies;
- Converting to a common accounting currency,
- Transformation to other accounting standards - we transform accounting data, for example, from local standards to IFRS, or from regulated accounting to management accounting by the mean of adjusting entries and a journal system .
The new features of Odoo v18 related to multi-company provide us with the opportunity to create for our clients:
- A unified chart of accounts for multiple companies - facilitates clear and accurate visualization of consolidated reporting;
- Common journal groups for all group companies - so in one click, I can create an income statement for the entire group according to management accounting, local GAAP or with adjustments to comply with IFRS;
- Separate accounting and analysis of information on fixed assets, deferred income and expenses for the group of companies according to different accounting standards - local/management/IFRS.
Accounting for loans received
We are excited to introduce the new application for loans accounting - now interest accrual and automatic reclassification of long-term debt into short-term for the correct balance sheet data on the outstanding part of the loan are automated.
Financial budget
Financial budget is a game-changer for customers managing annual or monthly budgets for income and expense accounts. Now it is easy to create and analyze budget compliance within any period and compare absolute and relative performance.
Analytical budget
The long-awaited changes in analytical budgets were not long in coming.
Let me remind you that since version 17, we are able to build analytical sections in Odoo in several areas. For example, income and expenses for a company or group of companies can be analyzed by business direction, project, and cost center at the same time. And from version 18, we can also budget indicators in all these areas at the same time. But that's not all, now when planning a purchase, Odoo alerts if it does not fit into the budgeted figure. We have encountered such requests multiple times, and now even the standard Odoo functionality addresses them effectively
Additional features
We are also equipped with additional automation features:
- Now, when creating sales and purchases, it is much faster to select the required order list from the product catalog;
- Automatic posting of documents uploaded to Odoo and recognized by the OCR (Optical Character Recognition) system
- Vendor Bills can now be created directly from a bank statement in two clicks
- We can send a report on settlements to a supplier or a buyer in two clicks using the selected template and Odoo saves the history of correspondence
- The system shows the exchange rate when creating purchase/sale documents in another currency
We are excited to present the new functionality to both our new and existing customers. Please don't hesitate to ask for a free consultation. Right now you can leave a request in the form on the main page of our website.