Is Odoo Accounting suitable for the Netherlands? In this blog, we are happy to tell you about the applicability of Odoo's Accounting module for Dutch bookkeepers and accountants. No time or desire to read the whole story? Then click here for the short summary.
‘Can Odoo also generate an audit file, so that my accountant can easily get started with my figures?’ This question is often asked before a prospect decides on an Odoo implementation. ‘Does Odoo also have a year-end closing?’ is another question that we happily answer in the negative. Odoo actually has a nice flexible (read: stress-free) solution for closing the fiscal year.
Not only does Odoo have an audit file in the latest version, but the entire accounting module is also a serious competitor to the ‘big players’, such as Exact Online and AFAS. This is thanks to the clear dashboard, insightful reports, integrations with payment processors, and the seamless integration with your other modules.
Odoo thinks along with you
When opening the accounting module, you immediately arrive at the dashboard.
Here, an overview of your financial status is shown: outstanding items, items to be reconciled, bank statements and bank balances. In addition, each journal contains a button to start a new entry directly. This allows you to get started quickly.
Odoo also thinks along with you when processing invoices. For each supplier, you record the relevant payment terms and fiscal position. As a result, invoices automatically receive the correct due date and entries are automatically posted to the revenue account for non-domestic cost price. Naturally, with the correct VAT coding and calculation.
Do you have an invoice from within the EU? The invoice neatly states that
the VAT rate is 0%. Within Odoo, the
entries are created for output and input VAT.
Quite useful for the VAT return every month or every quarter.
VAT return and ICP report
When that VAT return deadline comes around again, with Odoo you are only two clicks away from seeing your return on screen. All revenue and VAT are clearly grouped and ready to be copied into your online return. Thanks to the dynamic nature of this and other reports in Odoo, you can easily switch between return periods, administrations, and the basis of the return.
This foundation is nice, of course, but isn’t it fairly normal these days for a package to have this? But do all software packages also have an ICP report at the touch of a button? Odoo certainly does!
Profit and Loss, Balance Sheet, and much more!
Odoo has much more to offer. How about a (real-time) Profit & Loss report? At category level for the finance manager, while the controller can easily drill down into the underlying general ledger accounts and entries. Gross profit, EBITDA, and net result are calculated by default.
Do you want to compare data with previous periods? No problem! Here too, Odoo offers the required flexibility. Compare by months, years or even quarters. Just a few clicks and the multi-year overview appears on your screen. Zoomed in to entry level or back again via the breadcrumb trail to the high-level overview? Thanks to the renewed interface, Odoo continues to deliver overviews quickly.
It is also possible to set up a trial balance with Odoo. Of course, with or without hierarchy, by default with opening balance, with the desired journals: you choose.
In addition, Odoo comes standard with integrations with payment processors, such as Buckaroo, Paypal, Adyen and Ingenico (formerly Ogone). Configuration is simple and the choice of actions regarding payments is flexible. You decide which messages are sent to the customer, which payment methods are supported and how the entries are processed. If you are not sure about the setup, you have the option to test every setting. You only pay for real transactions.
Odoo for the accountant: approaching the year-end closing with confidence
As an accountant, do you want a specification of outstanding items at the end of the fiscal year? Then open the ‘Aged Receivable’ overview. Choose the standard filter ‘end of previous fiscal year’. Want to go back multiple years? Then simply enter the desired day and your overview will appear. No more hassle switching to another administration. You simply select another company in your report and you are done. Of course, this also applies to vendor bills.
But what about the year-end closing? Because Odoo does not do that. And we are very happy about that!
Previous years remain available, but can no longer be changed. By setting a lock date for users and the bookkeeper, it is ensured that no changes can be made for that fiscal year after the annual figures have been submitted. Only the accountant can still change the data: employees cannot modify the data. In addition, you set the date of the last day of the fiscal year yourself. This way, you determine for yourself which period this concerns.
Full integration
Thanks to the integration with the other modules, printing ‘invoices still to be received’ is simple. With an automatic inventory integration, it is already automatically included in the accounting. Or you can print an overview of purchase orders with the status ‘invoice not received’. This means you no longer have to search for orders still to be invoiced. With the sales overview ‘orders to invoice’, you can invoice every delivery paperlessly.
Repairs and recorded time can also be invoiced easily. For example, do you want a cost price calculation for manufactured parts? No problem for Odoo. With a button on the product, the cost price is determined based on the bill of materials. Also immediately check the ‘cost analysis’ report to verify whether the cost price is still appropriate.
Custom reports
Odoo has an extensive range of standard reports. Still, it may happen that these do not meet your specific wishes. Please feel free to contact us and ask us about the possibilities of a custom report. Then we will look together at what is important for you and can create various layouts using labels and groups.
The short summary:
Everything at a glance.
Odoo has now become a fully equipped system: also for accounting. Entering new data is simple via a user-friendly interface. All required reports can also be requested. From a clear VAT return and ICP report to an audit file and a Profit & Loss report with which you can compare previous periods and multiple administrations: the possibilities are very extensive. In addition, reports can always be added. Whether it is based on an existing report or built from scratch: you decide.
In addition to the audit file for the accountant, Odoo also generates an overview of outstanding receivables or payables at year-end. Once the figures have been provided to the accountant, Odoo can be locked for that financial year, while the accountant retains access to make corrections. This ensures that no further changes are made for that fiscal year.
Webshops are also taken into account. There is a wide choice of payment processors such as Buckaroo, Paypal, Adyen and Ingenico. In addition, you have plenty of freedom to configure and test the payment options yourself.
Thanks to the full integration with the other modules in Odoo, your inventory and ‘invoices not yet received’ can be easily retrieved or automatically recorded in the accounting. Invoicing can also be done from repairs or timesheets. The cost prices of components and manufactured parts are calculated based on purchasing, inventory and bills of materials.
In short: a complete module for bookkeeper and accountant!
