Activating the Accounting App
Start by installing the Accounting module:
Apps → Search "Accounting" → Install
This app adds financial dashboards, journals, ledgers, taxes, and regulatory reports to your system.
Setting Up Your Chart of Accounts
Go to:
Accounting → Configuration → Chart of Accounts
You can:
- 🗂️ Use Odoo's built-in country-specific templates
- 📥 Import your own chart via CSV or Excel
- 📝 Add or modify accounts with types (Asset, Liability, Income, etc.)
Each product, customer, or vendor transaction will post to one or more of these accounts.
Configuring Taxes and Fiscal Positions
Taxes can be set globally or per product/customer:
- 💼 Configure tax rates: GST, VAT, Sales Tax
- 🌍 Set up tax groups and inclusions (price-included or not)
- 🔁 Use Fiscal Positions to map taxes based on customer region or B2B/B2C status
You can also configure tax reports, rounding methods, and exemptions easily from the dashboard.
Managing Journals and Document Types
Journals are used to classify and record transactions:
- 📒 Sales Journal – for customer invoices
- 📕 Purchase Journal – for vendor bills
- 🏦 Bank Journal – for deposits and withdrawals
- 💰 Cash Journal – for petty cash
Each journal has a code, default account, and document numbering rule. You can also control whether the journal appears on dashboards or reports.
Enabling Multi-Currency Support
To sell or buy internationally:
- Enable multi-currency in Settings → Accounting
- Select additional currencies and base exchange rate source (e.g., ECB)
- Apply currencies per journal, partner, or transaction
Odoo will auto-convert amounts and track gains/losses in a dedicated account.
Defining Fiscal Years, Periods, and Lock Dates
Go to:
Accounting → Configuration → Settings
Here, you can:
- 📅 Define your fiscal year (calendar or custom)
- 🔒 Lock past entries after audit or reconciliation
- 🧾 Set default journals, revenue recognition, and expense accounts
These settings ensure compliance, accurate reporting, and internal control.
Conclusion
Getting your accounting settings right in Odoo 17 is the first step toward powerful, real-time financial reporting. With smart defaults, compliance tools, and country-specific templates, Odoo makes it easy to align your books with your business model.
Need help configuring your chart of accounts or tax rules? Let our accounting experts get you set up correctly.
