Technology, AI & ERP — explained in plain English
Accounting is the backbone of any successful business or organization, providing crucial information and insights that are essential for making informed decisions. Whether you’re a small business owner, a finance professional, or a student studying accounting, staying up-to-date with the latest trends and best practices is key to success.
In this comprehensive guide to accounting, we explore the latest developments in the field, from cutting-edge technologies and innovative practices to emerging trends and shifting regulations. From bookkeeping and financial reporting to tax planning and auditing, we cover all the essential topics and provide practical tips and advice for staying ahead of the curve.
With our expert insights and in-depth analysis, you’ll gain a deeper understanding of the accounting profession and develop the skills and knowledge you need to succeed in this dynamic field.
Landed costs fold freight, insurance, duty, and brokerage into product valuation so margins reflect what goods truly cost to land. Odoo 20 adds per-product landed costs, a visible Valuation Adjustments trail, and — in the India localisation — a bill of entry flow that routes import customs duty straight into inventory costing.
Odoo 20 removes the standalone Employee Expenses menu item from Accounting: approved expenses now generate draft bills in the default expense journal, reviewed and posted alongside vendor bills. Here is what changes for employees, managers, and accountants — plus the new consolidated report, per-position expense limits, and salary rules for expense products.
FIFO and AVCO split the same purchase costs differently between cost of goods sold and closing stock. This article runs both methods over Odoo’s official worked example — 8 at €10, 4 at €16, deliver 10, 2 at €6 — and gives a category-by-category framework for choosing.
Landed costs fold freight, insurance and customs duties into the valuation of the receipt that caused them, instead of leaving them in an expense account. This guide covers the FIFO/AVCO prerequisite, service landed-cost products, the five split methods, and the bill-to-valuation workflow in Odoo.
Odoo 20 adds new KPIs to digest emails — without naming them in the release notes — and upgrades financial reporting with a bank reconciliation summary report, an auditable CTA line, parent accounts, and included journals in consolidation. This article explains how to audit the digest KPIs tab after upgrading and gives a reporting test list for upgrade week.
Odoo 20 gives Canada a new Avalara Included integration method covering full tax computation for Canada and the US, batch CPA 005 pre-authorized debit payments, and a reworked localised chart — plus a stricter fiscal-position rule that can silently remove tax from invoices. This guide separates the verified Canada items from the general changes and provides an eight-point checklist to test with your accountant.
Odoo has no monthly period to flip closed — the close is verification, cut-off, and lock dates, in that order. This walkthrough adapts the official 20.0 closing checklist to a monthly rhythm, covering bank consistency, the reconciliation summary report, suspense and aged-item review, tax checks, and advancing the lock date.
Odoo’s improved duplicate detection flags invoices and bills in two tiers: red for highly likely duplicates that should be corrected, and yellow for possible duplicates to investigate before posting. This guide explains what each colour demands, where duplicates come from, and how to work both warnings into your payment and month-end routines.
Translating a foreign subsidiary’s books at historical, average, and closing rates guarantees an imbalance, and accounting standards park it in equity as the Cumulative Translation Adjustment. Odoo 20 adds an auditable CTA line to the balance sheet, trial balance, and general ledger that balances those discrepancies automatically.
Odoo 20 replaces account groups with parent accounts as the way charts of accounts are structured, and makes account codes optional. Here is how the old code-prefix system worked, what the explicit parent-child hierarchy changes for reports and migrations, and how to design a clean chart under the new model.
Odoo 20 lets you pay vendor bills directly from inside Odoo — individually or in batches, with a single signature — through the new PISP (payment initiation service provider) interface. This article walks through the flow, the controls that travel with it, and why availability depends on your bank and provider.
Odoo 20’s bill line prediction pre-encodes the product, account, tax, analytic distribution and vehicle on vendor bill lines from your bill history and the line label, while preserving any values you entered manually. This article explains how the matching works, why the manual-value safeguard matters, and how to get consistently faster, cleaner bill entry from it.
Odoo 20 reshapes bank reconciliation with bank consistency underneath, a Bank Matching view, Paid-to-Reconciled status names, configurable matching rules, Run Auto Reconciliation, and a new summary report. Here is what changed and a practical checklist for adapting your close process.
Odoo 20 requires every journal entry affecting a bank account to originate from a bank transaction, ending manual journal mismatches. This explainer covers what the rule blocks, how the transaction-and-suspense model works, and how finance teams should prepare before upgrading.
Odoo is a comprehensive, open-source enterprise resource planning (ERP) software solution designed to streamline and optimize various business processes. With its modular architecture, Odoo allows users to fully customize and extend the platform to meet their unique business needs. From sales and marketing to human resources and operations, Odoo provides a single, integrated solution for … Read more