Odoo accounting 101

Which field is a unique value on Chart of Accounts (COAs)

• Account Name

• Account Name, Type and Code

• Code

• None of those

If some account types of client's COAs are not the same as Odoo's ones, what would you do?

• Do nothing because they did not provide me what I need

• Ask Novobi accounting team for mapping account types. I will verify the mapping list with client before I upload the COAs into Odoo

• Skip this task, I don't think it is important.

When you purchase inventory, Inventory quantity and inventory valuation are updated on Odoo when:

• Purchase order is created and confirmed

• Vendor sends you a vendor bill

• You record purchase receipt on Odoo

• Odoo will not update those values

Which report to show you balance of customers

• Aged Receivable report

• Customer invoice list

• Customer list

• Another report but I don't know what it is :)

We need to upload........[report] ....into Odoo for opening balances of all accounts before golive?

• There is no report can do that

• Customer balance

• Customer and vendor balance

• Trial Balance

I want to see balance of Inventory valuation on Odoo accounting, I will open

• Inventory valuation report

• Balance Sheet

• Transfer report

• I don't know

On Odoo accounting app, I want to see how much my company spent on Payroll this year, I will open

• Profit and Loss report

• Cashflow forecast

• Payroll report

• I will ask my employees

What is/are entrie(s) in a journal entry transaction

• Debit

• Debit and accrual

• Wait, let me check it on ChatGPT

• Credit and Debit

The difference between Cash Basis and Accrual Basis is:

• I think they are the twins, no difference

• There is a time difference in recording revenue and expenses between the two

• My clients only use 1, so I don't know

• There is a value difference in recording revenue and expenses between the two

You sell inventory, when Odoo system records Cost of Good Sold?

• When I receive inventory from vendor

• When I issue invoice to customer

• When I mark the sales order as done

• I don't think Odoo can record Cost of Good Sold.