Odoo is a suite of open source business management applications that are capable of performing a wide range of business operations. The applications are completely integrated with a customizable business management system in Odoo which will fulfill your business requirements effortlessly. Odoo is an all-in-one business management software that ensures the complete management of business operations in a systematic manner. The easy to use platforms available in Odoo enable users to simplify the processes, reduce work pressures and thereby improve efficiency.
Each year, Odoo releases a new version of the Odoo ERP system with new updates in its modules and functionalities. Each version tries to bring some new features to Odoo to improve the working efficiency and simplify the business operations. In Odoo 15 also, you can find many advanced features that help users to manage business seamlessly. The dedicated Accounting module in Odoo manages all financial and accounting activities in a company. In Odoo 15, you can find many updates in the functionalities of the Accounting module.
This blog will focus on the new features available in the Odoo 15 Accounting module.
Accounting is a vital aspect of a company that demands very much attention and supervision. Odoo 15 has brought remarkable changes in the Accounting module that helps a company to showcase advanced performance in the management of all accounting activities. Let’s take a look into the new features in the Odoo 15 Accounting module one by one.
Using the latest version of Odoo, now the users can easily submit 1099 reports electronically. Corresponding CSV files can also be generated with the help of Odoo 15.
To generate 1099 reports using 1099 boxes, you can go to the Configuration menu of the Accounting module where you can find the 1099 Boxes option under the Accounting tab as shown in the image below.
Already recorded 1099 boxes can be seen on this platform along with a Create button to create a new one.
To get CSV files of the 1099 reports, you can use the ‘1099 Reports’ option from the Reporting menu of the Accounting module.
Using this option, you can export a CSV file that encompasses all necessary information that you need to e-file 1099s with the help of a 3rd party service. You can review the details given in the wizard and make the necessary adjustments. Missing information can be added manually. Modify the Start and End Dates as per your requirement and click the Generate button. After checking the selected Journal Items, Odoo will automatically create a CSV file of the 1099 report.
An FEC audit file includes all accounting data and entries from all recorded accounting journals during a financial year. The French fiscal localization of Odoo Enterprise includes a new feature called FEC Import that helps a user to import existing FEC files from older software. You can activate this feature in your Odoo 15 from the Settings menu of the Accounting module.
Under the Accounting Import tab, you will get the FEC Import option to activate.
After activating, the option for FEC Import can be seen under the Configuration menu of the module as shown in the image above. A pop-up window will appear to upload the accounting FEC data file and use the Import button to import the FEC file.
In Odoo 15, you will get two new payment acquirers, Mollie and Ogone. Mollie is one of the best European payment acquirers to accept online payments and payment status tracking. Ogone supports a wide range of payment methods such as credit card, debit card, bank transfer, iDeal, and Giropay. You can efficiently manage online payment, payment status tracking, subscriptions, save cards, and embedded credit card form using this payment acquirer.
Foreign Tax ID
While configuring new Fiscal Positions in the Odoo 15 Accounting module, you will get a new field to define the Foreign Tax ID. The tax ID of your company in the region mapped by the newly created fiscal position can be specified in this field.
Revamped Account Form View
As you can see in the screenshot above, the account form view has changed in Odoo 15. You can select an account from the Chart of Accounts in the Configuration menu. Updated account forms provide a convenient platform to keep a track of the previous transactions and history of changes in a chatter.
In Odoo 15, you will get advanced payment method management in Bank/Cash Journals.
Incoming and Outgoing payments of the selected journal can be easily managed in seperate tabs in Odoo 15.
If you want to restrict users from posting journal entries and tax returns prior to a specified date, you can use the Lock Dates feature. In Odoo 15, you will get an updated design for the pop-up window. The corresponding option can be accessed from the Accounting menu of the module.
A pop-up window will appear where you can specify the Journal Entries Lock Date and Tax Return Lock Date to prevent journal entries creations and tax returns modification prior to the specified date respectively. As you can see in the image, each lock date can be separately observed with tooltips. Specifying a lock date in the ‘All Users Lock Date’ field will restrict all users from journal entries creation and modification before the defined date. During the mentioned date, only Advisors Users can post journal entries and modify tax returns.
When you create a new journal entry in the Odoo 15 Accounting module, you will get a new button called ‘SET AS CHECKED’. This button will appear after enabling the ‘To Check’ field under the Other Info tab of the new journal entry creation window as marked in the image below.
This option can be enabled when you are not sure about the details entered in the journal entry at the time of the creation of the move and the move needs to be checked again. By enabling this option the ‘Set as Checked’ button will appear and that can be used to set the entry as checked.
Odoo 15 offers you an updated view in the currency form. You can easily add company currency on this form along with the details of Unit per USD and USD per Unit.
In Odoo 15, you can find extra fields in the Company settings window.
You can specify the tax units your company belongs to in the VAT Units tab which is a new feature in Odoo 15.
Users can now generate NACHA files which are acceptable in the United States to pay or schedule massive vendor bills in batches via ACH.
Before using this payment method, you need to set the configuration of the NACHA Payment to your system.
All the new features available in the Odoo 15 accounting module will help you to improve the performance of the company in financial and accounting activities. Additionally, the dedicated tools will simplify your accounting operations better than earlier times.