The analytic account is one of the powerful tool available in Odoo. As the name indicates, it is an analytic tool used for strategic management. Unlike general accounts, analytic accounts of Odoo is not so much an accounting tool, rather a tool for management.
Each analytic entry can be linked to a general account. Just as in the general accounts, you will find accounting entries in the different analytic accounts. Conversely, an entry in a general account can be linked to one, several, or no corresponding analytic accounts. Some of the advantages of Odoo analytics account are;
- Can manage many different analytic operations,
- Can avoid a huge number of general accounts,
Odoo Analytic account also can be used for purposes like
- Cost center concept
- Timesheet invoicing
- Project management
- Budget management
How do we enable and use the Analytic account in Odoo? First, we have to enable analytic accounting from settings
We can create analytic accounts from,
- Accounting> Configuration> Analytic Accounting>Analytic Account
You can select a customer for an analytic account. Then, this will be added to that particular analytic account. It will make the selection of analytic account easier.
- Now you can select this analytic account in while creating Invoices.
- Let’s check the changes this makes.
- Here we can see that each debit entry have analytic entries selected. This will create an analytic account entry in Odoo. You can see the analytic entries from Accounting> Advisor> Analytic Entries.
These are the analytic entries created. Unlike general accounting journal entry, the analytic entry doesn’t have debit/credit. It is handled with negative and positive value for ‘amount‘.
By clicking this Cost/Revenue smart button we can see the analytic entries of that account. This is blog is just a basic guide to understand the configuration and use of Odoo analytic accounting. Hope this was useful.