The accounting in OpenERP allows you to manage your daily accounting operations and provides you with an efficient tool to perform real time financial analysis . You can configure your accounting structure from A to Z and automate recurring actions, like payments and budget follow-ups. The analytic accounting modules (OpenERP can support one or multiple analytic charts) will enable you to drive your strategic enterprise decisions.
Receivables include every accounting documents related to your customers: customers invoices and refunds as well as receivable vouchers (like a till receipt for example). Most of customer invoices are generated automatically from sales orders by OpenERP, but you can also create some manually. OpenERP allows you to review, confirm, cancel, pay or refund your customers' invoices.
Payable a in similar way include every accounting documents related to your suppliers: vendors invoices and refunds, and payable vouchers. Supplier invoices are usually generated automatically by the OpenERP (as a result of a procurement order or a production order, for instance) but you can also create some manually. OpenERP allows you to review, control, confirm, cancel, pay, refund your suppliers' invoices.
Bank and Cash
You can manage all your bank and cash operations here. OpenERP provides a bank statements management (you encode the statements sent by your different banks), and also a cash and check register for all your cash and check transactions. These tools will simplify your data entry by creating automatically the counterpart for any validated entry you will encode.
All charts are grouped under this menu. You'll find the chart of accounts, chart of analytic accounts and chart of taxes. Each chart is presented in a hierarchical structure for an easy reading and you can have access to all accounting entries in each account by double-clicking on it.
You'll find all accounting entries grouped in this menu, from any type (receivables, payable, cash, etc) and you'll use it for entering manually the miscellaneous transactions.
OpenERP provides a budgets management tool for both financial and analytic budgets. You can manage the same budgets from three different points of views, according to the user role: the Accountant will work on master and consolidated budget, the Project Manager will work on analytic budgets for his projects and the Department manager would prefer to get a consolidated view on budget positions.
Entries to Review. The user will be able to tag any entry as “To be reviewed”. This functionality is used when the user is not sure about his entry and would like it to be checked by a certified public accountant, for example. This one will find in this menu all tagged entries to check.
Reconciliation. For an invoice to be considered as paid, the invoice entries must be reconciled with counterparts, usually payments. OpenERP provides you an automatic or manual reconciliation tool. With the automatic reconciliation functionality, the system will make a search to find invoices entries that correspond to amounts payed by your partners. With the manual functionality, you'll have to make this search yourself by comparing entries in a series of accounts.
End of Period. Each accounting entry in OpenERP is defined by an effective date and this date defines in which period the entry will be posted. You can divide your fiscal year in a series of periods that you have to close at the end of each one. You can work on different periods in parallel as long as they are still opened (for example, at the beginning of a new period, you still receive some supplier invoices to impute in the previous period). Once a period has been closed, you will no longer be able to post any entry in it. The same process is applied for closing a fiscal year.
Billing. If you work with the timesheet module, you'll find here all timesheet lines that need to be invoiced to the partner.
Recurring Entries. OpenERP provides a tool to create and manage recurring entries, means entries that will be created automatically by the system during a defined period. For that, you have to create a model of any document (like an invoice, for example) with entry model lines. Then, for the system to generate the recurrent entries, you define a number of time and a time interval (for example, to generate the same entries each month during one year, you will define a model for 12 times and 1 month as time interval).
Legal Reports. You will find under this menu all legal statements that you need to send to your financial administration. The General Ledger, Account Balance, Profit and Loss report and Balance Sheet are grouped here. You'll also find your General and Central Journal Reports. Following your local specifications, you'll find additional legal statements, like the VAT declaration or Intracom Listing for the Belgian legislation, for example.
Generic Reporting. This menu will give you all necessary reports concerning your partner accounts, like the Partner Balance (which is an analysis by partner, representing the cumulative credit balance), the Aged Partner Balance (which is a more detailed report of your receivables by a defined time interval) and finally the Partner Ledger (this report gives you detailed accounting entries by partner). You will also find in the Generic Reporting menu all reports concerning the analytical aspects: access to your Chart of Analytic Accounts for an analysis by analytic account, you can print your Analytic Journals for a selected period, check your Account Cost and Revenue by Journal, see the Analytic Lines to Invoice, etc. Finally, the Generic Reporting provides you some Custom Reporting (with customized indicators) and some useful Statistics reports (like analyses on Invoices, Accounting and Analytic Entries).
Follow-ups. With this menu, you can follow and check for the reminders to send and sent to your debtors or creditors.