Accounting in Odoo 18
Odoo 18 Accounting provides a full accounting suite: invoicing, payments, bank reconciliation, multi-currency, analytic accounting, and tax management. This guide covers the essential setup steps to get your accounting system operational.
Step 1: Install and Configure
Install the Invoicing or Accounting module from Apps. During setup, select your Chart of Accounts package matching your country. This pre-configures accounts, taxes, fiscal positions, and reporting tags for your jurisdiction.
Step 2: Set Up Company Information
Navigate to Settings > General Settings > Companies. Ensure your company details are complete:
- Legal name, address, and tax ID (VAT number)
- Currency (company base currency)
- Fiscal year (last day of your fiscal year)
Step 3: Review Chart of Accounts
Go to Accounting > Configuration > Chart of Accounts:
- Review the pre-configured accounts from your localization
- Add custom accounts for your business needs
- Ensure account types are correct (receivable, payable, income, expense, etc.)
- Group accounts for hierarchical reporting
Step 4: Configure Taxes
Navigate to Accounting > Configuration > Taxes:
- Review default taxes from your localization
- Create additional tax rates as needed
- Configure tax groups for invoice display
- Set default customer and vendor taxes on products
Step 5: Set Up Bank Journals
Go to Accounting > Configuration > Journals:
- Create a Bank journal for each bank account
- Enter bank account details (IBAN, BIC)
- Configure the suspense account for unmatched transactions
- Set up bank statement import format (OFX, CAMT, CSV)
Step 6: Configure Payment Terms
Navigate to Accounting > Configuration > Payment Terms:
- Create terms like Net 30, Net 60, or installment plans
- Set default payment terms in accounting settings
- Assign customer-specific terms on partner records
Step 7: Set Up Fiscal Positions
Go to Accounting > Configuration > Fiscal Positions:
- Configure tax and account mappings for different customer types
- Enable auto-detection based on country and VAT status
- Test with different customer profiles
Step 8: Configure Invoicing
Under Accounting > Configuration > Settings:
- Set invoice numbering preferences
- Configure default payment methods
- Enable online payment for customer invoices if needed
- Set up invoice email templates
Step 9: Lock Dates
Configure lock dates to prevent modification of past periods:
- Fiscal Year Lock Date — Locks all entries before this date
- Tax Lock Date — Prevents tax-period modifications
- Sales Lock Date — Locks customer invoices
- Purchase Lock Date — Locks vendor bills
Key Differences from Odoo 19
- Odoo 19 adds lock date exceptions for temporary overrides with audit trails
- Odoo 19 introduces an account merge wizard for consolidating duplicate accounts
- Batch invoice sending wizard is a v19 addition
- PEPPOL advanced fields for e-invoicing are new in v19
- Core accounting functionality — CoA, taxes, journals, reconciliation — works the same