Chart of accounts

OdooCloud Accounting is pre-configured with a standard chart of accounts suitable for use by UK companies.

The chart of accounts can be broken down by segments and can include the use of statistical currencies.

You can extend the chart with your own accounts / nominal codes at any point. The ledger uses a hierarchical structure of account codes with roll-up functionality.

Cost centres and expense codes

Separate hierarchies can be maintained for cost centres and expenses in order to facilitate different budgeting and reporting requirements.

The expense code structure is designed to allow ranges of codes to be attached to one of Income and Expenditure (I&E) or Balance Sheet (B/S) for reporting purposes.

The cost code and expense code structures can be added to and maintained in future.

Postings

Postings may be automated, manual, or managed externally and imported.

  • Posting of bank postings to sales ledger, purchase ledger and nominal ledger
  • Posting of nominal ledger journals not involving bank movements
    • eg. Movement in provisions + depreciation.
  • Posting sales and purchase invoices

Journals

A journal sets the parameters for a particular type of transaction.

GL journals are created through one of the following processes:

  • Interface of transactions from Accounts Payable (AP)
  • Interface of transactions from Accounts Receivable (AR)
  • Interface of activity from Fixed Assets (FA)
  • Interface of transactions from Payroll
  • Interface of transactions from Cash Management (CM)
  • Manually created/imported by users
  • Auto reversal of GL reversing journals

Key features:

  • Entry controls
  • Enable canceling
  • Central reconciliation
  • Reconcilable
  • Force period / date

Manual journal types:

  • Permanent, where the GL lines are posted to the designated open period
  • Reversing (accrual), where the GL lines for the journal are posted to the designated open period and reversed into the next period (to include or exclude the adjusting period as relevant)

End users can, inter alia:

  • Uniquely identify each journal
  • Identify the user entering a manual journal
  • Identify the approver of a journal
  • Identify the type of journal
  • Identify the source of a journal
  • Understand the reason for the journal existing