All your accounting entries need to appear in an accounting journal. So you should create a Sales Journal for customer invoices, a Sales Refund journal for customer credit notes, a Purchase Journal for supplier invoices, a Purchase Refund journal for supplier credit notes and a Bank Journal for bank transactions.
Each entry posted in ODOO13 Enterprice is recorded in such a journal. To view, edit or create new journals use the menu Accounting → Conﬁguration → Invoicing → Journals → CreateIn Odoo,when you select a journal Type, some conﬁguration parameters will be there. The journal type will tell the system where the journal concerned can be used.
By giving Journal type on Journal means you are specify that the current journal comes under which accounting document.the Field are Mentioned Below
To view, edit or create new journals use the menu Accounting → Configuration → Accounting → Chart Of Accounts → Create
The main account ﬁelds are:
- Code: the code length is not limited to a speciﬁc number of digits. Use code 0 to indicate the root
- Name: the account name.
- Account Type: it is important to select the corresponding account type, as explained above. This will have an impact at year closing and also when reports In Trail Balance ,Profit and Loss Account and Balance Sheet Etc….
Odoo Providing Account Type Mentioned Below
- Bank and Cash
- Current Assets
- Non-Current Assets
- Fixed Asset
- Credit Card
- Current Liabilities
- Non-Current Liabilities
- Current Year Earnings
- Other Income
- Cost Of Revenue
- Off-Balance Sheet
- Default Taxes: this is the default tax applied to purchases or sales using this account. It enables the system to propose tax entries automatically when entering data in a journal manually.
- Allow Reconciliation: determines if you can reconcile the entries in this account. Activate this ﬁeld for receivable and payable accounts and any other account that need to be reconciled other than by bank statements.
A journal entry, into accounting, is the logging of a transaction in accounting journal items. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be “unbalanced”.
It sometimes is referred to as the book of original entry. After entries are posted to the journal, your accounting system transfers the information to the Chart of Accounts, which then is used to produce your income statements and balance sheets. The ledger is referred to as the book of final entry.
To get an overview of existing journal entries or to create new journal entries, go to Accounting → Accounting → Miscellaneous→ Journal Entries → Create. Journal entries can be generated in two ways: automatically from invoices or manually by entering account lines in a journal.
From the State column, you can check whether the journal entry has already been validated (Posted) or not ( Unposted ).
Double Entry System
Journal is a Date Wise Record of all the Transactions with Details of the Accounts Debit and Credit and The Amount of each Transactions