Finance & Accounting
The Finance & Accounting module of OpenERP provides vital insights that your enterprise needs to improve its financial performance. It empowers your organization to manage everyday accounting operations while simultaneously providing you with information to perform dynamic financial analysis. You can configure your financial accounts, taxes, perform periodical processing, generate chart of accounts, manage your invoices and generate complex reports for analysis.
Configuration
Set up your financial and analytical accounts using this menu. You can define financial years, periods, list of accounts and their types, various taxes and details pertaining to their applicability, payment terms, currencies and much more.
Receivables
Receivables are accounting documents related to (primarily) payments by customers towards invoices generated or refunds. Customer Invoices are generated automatically when Sales Orders are raised. However, OpenERP also provides you the facility to draft Pro-forma Customer Invoices, create them, send them for approval and approve/reject them accordingly. You may also choose to refund you customer invoices.
Payables
Payables are similar to Receivables, except for the fact that they are to do with suppliers and not customers. Accounting documents such as supplier invoices, refunds, payable vouchers are categorized under Payables. Supplier invoices are generated automatically by OpenERP on creation of Purchase Orders. However, the user also has the option to create these invoices and approve/reject/pay/refund them as in the case of a Customer Invoice.
Bank & Cash
OpenERP facilitates management of bank and cash statements by providing tools to manage your bank statements and cash registers. It also provides a data entry option that allows users to manually encoding entries.
Budgeting
The Finance & Accounting module of OpenERP includes a comprehensive budgeting tool that allows you to manage budgets with regard to both your financial and analytic accounts. You can allocate budgets for each of your departments and dynamically track them to know their positions. At any point of time, the tool gives you a real time view of your planned & practical amounts.
Periodical Processing
Periodical processing tab of the Finance & Accounts module allows users to perform financial functions that are carried out at regular intervals, such as annual closing activities.
The tool provides users with an ‘Entries to Review’ option wherein a user can tag entries for review at a later stage. The tool lists such entries in a central repository from where the user can view & review them as required.
Reconciliation is an important concept in OpenERP. To pay an invoice, the invoice entry needs to be reconciled with a counter entry. The automatic reconciliation tool searches for corresponding payments by partners and marks the invoices as paid, thus ensuring correctness in the entire process. Any manual entries, however, will have to be reconciled by searching for their counterparts.
OpenERP provides you the facility to create your financial periods. For instance, you can divide your financial year into two periods, which need to be closed at the end of the period. It provides you the facility to perform such end of period activities and close accounts, after which any entry into that period cannot be made.
OpenERP also allows you to periodically invoice your partners based on your timesheet entries. Further, it also provides the facility to create and manage recurring entries, which would be created automatically during the defined period.
Legal Statements
Legal documents such as profit & loss reports, balance sheets, general ledgers and account balance statements can be generated, which can be sent to your financial consultant for perusal. OpenERP also allows you to generate numerous financial reports using the Reporting function.
Finance & Accounting
The Finance & Accounting module of OpenERP provides vital insights that your enterprise needs to improve its financial performance. It empowers your organization to manage everyday accounting operations while simultaneously providing you with information to perform dynamic financial analysis. You can configure your financial accounts, taxes, perform periodical processing, generate chart of accounts, manage your invoices and generate complex reports for analysis.
Configuration
Set up your financial and analytical accounts using this menu. You can define financial years, periods, list of accounts and their types, various taxes and details pertaining to their applicability, payment terms, currencies and much more.
Receivables
Receivables are accounting documents related to (primarily) payments by customers towards invoices generated or refunds. Customer Invoices are generated automatically when Sales Orders are raised. However, OpenERP also provides you the facility to draft Pro-forma Customer Invoices, create them, send them for approval and approve/reject them accordingly. You may also choose to refund you customer invoices.
Payables
Payables are similar to Receivables, except for the fact that they are to do with suppliers and not customers. Accounting documents such as supplier invoices, refunds, payable vouchers are categorized under Payables. Supplier invoices are generated automatically by OpenERP on creation of Purchase Orders. However, the user also has the option to create these invoices and approve/reject/pay/refund them as in the case of a Customer Invoice.
Bank & Cash
OpenERP facilitates management of bank and cash statements by providing tools to manage your bank statements and cash registers. It also provides a data entry option that allows users to manually encoding entries.
Budgeting
The Finance & Accounting module of OpenERP includes a comprehensive budgeting tool that allows you to manage budgets with regard to both your financial and analytic accounts. You can allocate budgets for each of your departments and dynamically track them to know their positions. At any point of time, the tool gives you a real time view of your planned & practical amounts.
Periodical Processing
Periodical processing tab of the Finance & Accounts module allows users to perform financial functions that are carried out at regular intervals, such as annual closing activities.
The tool provides users with an ‘Entries to Review’ option wherein a user can tag entries for review at a later stage. The tool lists such entries in a central repository from where the user can view & review them as required.
Reconciliation is an important concept in OpenERP. To pay an invoice, the invoice entry needs to be reconciled with a counter entry. The automatic reconciliation tool searches for corresponding payments by partners and marks the invoices as paid, thus ensuring correctness in the entire process. Any manual entries, however, will have to be reconciled by searching for their counterparts.
OpenERP provides you the facility to create your financial periods. For instance, you can divide your financial year into two periods, which need to be closed at the end of the period. It provides you the facility to perform such end of period activities and close accounts, after which any entry into that period cannot be made.
OpenERP also allows you to periodically invoice your partners based on your timesheet entries. Further, it also provides the facility to create and manage recurring entries, which would be created automatically during the defined period.
Legal Statements
Legal documents such as profit & loss reports, balance sheets, general ledgers and account balance statements can be generated, which can be sent to your financial consultant for perusal. OpenERP also allows you to generate numerous financial reports using the Reporting function.
