[BASIC FEATURES] Reporting

Summary

This video covers the financial reporting features in Odoo, explaining the differences between legal and management reports. Legal reports include the balance sheet, profit and loss statement, and tax reports, while management reports like the general ledger and trial balance help manage daily business operations. The video demonstrates how to filter, export, and share reports, compare fiscal periods, and customize financial reports based on country regulations. Additionally, it offers best practices for report configuration, correcting mistakes, and leveraging Odoo's journal views for efficient accounting management.

Takeaways

• 📊 Legal reports are essential for compliance with local accounting laws, including the balance sheet, profit and loss statement, tax reports, VAT listing, and other country-specific reports.
• 📈 Management reports help businesses track financial health and operations daily, including the general ledger, trial balance, partner ledger, and depreciation board.
• 🔍 Filters are vital in financial reporting to help clients find specific information quickly, including date ranges, journals, and account groups.
• 📄 All financial reports can be exported in Excel and PDF formats and shared with external stakeholders easily through the documents application.
• 📝 Users can annotate financial reports with notes that will appear when printing or exporting, making it easier to highlight important points or discrepancies.
• 🗂️ Financial reports are structured based on the country's localization, and users can compare current reports with previous periods or the same period in past years for deeper analysis.
• ⚙️ Errors in reports, such as incorrect account categories, can be fixed by accessing and editing the report configurations in debug mode, though technical expertise is needed.
• 🌍 Users can create their own tax reports if the system does not provide a country-specific one, but they must manually input the results into legal tax websites.
• ✏️ Mass editing of journal entries is possible without resetting them to draft, speeding up corrections for multiple entries, but changes remain tracked for audit purposes.
• 📜 The journal view is useful for reviewing and correcting financial entries, providing a comprehensive way to group, filter, and adjust large amounts of data efficiently.

Q & A

What are the two main types of financial reports available in the system?

The two main types of financial reports in the system are legal reports and management reports. Legal reports are submitted to legal authorities to ensure accounting compliance, while management reports are used to monitor the financial health of the business on a daily basis.

Can you give examples of legal reports mentioned in the video?

Examples of legal reports include the balance sheet, profit and loss statement, tax report, VAT listing, and interest report. The specific reports available depend on the country's localization.

What are some of the management reports available in the system?

Management reports include the general ledger, trial balance, partner ledger, aged balances, and depreciation board. These reports help with daily business management and can be required during audits.

Why are filters considered 'best friends' in financial reporting?

Filters allow users to easily navigate and structure financial reports, helping clients find the information they need more efficiently. They can be used to customize reports based on dates, accounts, and other factors.

How can you export reports in the system, and why is it useful?

Reports can be exported in Excel and PDF formats, which is useful for sharing with external stakeholders who do not have access to the system. Additionally, reports can be saved in these formats within the documents application.

What is the purpose of the 'comparison filter' in financial reports?

The comparison filter allows users to compare financial data over different periods, such as the previous months or years. This is helpful in tracking the evolution of accounts over time and analyzing financial performance.

How can the system include unposted entries in financial reports?

Unposted entries can be included in financial reports by selecting the option to include them when generating a report. This is useful for forecasting purposes and getting a complete view of financial data.

What steps should be taken if an account is wrongly categorized in a legal report?

To fix an account's categorization, users must access the configuration of financial reports, locate the report line in question, and update the domain filter based on the account codes. It’s important to ensure accuracy and keep a backup by duplicating the report before making changes.

Is it possible to create a tax report for a country if one is not available in the system?

Yes, it is possible to create a custom tax report for a country if one is not available. However, it involves configuring tax report lines and grids, and the report would not automatically generate XML files for legal authorities.

How can you correct multiple journal entries quickly in the system?

To correct multiple journal entries quickly, users can use the journal view to mass edit entries without needing to reset them to draft. By grouping journal items by account, users can make bulk updates directly, saving time.

Outlines

00:00

📊 Introduction to Financial Reporting in Odoo

The video starts by introducing the two types of financial reports available in Odoo: legal and management reports. Legal reports are required for compliance with law and include documents like the balance sheet, profit and loss statement, and tax report, with additional reports depending on country localization. Management reports, used for daily business management, include the general ledger, trial balance, partner ledger, age balances, and depreciation board. These management reports are also useful for audits. The importance of using filters in financial reports to help clients quickly find relevant information is emphasized. Reports can be structured using account groups, exported in PDF and Excel formats, and shared with stakeholders. The focus is on making financial reporting accessible and ensuring data can be easily analyzed and presented.

05:00

📈 Using Filters and Report Customization

This section covers the use of filters in financial reports, such as date filters and comparison filters, to generate specific views like comparing the last month or the same period across previous years. Reports can include specific journal entries to provide a detailed analysis of financial data. The importance of using account groups and hierarchy for structured reporting is highlighted, which helps visualize data in both aggregated and detailed views. It explains how to navigate between different reports like the general ledger and journal items for more in-depth analysis, and how annotations can be added to reports for note-taking purposes. Reports can be shared externally in various formats, providing flexibility for non-database users.

10:02

📝 Customizing Financial Reports and Managing Issues

The video explains how to address specific technical issues with financial reports, such as incorrect account classifications. It demonstrates how users can adjust report configurations in debug mode, especially when dealing with country-specific requirements. The importance of keeping a standard version of financial reports while creating updated versions for client-specific needs is advised. It is also possible to create custom tax reports for localizations not covered by Odoo’s default settings. This customization requires manually configuring tax report lines but lacks XML export capabilities, meaning users need to manually input values on tax authority websites.

15:02

🛠️ Correcting Mistakes in Accounting Entries

This section addresses correcting mistakes in journal entries, specifically when an incorrect income account has been assigned. It explains two methods: resetting the entry to draft and editing manually or using the journal view for mass edits to save time. The latter method allows multiple entries to be edited simultaneously without resetting them, maintaining an audit trail of changes in the chatter. The video also explains that similar views are available for management reports, such as the general ledger or partner ledger, providing an overview of all journal items grouped by account or partner.

📚 Conclusion and Wrap-Up

The video concludes by summarizing the different reports available in Odoo and highlighting their usage for both legal and management purposes. It also encourages users to explore the management report views for better oversight of financial data, either grouped by account or by partner. The video ends with a thank you message and an invitation to continue learning in the next installment.

Keywords

💡Legal Reports

Legal reports refer to the mandatory financial reports that a business must submit to legal authorities to ensure compliance with accounting laws and regulations. These reports include documents like the balance sheet, profit and loss statement, tax report, and VAT listings. In the context of the video, the speaker explains that these reports vary by country and are essential for legal compliance.

💡Management Reports

Management reports are used internally by businesses to track financial health and make informed decisions on a daily basis. Examples include the general ledger, trial balance, partner ledger, and aged balances. Unlike legal reports, management reports are not submitted to external authorities but are used for business operations and decision-making.

💡Balance Sheet

The balance sheet is a key financial statement that shows a company's assets, liabilities, and equity at a specific point in time. In the video, the speaker demonstrates how to generate a balance sheet report within Odoo, using filters like date and comparison periods to customize the report for better financial insights.

💡Profit and Loss Statement

A profit and loss statement (also called income statement) summarizes the revenues, costs, and expenses incurred during a specific period. It is one of the legal reports mentioned in the video that must be submitted for legal compliance and provides insight into a company's profitability over time.

💡Comparison Filters

Comparison filters in financial reporting allow users to compare financial data across different periods. For example, users can compare a balance sheet for the current year with previous months or years. The speaker explains how these filters in Odoo help to understand trends and the financial evolution of the business.

💡General Ledger

The general ledger is a comprehensive record of a company's financial transactions, categorized by accounts. In the video, the speaker discusses how this report helps businesses track all financial entries and manage finances on a detailed level. It's an essential tool for audits and internal management.

💡Trial Balance

A trial balance is a report that lists all the general ledger account balances to ensure that the total debits equal the total credits. In the video, the trial balance is highlighted as one of the management reports used to verify the accuracy of financial records before finalizing other reports like the balance sheet.

💡Fiscal Period

The fiscal period refers to the financial year or time frame in which a business records its financial transactions. In the video, the speaker emphasizes the importance of setting the correct fiscal period in Odoo, as incorrect settings can lead to inaccurate financial reports.

💡Journal View

The journal view is a feature in Odoo that allows users to review and edit financial entries. It’s a powerful tool for accountants, as mentioned in the video, to make corrections quickly and ensure that all financial data is accurate. Users can also mass-edit entries in the journal view, which is more efficient than manually adjusting each entry.

💡Account Hierarchy

Account hierarchy refers to the structured organization of financial accounts within a system. In the video, the speaker explains how using account groups in Odoo allows users to structure reports and view financial data at different levels of detail. This hierarchy helps businesses manage their accounts more effectively and is especially useful when reviewing financial statements.

Highlights

Introduction to two types of reports in Odoo: legal and management reports.

Legal reports include the balance sheet, profit and loss statement, tax report, VAT listing, and interest report depending on localization.

Management reports help monitor business health, including general ledger, trial balance, partner ledger, and age balances.

Reports like the general ledger and partner ledger are useful for audits and daily financial health management.

Financial report filters allow for customization by date, previous periods, and journals, enhancing the user’s ability to compare financial data over time.

All reports can be exported to Excel or PDF, making it easier to share with external stakeholders.

The system supports hierarchical views of accounts, which helps users to either see aggregated values or detailed information in financial reports.

Users can annotate reports and those notes will appear when exporting reports, adding an extra layer of information for review.

Comparison filters allow users to compare financial data across multiple periods (months or years), a key feature for tracking financial performance.

Users can customize the report domains, for example by altering the configuration of the balance sheet report in debug mode.

The system allows creation of custom tax reports if the default localization doesn’t provide one for a specific country.

Users can mass edit entries directly from the journal view, saving significant time compared to editing each entry manually.

The journal view maintains an audit trail, ensuring all modifications are tracked even during mass updates.

Report configurations can be modified to fit specific client needs by duplicating and customizing reports while keeping the original versions.

Additional views, such as the partner ledger and general ledger, help organize and review financial data by partner or account for a more granular analysis.

Transcripts

hello deodorants and welcome to this new

video about financial reporting

in udu you have two kinds of reports in

the system

on one hand you're gonna have the legal

reports so these

are the ones that need to be submitted

to the legal authorities in order to be

compliant

into your accounting and compliance with

the law

so among those you're going to have the

balance sheet the profit and loss

statement

the tax report um and for example for eu

regulations the vat listing and the

interest at report

well based on your country's

localization you can you may have

more than those uh those reports of

course

and uh i invite you to go on the online

documentation about the localization

localization sorry to check out which

report

is available for uh each country

on the other hand you're going to have

the management report so these are used

on a daily basis

to help you out managing your the

business and see the financial health of

the company on a daily basis

um you know manage the cash flows and so

on

so um among those you're going to have

the general ledger

the trial balance uh the partner ledger

the age balances and uh the depreciation

ball

the appreciation board sorry uh you

might have also have others but these

are the main ones

um please note that also these reports

can be

required for audits so if you have an

audit in your company

they will require to see also these

reports

if at some at the end of the period uh

when the

accountant needs to review all the

entries and to make some corrections

the journal views are going to come

really handy

and we're going to see together why

these are super useful

let's check out the best practice for us

so in any reports in accounting but also

in

the whole database filters are your best

friends

so for financial reports that's also

really true

and you need to manage these in order to

guide your clients

to find the information that they need

you can structure the trial balance

report but

also any uh report by using the account

groups

so using the hierarchy of the the

accounts

and we're going to see the impact of it

just in a minute

every report can be exported into excel

and pdf formats

so basically you're going to be able to

extract

any report into pdfs in excel but you

can also save those

in the same formats in the documents

application and why is it useful because

you can share

those reports with external stakeholders

so people that are not

uh users in the database so that that's

actually quite useful if you need to

send them

uh easily in outside of the system

from the legal reports you can always go

to the detail operation of a report

category

so here the goal in the financial

reports is to provide the aggregated

value

and help the user find the detailed

information as quickly as possible and

as easily

as possible so let's check that out in

the database

um so all the reports in urdu are

available in

uh for the accounting in the reporting

section of course

these are structured as um by

localization installed i'm gonna have

the country-specific reports but i'm

gonna have also the generic statements

uh based on the u.s gaap uh the partner

reports the audit reports and

the management reports as well um so

let's check

out maybe the balance sheet in that case

first so

here the first important filter that i

have

and that is available on the financial

report are the

date filters so i'm going to be able to

choose

if i want end of last month as of today

uh end of last quarter and the last

financial year

how can the system know which day is the

uh the well which day ends the

last the financial year you need to

check out the settings of

the accounting application and go down

to the fiscal period

section where you're going to have the

last day of the fiscal year so we've

already seen that together in the basic

set of videos

uh so it's really important that this is

right before

you go live in your accounting uh if you

have

a messed up this section that in that

case your financial reports are going to

be wrong you can't correct it

but um it's about to have it correct uh

before going live

so here if i choose end of last month

for example i'm going to have

the balance sheet as of the 30th the

30th of june

and i can decide to use the comparison

filter as well

and i can decide to have two previous

periods involved

which means that in my balance sheet

i'll be able to see the buy

sheet as of the 30 the 30th of june

but also end of may and end of april but

i can also decide to have the same

period last year and in that case

i'm gonna have um june for 2021

2020 and 2019. so these are also super

useful

uh for you know overall financial

reporting this

also important to be able to compare the

uh current

fiscal period with the previous ones and

see the evolution of your accounts

through it you can also decide to have

all the journals involved in your report

but you can also only choose

one or multiple of them so that's also

quite useful if you want to see the

impact of one type of entry

um in your in your reports is actually

quite useful as well

and lastly you have different options

available so you can decide to include

also unposted entry for some forecasting

um

hierarchy and subtotals this is what i

was talking uh about

uh just earlier about the account group

so if i take this out you see that i'm

for each report like i'm gonna have i'm

gonna see

only the uh accounts but if i select it

i'm gonna have the whole hierarchy

behind it so

the whole account groups uh

by unfolding all i see all the details

but i can also decide to see the

aggregated

view instead if i want to see

uh let me take out the hierarchy if i

want to see the details

of the receivable account here i can

decide to

get into uh to see the different

information so i could see the general

ledger so in that case i'm going to

reach the general ledger report and see

the details

journal items from this account for that

period so for june 2021

i can also decide to see directly the

journal items related to this and in

that case i'm going to get

to a journal view where i have all the

detailed information

for for that period

and lastly if you have some notes to put

down you can decide to annotate

here and insert your notes so uh please

check those items later

i'm going to save as a result i'm going

to have the little

one indicated saying i have a note here

and

this is only visible when you are go

it's going to be useful sorry when

you print all you put in excel because

when you extract

the pdf you're going to see the little

one here and at the bottom of the page

you're going to have all the notes that

you put

in your financial report

no this is not what i wanted to do

here let's jump back here okay so um

yeah that's about it you can find all

the reports in here

um and you can also of course share

those with

um all um any user in the system if they

have access to reporting

as well uh

okay best practice let's check out maybe

the frequently asked question

in that case so uh first how can i have

a comparison of the past three years

in my legal reports so this is what

we've just seen together

you can use the comparison filter as

well

how can i have a comparison for the past

three months in that case

same you just need to use the previous

period comparison

and in the first case the same period

last year

next question the balance sheet in auto

has a mistake in it the account

uh whatever account is in the wrong

category how can it be fixed so this is

quite

technical uh but you can access uh the

the domains of the financial report so

remember

that when i talk to you about the basic

setup uh inodeo

uh for for all the uh financial reports

you need to remember that when you

update the chart of accounts

you need to make sure that um to know on

which criteria

the financial reports are based on so if

i take the balance sheet for belgium for

example

remember that here uh let's take one of

the report lines

the domain is going to be uh all

accounts have the code that starts by 21

are going to be reflected in this report

line

if at some point this is wrong and you

need to correct uh

something then you can you need to be in

debug mode and you need to go

in the configuration view way down in

the financial report

so from this view you're going to access

all the configurations

related to a financial all the financial

reports

so if i take the belgium balance sheet i

can access

to all the report lines in here so

let me take the my the same the same

line so i'm going to have all the

accounts that start by 21

and i can decide to update this domain

please know that this is something quite

technical

and or be really sure of what you are

doing when you update those because

um well sometimes maybe the client

thinks that is wrong but compared to

legal regulations

it can be right and so on so it needs to

be checked out before you update that

and my advice in that case would be

always keep

an existing version the standard version

of it

but duplicate the report and make the

updates in a new report that way you

always keep the standard

the standard version but you have an

updated version for your clients

requirements

there is no legal tax report in order

for my country's localization

is it possible to create one yes it is

so it's

again it's quite technical but you have

access

to the tax report here configurations so

here of course i have two countries

localization one for belgium

for friends so i'm going to have both

reports but can but i can decide to

create one

for any country and uh create my own tax

report so in that case

uh it's quite difficult to handle but

you can decide to create a tax report

from scratch and have

create your tax report lines with the

tax grades and be able to have

a proper tax report the only thing is

that you won't be able to extract

an xml file you'll have to uh

transfer manually all the amounts on to

the tax legal authority website

i've started using the accounting app to

create invoices but i realized i have

encoded the wrong income account on

all of them how can i correct the

easiest way

possible and this is where the journal

view is coming

really handy so in the accounting menu

you're gonna have

those four different views so let me

take the purchase

journal for example so this is the

journal items view so all the journal

items

the only thing is that they are filtered

and grouped by in a specific way

so here i have only uh journal items

are posted from the purchases journals

and

that are grouped by journal entry but i

can decide to take that all of that away

and put another information if i want to

there's no

no limit to that the great advantage of

having

this view as well for reviewing purposes

is that if you have an attachment

in the chatter of the journal entry

you're going to be able to stay directly

on the right hand side of the screen

so and you can also decide to zoom in a

little bit if you need more information

so for

reviewing purposes it's really a

powerful tool

because an accountant needs to review

all the entries at the end of the period

and make sure that when they are closing

the period everything is correct for tax

purposes

and for financial purposes as well so

here they could directly see the pdf and

see okay this is correct

no mistakes here um it can remain

validated

at some point they might need to correct

something uh and

sometimes it can be a math edit so they

can they've made a mistake in multiple

invoices or bills or entries and they

need to correct that fast

the first possibility to correct an

entry would go in the entry itself

and resetting to draft

changing the account for example so if i

edit i can decide to change my account

expenses save confirming again

and you see that i have outstanding

debits for this vendor because

earlier this vendor bill was reconciled

with a payment and by resetting it to

draft

i've lost the reconciliation so i would

have to go down

to the outstanding debits and adding it

so that it can be paid again

so as you can see it's like four or five

clicks it's quite time consuming

but if you want to go faster and not

only using the reconciliation

you can go through these journal views

and

mass edit those so i'm gonna take out

the journal entry group but i

am going to group by account instead and

let's say i've put

the wrong account for these three uh

in with these three bills sorry so i can

decide to select all of them at once

click on action uh nope not click on

action sorry my bad

and click directly in the lines and i'm

gonna check

and change the um the account when i do

so

i have a pop-up message saying are you

sure you want to perform the following

update on those three records

and i'm gonna say yeah by doing so it

has updated automatically the three

builds

even though all those were posted so i

didn't have

to reset to draft the entries in order

to make

my correction you can also change other

information like the label for example

and also the tax grids

but tax rates are quite touchy so make

sure that you don't

modify them by mistake

you don't need to worry about the audit

trail because

if i check out the bill afterwards you

see that in the chatter

i see that i have updated my uh i see

the change

because i've changed from the 6000

account

to to the 670

so all the changes are still followed

and tracked

even though you go through the journal

view so it's actually quite useful

there's also the same kind of view for

management reports like the general

ledger or the partner ledger

it's just that the items are displayed

in a different way so here you're going

to have all the entries grouped by

account

but you can also have the same thing for

the partner ledger and see all the

entries

the items by partner

that's all for me in this video thank

you for watching and see you in the next