[BASIC FEATURES] Reporting
Summary
TLDRThis 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
📊 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.
📈 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.
📝 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.
🛠️ 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.
Mindmap
Keywords
💡Legal Reports
💡Management Reports
💡Balance Sheet
💡Profit and Loss Statement
💡Comparison Filters
💡General Ledger
💡Trial Balance
💡Fiscal Period
💡Journal View
💡Account Hierarchy
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
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