How to improve your data analysis in Odoo with analytic accounts.
Wouldn't it be fantastic if you could make your financial decisions based on facts instead of gut feeling?
If you can easily analyze your data? If you want simple insight into costs and revenues in a single overview, then it is time to start using analytic accounts in Odoo.
Analytic accounts are a standard Odoo feature and can easily be added to your Odoo Accounting.
What are analytic accounts?
But what exactly are analytic accounts and what can I do with them? Analytic accounts were developed to group financial entries. By grouping both cost entries and revenue entries in an analytic account, you can easily create a financial report for these analytic accounts. Analytic accounts can be, for example:
- Projects
- Departments
- Sales costs
- Marketing costs
- Sickness costs
- etc.
Of course, you can obtain overviews from your general ledger accounts, but these are less suitable for detailed reporting. Analytic accounts are independent of the accounting, but they do contain the financial data you need to manage your business.
The first step
The first step in using analytic accounts is to determine exactly what you want more insight into. I mentioned a few examples above, but there are of course many more ways to improve your financial reports with analytic accounts. Next, you create general analytic accounts and you can create customer-specific analytic accounts (for example, for projects).
Once you have created the analytic account, you activate in the Odoo package settings where you want to use this analytic account. By default, time tracking is already posted to analytic accounts. But you can also activate analytic accounts for purchases and sales.
By specifying for each financial transaction which analytic account it belongs to (credited or charged), you get an overview of all costs and revenues on your analytic account, and thus a gross return.
Analytic accounts also work excellently when invoicing processed hours on, for example, a contract or project. Hours are posted to the analytic account at cost price. Next, the processed hours are invoiced to the customer and this revenue is allocated to the analytic account, thus again providing a profitability overview.
Need help?
So you can see that analytic accounts are a useful tool for gaining more insight into your finances. Would you like to know more or do you need help setting up Odoo analytic accounts? Contact Odoo Experts. We are here to help you with Odoo!
