Odoo 15 Cert - Accounting + Invoicing (2)

When you validate an invoice, how is the due date computed?

• Invoice date + security days set on the company

• Current date + payment terms

• Invoice date + payment terms

Answer explanation

Due Date = Invoice Date + Payment Terms

If 'Payment Term' is empty, user can update due date manual

What can be used to reconcile with a Customer Credit Note?

• Invoice, Customer Payment

• Customer Refund Payment, Batch Payment

• Customer Payment, Batch Payment

• Invoice, Customer Refund Payment

Answer explanation

Journal Entry of Customer Credit Note: Credit to AR, Debit to (Product Sales + Taxes)

→ To reconcile with a Customer Credit Note, we need to choose transactions which Debit to AR

Invoice: Debit to AR, Credit to (Product Sales + Taxes)

Customer Payment: Debit to Outstanding Receipts, Credit to AR

Customer Refund Payment: Credit to Outstanding Receipts, Debit to AR

Batch Payment: no post journal entry

What is the goal of "Stock input/output account" fields on a product category form?

• To track where each product is

• To track import and export values of products

• To track changes of inventory valuation in the accounting

Answer explanation

(qty–) : Debit: Stock Interim Delivered, Credit: Stock Valuation

(qty++): Debit: Stock Valuation, Credit: Stock Interim Received

What does the system do when you reconcile a line on a bank statement using the bank reconciliation tool?

• It will create a new journal entry.

• Either create a new journal entry or reconcile with an existing entry.

• Change the Bank Suspense Account to another account.

• Either change the Bank Suspense Account or create a new journal entry.

Answer explanation

When you reconcile a line on a bank statement

On Odoo 13, Odoo will either create a new journal entry, or link an existing entry to the statement

On Odoo 14, Odoo will change Bank Suspense Account to another account.eg 1: Reconcile bank statement line with Odoo payment: Odoo will change BSA to Outstanding Receipts/Outstanding Paymentseg 2: Reconcile bank statement line with Invoice/Bill: Odoo will change BSA to AR/AP

What happens when you reconcile an invoice and a payment with different currency rate?

• You can't. They both need to have the same conversion rate.

• Odoo will create a new payment or invoice to balance for the gain/loss.

• Odoo will create a new journal entry to balance the gain/loss.

• Odoo will replace the bigger rate with the smaller one and reconcile them.

Answer explanation

In Odoo, we have settings to post exchange difference entries. Odoo will automatically create a new journal entry to balance the gain/loss

How does the journal entry of Batch Payment look like?

• Batch Payment doesn't have journal entry.

• It will merge all component payments and post the total amount.

• User can choose the amount and Odoo will post it.

Answer explanation

A Batch Deposit groups multiple payments in a single batch. This allows you to deposit several payments into your bank account with a single transaction. This is particularly useful to deposit cash and checks.

Which of the following reports users can edit the layout by themselves?

• All reports can be edited if they are smart or have money to pay us.

• Nothing is editable.

• General Ledger, Partner Ledger, Aged Receivable and Aged Payable

• Profit & Loss, Balance Sheet, Executive Summary

Answer explanation

Odoo allows users to customize financial reports with their own formulas

You can see reports in Accounting → Configuration → Financial Reports

https://www.odoo.com/documentation/14.0/applications/finance/accounting/reporting/overview/customize.html

What happens if you print a balance sheet in 2021 without having closed the fiscal year 2020?

• You get debits and credits that are sum of 2020 and 2021.

• The 2021 balance sheet is correct, as if you would have closed 2020.

• You have to close the year first in order to run reports

Answer explanation

https://www.odoo.com/documentation/14.0/applications/finance/accounting/taxation/fiscal_year/close_fiscal_year.html

9

Why does a line in follow-up report have a red cell?

• For fun, make it easier to read.

• The line is overdue.

• The line has the earliest due date.

• The line has the biggest amount due.

Answer explanation

If an invoice has 2 different line items, both have same tax, how many journal items will be created?

• 4 journal items

• 5 journal items

• 3 journal items

• 2 journal items

Answer explanation

Create an invoice with 2 lines & the same tax

Each product will credit to Product Sales => 2 lines to Credit to Product Sales

Tax (giống nhau) => create one line to Credit to Tax Receivable

One line to Debit Account Receivable