Odoo 15 Cert - Accounting + Invoicing (1)

What is the purpose of accounts in accounting?

• To manage my Odoo account.
• They are a type of report that can be generated at the end of the year.
• A count is a nobleman who is subordinate to a duke.
• They allow us to classify every financial operation

What do you call the action of linking two entries to show that they balance each other out?

• Balance
• Reconciliation
• Compensation
• Mapping

In accounting, nothing is lost, nothing is created, everything is transformed." How does the double-entry bookkeeping system work?

• Every transaction affects at least two accounts, moving a value from one account to the other(s).
• Every transaction affects at least two journals, moving a value from one journal to the other(s).
• Every transaction must be reconciled to be valid.

Whenever a payment for a customer's invoice is registered on my bank account, the following entry will occur:

• The Bank Account is debited and the Account Receivable is credited.

• Both the Bank Account and the Account Receivable are credited.

• Both the Bank Account and the Account Receivable are debited.

• The Bank Account is credited and the Account Receivable is debited

Answer explanation

Read Bank reconciliation process - use cases and watch Odoo slides to reproduce a bank reconciliation process.

The Bank Account journal in Odoo 14 has three additional accounts linked to it.

suspense account where the counterpart to transactions reported by your bank (via a statement) are held until they are linked to a payment already in Odoo.

outstanding payments account where outgoing payments are posted until they are linked to a bank statement.

outstanding receipts account where incoming payments are posted until they are linked with a deposit from bank statement

Odoo no longer posts entries directly to the bank account during payment recording, but rather moves them through the outstanding accounts and posts to the bank account when the bank verifies the same transaction has cleared the bank.  This movement happens automatically for you when you reconcile the bank account with a bank statement - you don’t need to do any additional work. After reconciling your bank statement, there will be no balances in any of these accounts.  They are all transitory accounts.

How can I easily find the journal entry that has been automatically generated by a validated customer invoice?

• By clicking on the "Journal Entry" smart button at the top of the invoice.

• By going to the "Other Info" tab, then clicking on the Journal link and searching for the invoice number.

• By going to the "Other Info" tab, then clicking on the "Journal Entry" field.

• By going to the list of invoices, selecting the invoices for which I want to see the journal items and by clicking on "Action" then "Journal Items".

• By going to the "Journal Items" tab

Answer explanation

- On Odoo 13: C. By going to the "Other Info" tab, then clicking on the "Journal Entry" field.

- On Odoo 14: By going to the "Journal Items" tab.

Why is it important to reconcile just before following up on unpaid invoices?

• This way you are as up-to-date as can be with my customers' payments. Otherwise, you would be sending follow-up messages to customers who have already paid.
• This way you know how your cash flow is doing and if it is more or less urgent that unpaid invoices get paid.
• It doesn't matter: reconciliation does not affect the follow-ups.
• This way you make sure that any email received from a customer regarding a payment they have just made has been read.

How can I set up my automatic follow-up messages?

• By setting up your different letters, emails, and activities in Configuration -> Follow-up Levels, then selecting this Follow-up group in the contact's form view, under the Accounting tab.

• By installing Odoo Follow-up with the Apps installer, then configuring the Follow-up Levels in the Settings.

• By first enabling the Follow-up Levels option in Configuration -> Settings -> Customer Payments then setting up your different letters, emails, and activities in Configuration -> Follow-up Levels.

• By clicking on the Follow-up button on an invoice, then selecting the right set of emails. You can configure the emails by clicking on the external button next to the Email Template field.

Answer explanation

To plan a follow-up process, go to Accounting ‣ Configuration ‣ Settings and activate the Follow-up Levels feature under the Customer Payments section. Then, click on the new Follow-up Levels button that has appeared on your settings page.

A follow-up plan with several actions is available by default in Odoo, but you can customize it any way you want. Depending on a specific number of overdue days, plan to send an email, a letter or to undertake a manual action. You can also edit the template used for the statement according to the stage of the process.

If you would like to get a reminder before the actual due date, set a negative number of due days.

FMI: Follow-up on invoices and get paid faster

What is reconciliation?

• It is a specific kind of journal entry, in the Reconciliation Journal, which balances out unbalanced entries.
• It is a specific kind of report required by governments to make sure that all taxes are paid on time.
• It is a process to link two different records, documenting that they balance each other out and are in agreement.
• It is a journal entry to balance out the Account Receivable when a debtor hasn't paid their invoice in time.

In Odoo, what is the difference between the Bank Journal and Bank Statements?

• The Bank Journal is a report generated by Odoo that you must reconcile with your Bank Statements to balance your accounts.

• The Bank Journal records financial transactions in Odoo, while the bank statements come from your bank. Reconciling the two helps you to make sure that your accounting is accurate.

• They are the same thing. D.

• The Bank Journal records financial transactions in Odoo, while the Bank Statement is a report that you can generate from your Bank Account in Odoo.

Answer explanation

Bank Journal: A journal is a record of all transactions of a company in order by date. All accounting transactions are recorded through journal entries that show account names, amounts, and whether those accounts are recorded on debit or credit side of accounts. So you should create a Sales Journal for customer invoices, a Sales Refund journal for customer credit notes, a Purchase Journal for supplier invoices, a Purchase Refund journal for supplier credit notes and a Bank Journal for bank transactions as well

Bank statement: A bank statement is a document (also known as an account statement) that is typically sent by the bank to the account holder every month, summarizing all the transactions of an account during the month.

What is a write-off?

• It is a specific kind of discount.

• It is the action of reconciling all unreconciled entries.

• It is the action of deleting an issued invoice (eg if you made a mistake)

• It is a journal entry that clears an amount off the books.

Answer explanation

A procedure used in accounting when an asset is determined to be uncollected and is therefore considered to be a loss. For example, a company made a sale on credit to a customer, but one week later the client’s business declared bankruptcy and became completely unable to pay off the credit account with the company. This uncollected debt would then written-off by the company and recorded as an expense by accountants.

FMI: Reconciliation Models