How to configure custom Accounting in OpenERP version7
To add or modify existing accounts, use the menu Accounting > Configuration > Accounts > Accounts. Click the Create button for a new account, or open the account you want to change.
Instead of creating an account from scratch, you can also duplicate an existing account in case of a predefined chart of accounts. If you duplicate an account like the one you need to create, you don't have to worry about parent account and account type.
Fields in Account
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Account Code and Name
First field account number. Use code 0 to indicate the root account.
Second field is account name.
Parent
Determines which account is the parent of this one, to create the tree structure of the chart of accounts.
Internal Type
Internal types have special effects in OpenERP, meaning that some internal types can only be used in certain conditions. By default, the following types are available:
- View
- Regular
- Receivable
- Payable
- Liquidity
- Consolidation
- Closed
View :- View can be used to create a hierarchical structure for your accounts (grouping),
Regular :- Regular any account that does not fit into one of the other types; most of the accounts will have this type,
Receivable :– Payable:- these types are used to indicate the centralisation accounts (for customers and suppliers) that will be set for each partner,
Liquidity :- Liquidity used to indicate financial accounts (bank and cash accounts),
Consolidation :- Consolidation to create a virtual (or consolidation) chart of accounts,
Closed :- Closed to indicate accounts that are no longer used.
Account Type
It is important to select the corresponding account type. Because it wil impact in you year closing and All the reports. Use the View type for accounts that make up the structure of the charts and have no account data inputs of their own.
Active
Indicates whether an account is still being used.
Default Taxes
We can select the default taxes to be applied when we use that account while purchase and sale
System will do propose tax entries automatically when entering data in a journal manually.
Allow Reconciliation
Determines if you can reconcile the entries in this account. Activate this field for receivable and payable accounts and any other account that need to be reconciled other than bank statements.
