Introduction

Odoo has a powerful accounting application with a modular approach that attracts various kinds of user base. Users can actually use invoicing-only or full-feature accounting application depending on their needs. There are some advanced features such as managing multiple currencies, multiple companies, profit center, and depreciation or revenue recognition when you would like to scale your business with multiple branches or start selling in the international market.

Computing depreciation is quite a complicated job. When you have many different types of assets, you may want to track the types of assets and their current value, compute the depreciation, and scrap the assets at the end of their life.

Let's see how you can implement the accounting features that you need to scale your business, and manage advanced accounting features such as cost centers, assets, and depreciation for multiple categories of assets, and recognition of periodic revenue in the case of advance sales.