Setting up financial management in Odoo

Finance is the heart of an organization; it is connected to all the core activities of a business such as Sales, Purchase, Manufacturing, Projects, and so on. Odoo has a great modular approach, and that's the reason you can choose either to use only the Invoicing application; or the full Financial Accounting application. Invoicing is an integrated application with Sales and Purchase; and is used to create an invoice and track payments, while the Financial Accounting application supports full accounting features, from the configuration of the chart of accounts to printing legal reports such as Profit and Loss Accounts, and Balance sheets.

Let's activate the fully featured Financial Accounting application, configure company information, install a chart of accounts and configure it, and import the opening balance for an each account. To import the opening balance, we have to import the accounts closing from the balance sheet and the customer ledger of...