A journal is like a folder in which you record all transactions
of the same type: all the statements of a bank account, all
customer invoices, all supplier bills. It's used to organize
similar transactions together.
Payment Terms
Payment terms describe how and when a customer invoice (or
supplier bill) should be paid over the time. Example: 30% direct
payment, balance due in two months.
Bank Reconciliation
Bank reconciliation is the process of matching transactions from your bank
records with existing journal items or creating new journal items on the
fly. It is a process of verification to ensure that your bank and your
records in Odoo say the same thing.
Reconciliation
Journal items reconciliation is the process of linking several
journal items together like an invoice and a payment. This allows you
to mark invoices as paid. It is also useful when comparing values of
'goods received not invoiced' and 'goods shipped not billed' accounts.
Deposit Ticket
Deposit tickets group several payment orders (usually checks)
that are deposited together at the bank at the same time. This
allows an easy reconciliation with the bank statement line if
the line has one line per deposit.
Journal Entry
A journal entry is an accounting transaction,
usually related to a financial document: invoice, payment,
receipt, etc. A journal entry always consists of at least two
lines, described here as journal items, which credit or debit
specific accounts. The sum of the credits of all journal items
of a journal entry must be equal to the sum of their debits
for the entry to be valid.
Journal Item
A line of a journal entry, with a monetary debit or credit
associated with a specific account.
Analytic Accounts
Sometimes called Cost Accounts, are
accounts that are not part of the chart of accounts and that
allow you to track costs and revenues. Analytic accounts are usually
grouped by projects, departments, etc. for analysis of a company's
expenditures. Every journal item is posted in a regular account
in the chart of account and can be posted to an analytic account
for the purpose of reporting or analysis.
Analytic Entries
Costs or revenues posted to analytic accounts,
usually related to journal entries.
Sales Receipt
A receipt or other slip of paper issued by a store
or other vendor describing the details of a purchase (amount,
date, department, etc.). Sales receipt are usually used
instead of invoices if the sale is paid in cash in a store.
Fixed Assets
Property owned by the company, usually with a useful life greater
than one reporting period. Odoo Asset management is used to manage
the depreciation / amortization of the asset over the time. Typical
examples would be capital equipment, vehicles, and real estate.
Deferred Revenues
Are used to recognize revenues for sales of
services that are provided over a long period of time. If you
sell a 3 year maintenance contract, you can use the deferred
revenue mechanism to recognize 1/36 of the revenue every month
until the contract expires, rather than taking it all initially
or at the end.
Fiscal Position
Define the taxes that should be applied for a
specific customer/vendor or invoice. Example: If some customers
benefit from specific taxes (government, construction companies,
EU companies that are VAT subjected,…), you can assign a fiscal
position to them and the right tax will be selected according to
the products they buy.