Accounting and Invoicing - Odoo

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Asset creation and management

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Learn everything you need to grow your business with Odoo, the best open-source management software to run a company, at http In this video, learn how to create assets, depreciate assets, and use the depreciation schedule to get an overview of asset depreciation over a period time. Need more information about Odoo apps? https://www.odoo.com/r/cfi Discover Odoo, schedule a demo, or start your own Odoo revolution for free (no credit card required), at https://www.odoo.com/r/kASR

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1. What is the difference between setting the depreciation duration to "7 years" versus "84 months"?

There is no difference; Odoo treats both settings exactly the same for all accounting purposes. Setting "84 months" creates a journal entry every month, while "7 years" only creates one entry per year. "84 months" is only for vehicles, and "7 years" is exclusively for buildings and property.

2. Which account is credited in each depreciation journal entry to track the accumulated loss of value?

The Depreciation Account. The Expense Account. The Salvage Value Account.

3. What is the "Salvage Value" (also known as non-depreciable value) in an asset's configuration?

The total amount of taxes that the company must pay when purchasing the asset. The original price of the asset before any discounts or promotions are applied. The value the asset is expected to have at the end of its financial lifespan.

Accounting and Invoicing - Odoo

Asset creation and management

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