Accounting and Invoicing - Odoo

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Cash basis

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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 https://www.odoo.com/r/NlF In this video, learn how to handle cash-based taxes in Odoo. 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 main difference between "Standard Taxes" and "Cash Basis Taxes"?

Standard taxes are only for products, while Cash Basis taxes are only for services. Cash Basis taxes are reported when the payment is made, whereas standard taxes are reported when the invoice is confirmed. Standard taxes are calculated by the government, and Cash Basis taxes are calculated by the customer.

2. What is the purpose of the "Transition Account" in a Cash Basis tax configuration?

It temporarily holds the tax value between the time the invoice is confirmed and the time the payment is registered. It is a secret account used to store company bonuses for the accounting team. It automatically converts the tax amount into a different currency like Bitcoin or Gold.

3. What happens to the Tax Report after a payment is registered for a Cash Basis invoice?

The Tax Report is deleted and a new one is created from scratch for the next year. The customer receives an automatic refund for the tax amount directly from the bank. The tax amount finally appears on the Tax Report because the payment triggered the tax grid application.

Accounting and Invoicing - Odoo

Cash basis

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