Accounting and Invoicing - Odoo

0 %

Course content

Inventory valuation (Continental)

10 XP

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 manage inventory valuation in a Continental environment. Other lessons related to this video: - Inventory valuation (Anglo-Saxon): https://youtu.be/WDxmu3tuoiw - Inventory valuation: https://youtu.be/_iWuppq7klY 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

Views
0	Total Views
0	Members Views
0	Public Views

Actions
0	Likes
0	Dislikes
0	Comments

1. When is the cost of a good typically recorded in the Profit and Loss statement under the Continental accounting method?

Only when the customer finally pays for the product through a bank transfer. As soon as the vendor bill is confirmed, regardless of whether the product has been sold yet. When the product is manufactured but before it enters the warehouse.

2. Which journal entry is created when you validate the "Receipt" of goods from a vendor in Odoo?

Income account is credited and Account Receivable is debited. Stock Interim Account is credited and the Inventory Account is debited. No journal entry is created until the physical invoice arrives by mail.

3. What happens in the accounting records when you validate the "Delivery" of products to a customer?

The Stock Interim Account is debited and the Inventory Account is credited. The Sales account is immediately debited to increase the company's expenses. The Bank account is credited to show that the customer has already paid.

Accounting and Invoicing - Odoo

Inventory valuation (Continental)

Share on Social Networks

Share Link

Share by mail

Embed in your website