One of the nice things about Odoo that is you can get up and running quickly, without having to spend a lot of time setting up complicated accounting and finance options. Odoo does a reasonable job of creating a basic chart of account structure as a starting point, helping you to get familiar with Odoo. When setting up a production system for your company, however, you will want to take the time to properly define your accounting requirements.

In this chapter, we will learn how to configure accounting in Odoo, covering the following topics:

• Enabling the user to see all accounting features
• Examining the chart of accounts
• Learning how the other applications create transactions in accounting
• Adding new custom accounts
• Configuring fiscal years and periods
• A quick overview of the available accounting reports
• Creating journal entries