Odoo solutions
Accounting and finance for the whole group, on one system.
We configure Odoo Accounting so that each of your companies works in its own books and currency, on a unified chart of accounts that makes their figures ready to consolidate. The month closes in less time, and the income statement and balance sheet reach the board straight from the system.
What it covers
From the daily entry to the financial statements.
Entries from sales, purchasing, inventory and payroll reach accounting directly from their own apps, and your finance team is free to review and analyse.
- Unified chart of accounts
- One account structure used by every company in the group, with sub-accounts for what is particular to each company.
- The dinar and the dollar
- Every transaction is recorded in its own currency. The system calculates exchange differences on payment, and revalues open balances at the end of the period.
- Bank reconciliation
- Bank statements are imported and their lines matched with payments and invoices, so the bank balance in the system agrees with the statement.
- Analytic accounting
- Income and expenses are distributed across branches, projects and cost centres, so the profit of each one shows separately.
- Budgets
- A budget for each company, branch or project, with actuals compared against it month by month.
- Fixed assets
- An asset register with depreciation schedules, and periodic depreciation entries created automatically.
In holding companies
Companies with separate books and connected accounts.
All the group’s companies work on a single database. Each company keeps its own books and its own closing, the system handles the transactions between them, and the figures are then brought together in one report.
- Books for every company. Each company has its own journals, entries and closing, and access rights that keep its accountants within its own data.
- Inter-company transactions. A sales invoice in one company creates the matching purchase invoice (the vendor bill) in its sister company automatically, so the two sides agree from the moment of entry.
- Inter-company reconciliation. We assign an inter-company account to each relationship between two companies, so any difference between the two balances shows before closing.
- Consolidated reports. The group’s income statement and balance sheet in the chosen reporting currency, with inter-company transactions eliminated as part of the consolidation setup.
- A faster month-end close. Entries are posted from their sources day by day, so month-end work comes down to review and adjustments.
In the Iraqi market
Accounting that works in dinars and dollars together.
We configure the system to your company’s chart of accounts, its accounting policies and the rules it follows, and we build on what your finance team knows from its daily work.
- Selling in dinars, importing in dollars
- Supplier invoices in dollars and sales in dinars within the same company. Every transaction is recorded in its own currency, and exchange differences show in a dedicated account that is easy to trace.
- One exchange rate for the group
- We set exchange rates up to be updated from one source approved by group finance and applied to every company in the group, so their balances agree on consolidation.
- Moving from Excel and older systems
- We migrate opening balances and customer and supplier balances from spreadsheets and previous systems, and reconcile them with your team before go-live.
- Arabic and English
- A complete Arabic interface for the accountants, with invoices, statements of account and reports issued in Arabic, in English, or in both languages together.
Connects to
Apps that post their entries into accounting.
Sales & CRM
Customer invoices, payments and statements of account originate from sales orders and reach accounting in their own currency.
Solution detailsInventory & purchasing
Supplier invoices, import costs and inventory valuation post their entries with every receipt and delivery.
Solution detailsProjects & contracting
Each project’s income and costs are recorded on its analytic account, so its profit shows in its company’s accounts.
Solution details
Common questions
What finance directors ask.
Can each company keep its current chart of accounts?
It can. We do, however, recommend a unified chart of accounts with sub-accounts added for what is particular to each company, because consolidation becomes direct when the structures match. With your team we prepare a mapping table between the old accounts and the new ones before balances are migrated.
How does Odoo handle exchange differences between the dinar and the dollar?
The invoice is recorded in its own currency at that day’s rate. When it is paid at a different rate, the system creates the exchange difference entry automatically, and at the end of the period open foreign-currency balances are revalued through a dedicated report.
How are inter-company transactions treated in the consolidated reports?
Inter-company transactions are recorded on accounts dedicated to them, and the system creates both sides together, so they agree from the moment of entry. When we set up the consolidated reports we configure these accounts to be eliminated, so the income statement and balance sheet show the group’s dealings with external parties.
Can we start with accounting alone?
Yes, and it is the most common starting point. Accounting runs on its own, then purchasing, inventory and sales are added later and their entries reach it automatically.
Tell us how the month closes in your group today, and we will map a shorter route with you.
In the first consultation we review the current chart of accounts, the currencies and the relationships between the companies, and propose the accounting structure and the stages of its implementation.