What's new in Odoo v16 Accounting?

Odoo religiously comes with it's new releases every year and never fails to deliver feature packed functionality and improvement in each of it's versions. Let's delve into the new features.

1. IMPROVED RECONCILLIATION

The reconciliation screen has been completely redesigned with an emphasis on usability:

1. Bank Statements have become optional. 
2. New search features.
3. Ability to Drill down into any record without leaving the screen. 

2. PAYMENT BATCHES

Users can now modify a batch directly from a bank statement. 
Alternatively, they can cancel the payment, update the batch and then proceed to make the invoice available for any future accounting tasks. 

3. EARLY PAYMENT MANAGEMENT

The payment terms in v16 has been changed to a point where any discounts present on the invoice will be clearly shown to the customer.
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v16 printed invoices very clearly tell customers that discounts are applicable if certain dates are met. ​

4. BANK ACCOUNT VALAIDATION

Previous versions of Odoo allowed the automatic creation of bank accounts while the accountant uses the various features in Odoo. The problem with this is unknown or duplicate bank accounts can be created. 
Odoo V16 now requires manual validation whenever a new bank account is being added into Odoo. 

5. CUSTOMER CREDIT LIMITS

You can now set customer credit limits on any contact. Once this is done, Odoo will always prompt the user when various customer limits are being reached. 

6. FOLLOW UP REPORTS

Follow up reports have been revamped as well. Here are some of the changes:

1. Aggregation of Follow up
2. Integration with Next Activities​
3. Status Bar

7. USABILITY

In terms of usability, the following changes have been made:

• Recurring Entries: v16 now makes it extremely easy to create recurring entries directly from a bill.
• Sequence Gaps: Any sequence gaps within any Journal is highlighted to the user. The user can then open the entry and modify it accordingly.  
• Printed Sequence: When an accountant pulls prints an original bill (which was originally created through OCR), then the printed bill(s) will display the sequence number on the top right part. 

8. REPORTING

Reporting has seen a big change within Odoo due to a variety of different changes:

• ​Audit Journal Report: The audit journal report has been completely revamped with an emphasis on usability. In addition, the report now contains a Tax Report at the bottom which gives a summary of the taxes against the journal. 
• Globalised Reports by localisation: v16 now allows a user to switch between multiple localisations while viewing accounting reports, which is a good feature to have when you are running a multi-company system.
• New Dashboards: Probably the biggest addition to v16 is the new dashboard system. Odoo v16 now comes with a dashboard system which is linked to Excel. There are multiple Out of the box dashboard reports which would be useful to most companies, and this can be modified fairly easily provided the user has knowledge on Excel. 

For a full list of changes to the accounting system you can access it using this link. 
If you are interested in learning more on how Odoo can help propel your business through a digital transformation, you can contact us for a free Discovery and Demo session.