Managing the budget is an essential part of running a business. Budgets make people intentional the way money is spent as well as organize and prioritize for work to meet financial goals.
You can plan the desired financial outcome as well as measure your actual performance against the plan. Odoo has budgets with Analytic and General Accounts.
We have to install relevant apps to use budgeting. The main module is the accounting app. Find the app module to install the Finance and Accounting app. You have to configure as well. Choose the Accounting module with Configuration and go to Settings to enable the Budget management feature.
The Budgetary Positions
The Budgetary position has the lists of accounts to keep your budgets like expense or income accounts. They have to be defined so Odoo would know which account needs the budget information.
Budgetary positions act as a type of restriction to be recorded in the ‘practical amount’ column in a budget.
Every budgetary position must have the number of accounts from the general ledger assigned. The Analytical account of Odoo needs to know the expenses or costs relevant to a specified budget.
We have to link our expenses and invoices to a defined analytical account. We have to create an analytical account while entering the Accounting module click menu. The Analytic Accounts must be kept under Configuration, then create a new account by setting a budget.
We can then set our targets for a budget. If we expect to gain 1000 with this project, we can not spend more than 700. For setting targets, enter the accounting app with Accounting and click Budgets to create a new Budget.
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