Let's see how we can configure and adapt an Odoo Accounting and Finance application for any country worldwide. Odoo has the chart of account for more than 40 countries. Next, in the chapter we will see how to create the customer invoice and vendor bills, adding payment terms in the invoice and bills and managing the follow-ups and payments, at last, we will go through the tax creation and tax computation.
At the end of a financial year, we will close the profit and loss account and carry forward the profit or loss to the balance sheet in order to start the new financial year.