Hello Ali,

Yes, It is possible to update a record on module installation. 

1. You can call such python functions by pre_init_hook and update the record using database cursor

\https://www.odoo.com/documentation/master/reference/module.html

pre_init_hook takes a cursor as its only argument, this function is executed prior to the module's installation.

2. If you wish to change any property or module data, You can also do it by creating new data record with same reference id along with module name. 

<record id="base.main_company" model="res.company">

<field name="account_default_pos_receivable_account_id" model="account.account" search="[('code','=','772600')]" />

</record>

Hope this will help you