Is there any official document or documentation mentioning the use, objective and function of different types of accounts in a chart of account, e.g. only payable and receivable types can be chosen as Receivable and Payable account on a contact form. Objectives are like being a control account for suppliers or customers, an account has to be of type Payables or Receivables.
Similarly, only bank type can be chosen in a Journal type Bank. Objective would be to open a bank journal, link this account, use it for receiving and making payments, bank reconciliations.
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Control Accounts are useful where you are using subledgers - something we do not have in Odoo except for Inventory and Payments - since there is only one set of information, there is not a need for a Control account to catch errors. Controls can be setup for Journals allowing AP billing, AP payments, AR invoicing and AR payments to be managed by different teams so they are not needed for the purpose of access/update controls.
Four accounts are used to manage banking in Odoo - the actual bank account, a suspense account and two outstanding accounts - see also https://www.odoo.com/forum/help-1/v14-change-in-payment-behavior-how-do-the-suspense-and-outstanding-payment-accounts-change-the-journal-entries-posted-177592
Hey @Ray
Thank you for sharing this. This is great but what I am looking for is a single source which explains all. May be it needs to be added in the documentation. I have also invited community on LinkedIn to work on it with me.
There are account types whose behavior is unknown to me e.g. what is credit card account type for, what is off balance sheet items for. How to configure, use them etc.
Would be great if documentation is updated reflecting the configuration, and use for different account types.
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