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I am new to openerp I came across res.partner but I couldn't understand what it does and what all functionalities it provides,so if anyone could explain it to me

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RES = Resource

A resource matches something in the 'real world' that you store in OpenERP - to represent information about partners, or products or accounting transactions.

In res.partner table, all the related partner and their parent records are stored....

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Thank you Dinesh it will help for me