Oilex is a responsible natural gas production company with offices in five countries with nine different entities. Managing multiple companies in various currencies and consolidated reporting was the main problem with their existing system. We customized Odoo with an analytical account and tag reporting to help them do better financial analysis. All the accounting entries and reporting are customized to manage in two base currencies based on the configuration. Apart from the multi-currency transactions, the full accounting is in base and secondary currency.

Localization for Australia, the UK, and India have been configured with the countries' taxation and statutory reporting requirements. Bank reconciliation of multi-currency bank accounts and currency rate updates with the country-wide bank API has been configured to ease daily operations.

Monthly currency revaluation has been customized to revalue base and secondary currencies for the selected accounts and eliminate inter-company transactions in revaluation.

Migrating monthly closing balances for the parallel run of the old and new systems is made easy with the transaction import feature in Odoo. It allows end users to transfer monthly closing balances from Sun systems to Odoo by custom macro-based Excel file directly communicating with Odoo to import data from Excel to Odoo without any manual intervention.