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L81 Accounting Basic Info

Page no: L82


Step Title Usual way of doing Alternative ways Software aided
Account type
Typical Alternatives:

  • Income/Expense accounting (with or without VAT)
  • Double Entry (with or without VAT)
  • Double Entry with foreign currencies (with or without VAT)


Company Name

Bank Accounts
  • For each bank account create an accounting account
  Odoo Best practices in Youtube

Link to Odoo


FX rates Double Entry with currencies

  • Obtain Official FX rates from Swiss tax authorities
  • Do FX Rates setup (e.g. in Banana)
  • Choose base currency
  • Must run an FX reconcilation process that calculates FX P/L.

  • Maintain FX rates in an Excel
  • Take FX rate from the day of booking
  • Transactions converted into base currency in the Excel
  • If payment date is different from the invoice date by some days, then use the rate.
  • No FX Profit and Loss
Chart of Accounts
  • Choose an accounting schema (e.g. in Banana)
  • or import the schema and add additional accounts
  • or continue the balance sheet from the previous year.



Simplified accounting

  • Only base currency


Odoo Best practices in Youtube

Opening Balances
Usually you keep the file/data from the previous year
and simply create a new year. 
Create a new account file:
In Banana one can copy it from the previous year, when creating a new file for the next year.
Verify the balances against the previous year,
link to youtube

Journal for opening balances and post it

Date Format Date Format:

  • Prefer YYYY-MM-DD, like 2019-01-19



See more for L8x Accounting