Accounting Learn Module - Quizes

Accounting Basics
Getting Started
1- Which are the three fundamental accounting pillars?
Chart of accounts, journals, taxes
Chart of accounts, journals, reports
Cash, profit, report
Journals, reports, taxes

2- What does the localization in Odoo do?

It sets up useful settings based on the company’s industry
It sets up useful settings based on the company’s location
It sets up useful settings based on the company’s size
It sets up useful settings based on the company’s success

Accounting Roles
1- Which stage of the accounting process is handled by the accounting assistant?
Annual - controlling
Yearly - closing
Daily - operational
Monthly - validation

2- What kind of reports are used by the CFO for monitoring the company’s financial
health?
Fiscal and legal reporting
Legal and management reporting
Management and analytic reporting
Analytic and fiscal reporting
Chart of Accounts
1- How can I duplicate an account in Odoo?
Through the ‘action’ button
Through the ‘deprecation’ button
Through the ‘automatization’ button
Through the ‘like’ button

2- Which columns are visible in the chart of accounts list view in Odoo?
Code, Class, Settings
Class, Name, Nature
Settings, Class, Functions
Code, Name, Type

Update your chart of accounts

1- Which of the elements of an account can’t be modified?
External id and name
Name and type
External id and type
Code and name

2- What’s the best approach for accounts that you don’t use anymore?
Delete or cancel them
Archive or deprecate them
Ignore or forget them
Keep or store them

3- Where can you find the ‘import records’ option?

In the 'favorites' button
In the 'filters' button
In the 'action' button
In the 'create' button
Journals
1- Where are the journals combined?
In the journals audit
In the partner ledger
In the general ledger
In the balance sheet

2- What does the Lock Posted Entry option do?

It prevents you from duplicating posted entries
It allows you to modify posted entries
It prevents you from modifying posted entries
It allows you to duplicate posted entries

3- In Odoo’s accounting dashboard, what do the “boxes” represent?

Journals
Reports
Personal banking data
Chart of accounts

Import an opening balance

1- What are the types of balances that need to be uploaded?
General ledger, clients, suppliers
General ledger, clients, reporting
Clients, suppliers, reporting
Suppliers, reporting, payment acquirers

2- What’s a necessary step before clicking on “import” in your database?

Right-clicking on the file
Testing your import
Double-clicking on the file
Running a marathon
Debit and credit
1- How many elements does a journal entry have?
3
2
25
6

2- In an active account, what’s the behavior of the debit and credit ?

Debit decreases and credit increases
Debit increases and credit increases
Debit decreases and credit decreases
Debit increases and credit decreases
Invoicing
Issue a Customer Invoice
1- When you add an invoice line in your Customer Invoice, which information is filled
automatically?
The Account: it is set by default and comes from the Customer Invoices Journal
Default configuration
The Product: thanks to Odoo’s premonition skills
The Quantity: thanks to the prevision related to previous purchases
There is no automatically filled information

2- What happens if a product for which there is no income account is added to an

invoice?
Odoo takes by default the income account of the product category
Odoo can’t validate the invoice until the income account is added
Odoo validates the income, but a warning message pops to remind you to add it
for future invoices
Odoo takes the first active income account from the Chart of Accounts

3- What could be easily added in an invoice to structure it further?

Colors and Notes
Colors and Sections
Notes and Sections
Colors, Notes and Sections

Customer Invoice from Sales Order

1- What types of invoices can I choose when validating it?
Regular invoice, down payment (percentage), up payment (percentage)
Regular invoice, down payment (percentage), down payment (fixed amount)
Down payment (percentage), down payment (fixed amount), in batches
Regular invoice, down payment ( percentage), irregular invoice
2- Where can you find the “invoicing policy” field?
In the invoice
In the sales invoice
In your pocket
In the product form

QR Code on Invoices for European Customers

1- What happens when you upload a pdf with multiple bills in Odoo?
You can’t, Odoo doesn’t allow it
It gets uploaded and you can split the bills
It gets uploaded, but you can’t split the bills

2- What does the OCR do?

It allows you to recognize documents and transfer their information automatically
in your Odoo’s database
It allows to scan documents and pay debts automatically
It allows to scan documents and automatically perform a tax report from Odoo

Registering a Vendor Bill

1- What’s the difference between the bill date and the accounting date?
They are the same
The bill date is the date of issuance, and the accounting date is when it gets
accounted for
The bill date is the reporting date, and the accounting date is when it gets
accounted for
The bill date is the date of issuance, and the accounting date is the date your
Odoo account is set up

2- How can you check the billing status of a purchase order?

In the Purchase app and selecting Orders -> Purchase Orders
In the taxes section
In the Discuss conversation linked to the purchase order
By opening the Accounting dashboard
Payment Terms
1- What do Payment Terms cover?
The due date
The due date, the payment conditions, and any payment incentives
All the rules and guidelines the customer must agree to
The due date and the taxes applied on the invoice

2- Is there any visual and easy way to identify unpaid invoices?

The Aged Receivable report
The customer invoices box available in the dashboard
The outstanding account
No, there is no visual and easy way to know what a specific customer owes us

Terms & Conditions

1- Is it possible to customize your T&Cs related to a specific invoice/order/quotation?
Yes, you can update the default T&Cs into the document when you create it
Yes, but only if the modifications are related to minor changes
No, you have to modify the default T&Cs
No, T&Cs cannot be updated

2- In Odoo, it is possible to send your Terms and Conditions:

As a note
As a link to a web page
As a note or a link to a web page
Requesting carrier pigeon delivery
Practical Example – Invoicing Questions
1. If you create an invoice for Azure Interior with 1 product "Large Desk". What are the journal
items created?

2 Lines: Product Sales, Account Receivable

2 Lines: Product Sales, Account Payable
3 Lines: Product Sales, Tax Received, Account Receivable
2 Lines: Product Sales, Tax Received

Correct! This entry contains a revenue (Product Sales), a tax, and a debt that the customer
owes to you (Account Receivable)

2. If an invoice has 2 different products, with the same tax. What will you get as journal items?
1 Receivable, 2 Sales, 1 Tax
1 Receivable, 1 Sales, 2 Taxes
2 Receivables, 1 Sales, 1 Tax

3. In the journal items, what defines the amounts your customer owes you?
A debit in Account Payable
A debit in Account Receivable
A credit in Account PayableA credit in Account Receivable

4. Where can you define the default income account that is used on an invoice?
On the product form, or the product category, or the journal.
On the product form, but not on the product category.
On the journal only.

5. What options could you add to an invoice to improve its structure?

Colors and notesColors and sections
Sections and notes

6. Is it possible to select all "Draft" invoices and post them in one action?
No
Yes
Payments
Customer and Vendor Payments
1- How can I bypass the "In Payment" ribbon?
In the "Cash" journal configuration, set the "Outstanding Receipts/Payments"
account to "Cash", and select "Cash" when manually registering a payment
Register the payment through the “Register Payment” button, Odoo does the rest
Create a manual payment, then click on “Match Payment” and reconcile the
entries

2- On which account do registered payments not yet reconciled with bank statements
go?
Account receivable
Partner Ledger
Outstanding account

3- What is the difference between the "Register Payment" button of an invoice and
creating a manual payment from the "Customer>Payments" menu?
The "Register Payment" button creates a payment that is automatically
reconciled with the invoice
The "Register Payment" button automatically creates a payment with credentials
related to the invoice and must be reconciled manually afterwards
The "Register Payment" button automatically creates a payment with credentials
related to the invoice, reconciles it with the invoice, and reconciles it with the
bank statement as well
Online Payments
1- Where can I customize the messages displayed in case of online payment?
It’s impossible to change them, they are set by the payment acquirer themselves
In the “messages” tab of a payment acquirer method
In the “Configuration” settings

2- My product has its “Invoicing Policy” set to “Delivered Quantities”- My customer just
bought it online, what will Odoo do?
Nothing, the invoice will be created when the customer confirms delivery
Nothing, invoicing policy does not apply to online orders
Automatically create an invoice, despite the setting

3- The customer’s payment was just accepted- Where can I find further information on
the payment from within the invoice?
By clicking the ‘ transaction button’
By accessing the customer’s form
I can’t access any payment-related information from within the invoice

Payment Follow-up
1- How can you prevent sending a follow-up to a customer who’s already paid?
Reconcile all bank statements
Reconcile all payments
Reconcile all bank statements and payments
Call the customer and ask him if he already paid or not

2- If you want to send a reminder to your customer before the due date is reached:
It is not possible to send a reminder before the due date is reached
Odoo will automatically send a reminder 5 days before the due date if the
customer is not set as Good Debtor
Go to Follow-Up Action and put a minus sign “-” before the number of days
It is possible to send a reminder before the due date is reached only if the
customer already had 3 late payments
Batch Deposit of Checks
1- Based on what we have just learned, what should I do once I have received multiple
checks from my customers?
Register the payments for the corresponding invoices, generate a batch deposit
for the bank to process, then reconcile the bank statement with the batch deposit
Record the sum of all checks as one payment, then reconcile with all the
corresponding invoices so that you can match the bank statement easily
Create a batch payment document where you write down the details of all the
checks- Once you have received the bank statement, you can reconcile all the
lines with the corresponding invoices
Send all the checks back to your customers

2- What should I do when I want to register a payment that I plan to group into a batch
deposit?
Write CHK at the beginning of the Memo field
Nothing
Click on the "Register Check" button instead of the "Register Payment" button
Select "Batch Deposit" as Payment Method Type

Cash Discount
1- Which option should we choose if we want to apply the tax strictly to the reduced
amount?
Always
Never
On early payments

2- Which of the following statements is false?

Odoo creates a credit and a debit line with the discount value
Odoo modifies the original journal entry if the tax reduction is applied
Odoo reconciles payments with invoices, even when they have varying amounts
due to cash discounts
Taxes
Taxes and VAT
1- On what is the VAT applied?
On governmental properties
Only on Services
On goods and services
Only on goods

2- Where can I activate and deactivate taxes in Odoo?

In the accounting app, then Configuration -> Taxes
In the accounting dashboard
In the accounting app, then Reporting -> Tax Report
In the chatter when creating an Invoice

Fiscal Positions
1- In Odoo, what is a fiscal position?
It is a list of all my currently activated taxes
It is a set of rules that applies specific taxes according to the location and
business type of my partner
It is a registry of all applicable taxes per country

2- How can I configure Odoo to automatically apply a fiscal position?

Adding different taxes within the product’s form
Check “Detect automatically”, and select the country or country group to which
that fiscal position should apply
Populating the “Account” field within the invoice

3- I have first added products to my new invoice and then populated the “Customer” or
“Vendor” field, yet the tax is incorrect- Why?
Fiscal positions only apply to services
The tax must be configured in the product’s form, and the fiscal position will be
computed when confirming the invoice
The “Customer/Vendor” field or “Fiscal Position” field in the “Other info” tab
must be populated before you add a product
Tax Report and Return
1- What is the difference between “Tax Return Periodicity” under “Settings” and the
selectable fiscal periods in “Tax Report”?
The first one configures Odoo to compute my tax return correctly; the second
one only gives me an overview of my taxes for the selected period
The first one configures Odoo to compute my tax return correctly; the second
one lets me create a tax report for the selected period
It is a ‘convenience’ feature- They both allow me to do the same thing

2- Once I settled my tax accounts in “Tax Report,” how do I know if I have to pay taxes
or claim taxes back?
According to the ‘debit’ or ‘credit’ columns of the “VAT Current Account
”By checking the “Bank and Cash” journal
I will only know once I upload it to my local governmental tax portal

3- The VAT report has already been locked, but I still have to register a transaction that
happened PRIOR to the lock date- What can I do?
Transactions prior to lock dates can still be registered without any problem, even
if locked
Create a new VAT report and register the missing transaction
Register the transaction, and Odoo will automatically post it in the next fiscal
period

Cash Basis
1- What’s the key concept of the cash basis method?
A method that doesn’t allow payment by credit card
A method that records revenues and expenses before cash is received or paid
out
A method that records revenues and expenses when a payment is linked to the
invoice
2- What kind of configuration is necessary for cash basis transactions?
'Based on payments' 'Based on invoice''Based on payments' and ' Based on
invoice'

Extra Taxes (Ecotax, Alcohol, Tobacco…)

1- What does the "Affect Base of Subsequent Taxes" option do when activated on a
tax?
The current tax will be added to the base on which the next tax (listed after the
current one in the taxes' list) will be applied
The next tax (listed after the current one in the taxes' list) will be added to the
base on which the current tax will be applied
The amount of the tax will be included in the price
It will summon an army of minions

2- Why is the order of the taxes' list crucial?

It defines the order in which the different taxes are displayed on the invoices,
between the subtotal and the total
It defines in which order the taxes are computed
It is not crucial; it only allows us to keep our list well organized
Because taxes that affect the base of subsequent taxes and that are mapped in
Fiscal Positions need to be next to each other for them to be correctly applied
when you create a new invoice for a customer based abroad or taxed differently

US Tax Compliance - Avatax

1- What information do you need to enter into the Odoo database settings to connect the
AvaTax account to Odoo?
The AvaTax exemption certificate and tax return code
The AvaTax tax codes
The AvaTax account number and License Key
The AvaTax username and password
2- When does AvaTax NOT automatically calculate the tax?
When a quotation is confirmed into a sales order
When you validate a delivery order
When you validate a draft invoice
When a customer views their subscription in the customer portal

3- Which addresses does AvaTax use to calculate tax?

The Company address and the customer’s address
The warehouse address and the customer’s address
The Company address and the warehouse address
Only the customer’s address
Bank and Cash
Bank Configuration
1. Bank Matching in Odoo is the process of

Linking journal items of a specific account.

Linking journal items of a specific account and matching credits and debits.

Reconciliation of transactions with an existing counterpart in the accounting.

Reconciliation of transactions with an existing counterpart in the accounting, and

creating the full transaction journal entry.
2. When does a payment move into the status “In Payment”?

Upon creation of the invoice.

Upon registration of the payment.

Upon reconciliation of the payment.

This status doesn't exist in Odoo.

3. Which statement is correct regarding the Outstanding Accounts?

They are helpful when directly using the feature ‘Register payment’ feature on invoices
and bills.
They are transitory accounts: payments are registered through them before being
recorded in our bank account.

Two different types of outstanding accounts exist.

All of the above.

Bank Statements and Bank Synchronization

1. How can I automatically import bank statements in Odoo?

By linking my bank account to Odoo via the settings.

It can only be done with a third-party addon.

By activating the option in “Settings”.

2. How can I import my bank statements?

I have to manually scan them, and then upload a bulk PDF.

I can import my statements from the “Bank” journal.

I can specify a folder on my PC Odoo periodically scans and downloads new statements
when it detects new files.
3. I just loaded my bank statement file, what can I do before importing it in Odoo?

I can preview what it will look like once imported.

I can select other bank statements to upload all at once.

I can set fields correlating to information contained in my file.

Bank Reconciliation
1. What are “Outstanding/Suspense” accounts in Odoo?

Transitory accounts used until a payment item is reconciled.

Transitory accounts for automated payments until the programmed date.

Transitory accounts used for underpayments or late payments.

2. How can I make sure the transaction will be verified later?

By clicking the ‘To check’ button.

By clicking ‘Validate button.

By creating a new transaction.

Reconciliation Models
1. What is the function of reconciliation models?

They are guidelines for users to follow when reconciling.

They are a type of reconciliation that must be defined when configuring Odoo for the first
time.

They are preset configurations used for reconciling bank statements.

2. What does the “Auto-Validate” function do?

It auto-validates a reconciliation based on the set conditions (label, partner, etc.)

It automatically creates a counter-part for bank statements and validates the
reconciliation.

It allows to auto-validate bank statements without counter-parts.

3. Which option can be enabled in a reconciliation model if I want to allow underpayment?

Payment Tolerance.
Allow Underpayment.

Payment Condition.

SEPA Credit Transfer

1. Which kind of transactions are credit transfers?

Outgoing
Ingoing

Single

Multiple
2. How many SEPA payments are available, in Odoo?

Four.
Ten.

Two.

One.
3. In Odoo, how can you handle multiple payments at once?

Through the “configure all” setting.

Through the “batch payment” function.

Through the "bill periodicity" function.

You can’t handle more than one payment at a time.

SEPA Direct Debit

1. What is the requirement for authorizing direct debit payments?

Direct Debit Authorization.

Direct Credit Mandate.

Direct Debit Mandate.

2. What are the parameters for the creation of a batch payment?

Bank journal, payment method, invoice amount.

Batch type, bank journal, payment method.

Batch type, invoice amount, payment method.

Accounting Management
Assets Management
1. Which of these are depreciation methods in Odoo?

Straight line, declining, declining, then Straight line.

Straight line, progressive, digressive.

Analytical, declining, progressive.

2. What’s the first thing you need to do to automate the creation of assets?

Activate the "automate" button in the configurations.

Synchronize your bank transactions.

Create an assets model.

One-shot deferred revenues
In this video, learn how to use deferred revenue and expenses models to register your one-shot
deferred revenues and expenses.
1. How do I create a one-shot deferred revenue or expense?

By going into the “Deferred revenue” and “Deferred expenses” models in configuration.
By going into the “One-shot deferred revenue and expenses” in configuration.
By clicking the “Cut-off” button found in the “Journal Item” tab of the invoice.

In this video, learn how to use deferred revenue and expenses models to spread your payments
over time.
1. What are deferred revenue and expenses?
They are one-time payments spread across a period of time that must be periodically
accounted for.
They are pre-registered payments that will be withdrawn, or wired, after a certain amount
of time.
They are payments of which the amount gradually decreases over time.

2. In my product's form, what must be configured to be able to use a deferred model with that
product?
Set a price table for deferred incomes.
Set a deferred account in “Income Account”.
Enable the “Deferred service or product” option.
Deferred revenues and Expenses
In this video, learn how to use deferred revenue and expenses models to spread your
payments over time.

1. What are deferred revenue and expenses?

They are one-time payments spread across a period of time that must be periodically
accounted for.
They are pre-registered payments that will be withdrawn, or wired, after a certain amount
of time.
They are payments of which the amount gradually decreases over time.

2. In my product's form, what must be configured to be able to use a deferred model with that
product?
Set a price table for deferred incomes.
Set a deferred account in “Income Account”.
Enable the “Deferred service or product” option.
Analytic Accounting
Learn how to manage Analytic Accounting in Odoo.

1. Where can indicators, such as partner and accounts prefixes, be configured?

In the journal items tab.
In the customers' menu.
In the analytic distribution template.
In the Reporting menu.

2. Where can you find analytic entries?

By going to the reporting menu under the balance sheet.
By going into the general settings.
By going to the Accounting dashboard.
By going to the accounting menu under Analytic items.
Budget Management
Learn how to manage your budgets in Odoo.

1. Which are the two criteria for tracking journal items in a budget?
Budgetary Position and Analytic account.
Budgetary Position and Fiscal Position
Analytic account and Planned amount

2. What is the theoretical amount?

It’s the achieved budget based on journal items.
It’s the amount you manually define for your budget.
It’s the expected budget you should have consumed computed on a time basis.

Multi company and Journal Groups

Learn how to handle different companies in Odoo.

1. Activating Inter-Company Transactions

Generates counterpart documents between companies.
Allows your company to view all transactions from the other sub-companies.
Help you determine if your company is competitive or not in comparison to the other
sub-companies.
It cannot be done manually and requires technical help.

2. Journal groups
Act as a filter to remove selected journals from reports.
Are created by default.
Exclude one journal at a time.
Can be collected daily in bookshops during summertime.
Reporting
Financial Reports
Learn about financial reporting in Odoo.

1. Where are VAT grids accessible in Odoo?

In the Chart of accounts.
At the bottom of the Journal Report.
They are not accessible in Odoo.

2. What are reports’ localization based on?

Users countries.
The owner’s database geographical location.
Fiscal positions.
Inventory Valuation
Inventory valuation
Learn how to establish the value of your inventory in Odoo.

1. When are accountants legally required to record their inventory?

At the beginning and at end of the year.
Once per year.
Every trimester.

2. Which settings allow the different types of inventory valuation?

Product type.
Costing method.
Barcode.

Continental Inventory valuation

Learn how to evaluate your inventory according to the continental method.

1. When are the costs of goods sold registered in the P&L?

When the year ends.
Immediately.
Every trimester.

2.When are journal entries created with the continental method?

When validating a purchase order or sales order.
When opening the accounting app.
When receiving and delivering products, creating a bill from a P.O., or confirming an
invoice.
Anglo-Saxon Inventory valuation
Learn how to manage your inventory valuation according to the Anglo-Saxon method.

1. How long does the cost of goods sold remain in the Balance Sheet?
As long as possible.
Until the end of a working day.
Until the goods are sold.

2. When is the cost of goods sold recognized in the P&L?

When a product is created.
When the invoice is processed.
When the cash is received.
End of Period
Multi-currency – Realized Gains/Losses
In this video, learn how to manage your realized gains/losses of a multi-currency environment in
your accounting.

1. When are Realized Gains/Losses exchange difference entries generated in Odoo?

After the payment is registered.
When a currency rate is updated.
When an invoice or bill with a foreign currency is created.

2.
How can I automate the currency type of a bill based on the vendor?
By defining a currency in the “Supplier Currency” of the vendor’s form.
By defining a fiscal position in the vendor’s form.
By defining an address in the vendor’s form.

3. When creating or importing a bank statement, where can I find the “Amount Currency” and
“Foreign Currency” fields?
They must be enabled in the accounting app settings.
By clicking on the ⋮ button and checking both fields.
They are automatically added based on bills containing the same “Partner” in the
“Partner field”.
Multi-currency – Unrealized Gains/Losses
In this video, learn how to manage your unrealized gains/losses in a multi-currency environment
at the end of fiscal period.

1. What must I do upon setting a closing date for the fiscal period in my Unrealized
Gains/Losses report?
Set a reversal date on the first day after the closing.
Nothing, everything is automatic.
Set the Unrealized Gains/Losses as “Realized”.

Closing the Fiscal Year

Learn about the necessary and required process to close a fiscal year in Odoo.

1. Why is a proper closing of the fiscal year necessary?

To ensure a correct issuance of the financial statements.
To make sure our chart of accounts is updated.
To follow up on our customers' payments.

2. Where can I check the amount of unallocated earnings once I’ve closed the fiscal year?
On the Balance Sheet, with the period set on “Last Financial Year”.
On the Profit and Loss Statement, set on “End of Last Financial Year”.
On the Balance sheet, set on “End of Last Financial Year”.
On the Proft and Loss Statement, set on “Last Financial Year”.
On the Profit and Loss Statement, set on “Last Financial Year”.