Expense and revenue recognition and one-shot entries | Odoo Accounting

[@callmefred]

hi guys, great video. There's a little wording mistake though. Based on the scenario of an annual insurance plan sold and paid in June 2024, spread over two fiscal years, the correct accounting treatment should involve deferred income, not accrued income (when you set the journal at 04:05). Accrued income refers to revenue that has been earned but not yet received. It is recorded in the accounting period in which it is earned, regardless of when the actual cash is received. This follows the accrual basis of accounting, which recognizes income when it is earned rather than when it is received. Deferred income, also known as unearned revenue, refers to revenue that has been received in advance for services or products that have not yet been delivered or provided. It is recorded in the accounting period when the cash is received, but the revenue is recognized only when the service or product is delivered.

[@t-tribe1131]

HELLO, INTERESTING VIDEO. IS ODOO AVAILABLE IN NIGERIA FOR SMEs

[@Odoo]

Hi, thank you for your interest in Odoo. Odoo is currently not available in Nigeria. However, it is planned for the near future!

[@t-tribe1131]

@@Odoo Sincere thanks for your Reply. However, I went through your page and saw Some partners from Nigeria offering services to Nigerian companies. How does that work Sir? Does it mean I can only Access your service through these Partners?

[@Odoo]

@@t-tribe1131 Hi, yes. Those partners may help you implement Odoo for your business in Nigeria. Out-of-the-box, Odoo currently does not support Nigeria accounting.

[@t-tribe1131]

@@Odoo I see. Thanks.

[@GermanWearGmbHHannover]

verynon professional. No body want to see you when a demo is running, and on top of that, you are taking half the screen. If you still love your pic that much then use a small circular image on the síde. Please edit your all videos. Thanks