Double entry, chart of accounts and journals

Debits and credits, the five account types, how Odoo structures accounts and journals, and what changed in Odoo 20.

In this lesson

Double entry in one picture
The chart of accounts in Odoo
Journals and entries

Key points

Debits = credits; assets/expenses up with debits, liabilities/equity/income up with credits
Chart of accounts: account.account with account types
Odoo 20: parent accounts replace account groups; codes optional
Journals: sales, purchase, bank, cash, misc; every entry is an account.move

Real-world example

A Lagos school's previous accountant posted fees to one 'income' account, so the board couldn't see tuition versus transport versus uniforms. The consultant created income accounts per revenue stream (under a parent in Odoo 20), mapped each product's income account, and the next term's P&L showed which services actually paid.

Questions and answers

Which side increases an expense?

Debit.

Which model holds journals?

account.journal.

What is the move_type of a vendor bill?

in_invoice.

Read the full lesson, worked example and quiz