Setting up Odoo accounting. Step by step.

Business owners often like to make a start themselves. So we are sharing the way we set up accounting in Odoo. Choose your version, tick off what is done and see at a glance what is left.

Go to the checklist Odoo finance check

Choose your version. Tick off what is done.

Both versions follow the same structure. Your progress is saved for each version in this browser.

Setup checklist for Odoo 20

The menu paths were checked in a Dutch-language Odoo 20 database with the Dutch chart of accounts. The English labels shown here are the standard Odoo terms and may vary slightly with your language settings and installed apps. Total: 30 tasks.

0% 0 of 30 tasks done

Basic settingsSteps 1 to 30/9
FinanceSteps 4 and 50/9
Sales and invoicingSteps 6 and 70/10
AutomationStep 80/2

Company details and Dutch localisation

Basic information and country settings

0/5

Tip

Start in Settings. The accounting settings are under Accounting → Configuration → Settings.

1.1Enter company name and addressSettings , Users & Companies , Companies. Enter the name, address and Dutch Chamber of Commerce (KvK) number.Required
1.2Enter the VAT numberOn the company form, in the Tax ID (VAT number) field. Format: NL123456789B01.Required
1.3Check country and fiscal localisationSet the country to the Netherlands. Then check in Accounting , Configuration , Settings , Fiscal Localization that the Dutch package is active. You can only change this before anything has been posted.Required
1.4Set the currency to euroAccounting , Configuration , Settings , Main Currency: euro.Required
1.5Set up a Digipoort certificate for SBRAccounting , Configuration , Settings , Dutch localisation , SBR services. This lets you file the VAT return with the Dutch Tax Administration (Belastingdienst) directly from Odoo through SBR, the Dutch government's standard for digital business reporting. Odoo uses its own certificate by default; you can also set up your own.Optional

Financial year and VAT period

Tax settings for the Netherlands

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2.1Define the financial yearAccounting , Configuration , Settings , Fiscal Year: the last day of the financial year (31 December by default). For a non-calendar or extended first financial year, use the Fiscal Years option.Required
2.2Set the VAT return periodAccounting , Configuration , Settings , Tax Return Periodicity. Use the period stated in the letter from the Dutch Tax Administration (Belastingdienst); the default is quarterly. You file monthly only if you request it or the Belastingdienst requires it. Annual filing is possible only under certain conditions, one being less than €1,883 VAT a year.Required
2.3Check the VAT ratesAccounting , Configuration , Taxes. Check 21%, 9%, 0% and reverse charge. Note: accommodation has been taxed at 21% since 1 January 2026.Required

Journals

A tidy start saves work later

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3.1Create miscellaneous journalsAccounting , Configuration , Journals. Use a miscellaneous journal for wages, inventory and depreciation. VAT returns already have their own journal. In Odoo 20, bank entries are recorded as bank transactions, not in a miscellaneous journal.Optional

Chart of accounts

Dutch standard chart of accounts

0/5

Good to know

Odoo 20 loads a Dutch standard chart of accounts (not RGS, the Dutch reference chart of accounts). You only need to check and adjust it: archive accounts or add new ones. Rename accounts rather than deleting them. Want to use your own chart or RGS? Get in touch with us.

4.1Check the chart of accountsAccounting , Configuration , Chart of Accounts.Required
4.2Check revenue accounts (8xxx)Add revenue accounts for each type of product or service where needed.Optional
4.3Check expense accounts (4xxx and 7xxx)4xxx are operating expenses, 7xxx is cost of sales. Add the accounts your business needs.Optional
4.4Set the default accountsAccounting , Configuration , Settings , Default Accounts , Product accounts. By default these are 8001 (revenue, Dutch trade goods) and 7001 (cost of sales, Dutch trade goods).Required
4.5Structure with parent accountsNew in Odoo 20: an account can have a parent account, which lets you build a structure into the chart. We recommend keeping the account codes as well.Optional

Connect the bank account

Automatic or manual bank statements

0/4

5.1Add the bank accountAdd a bank account from Accounting , Dashboard. Search for the bank or enter the IBAN manually.Required
5.2Set up the bank connectionAutomatically through a bank connection (Ponto, for example), managed under Accounting , Configuration , Online Synchronization. Or import statements manually as CAMT.053, CSV or OFX files.Optional
5.3Enter the opening balanceAccounting , Accounting , Journal Entries. Enter the opening balance using temporary clearing accounts. Enter open customer invoices and vendor bills separately, so you can reconcile them later.Required
5.4Enter the opening bank balanceCreate an opening transaction in the bank journal on the start date. In Odoo 20, bank entries are recorded as bank transactions. Check that the balance matches the actual bank balance.Required

Sales

Products, services and sales settings

0/5

First this

Install the Sales app from Apps if it is not active yet.

6.1Install the Sales appApps , search for "Sales" , Install.Optional
6.2Create products and servicesSales , Products , Products , New. Choose the product type Goods or Service and the VAT: 21%, 9% or 0%.Required
6.3Set up payment termsAccounting , Configuration , Payment Terms, for example 14 or 30 days.Required
6.4Configure pricelistsSales , Products , Pricelists, for example for discounts.Optional
6.5Import or create customersContacts , New, or import from Excel. For business customers, enter the VAT number and choose the e-invoice format on the contact, for example Netherlands (NLCIUS).Required

Invoice layout, numbering and e-invoicing

Invoices that meet Dutch requirements

0/5

Invoice requirements

Invoice number, date, VAT number, Chamber of Commerce (KvK) number, name and address details, description, and amounts excluding and including VAT.

7.1Decide on invoice numberingSet the number format on the first invoice in the sales journal, for example including the year. Check the numbering before you post the first invoice.Required
7.2Customise the invoice templateSettings , General Settings , Document Layout: logo, colours and footer.Required
7.3Bank details on the invoiceMake sure the IBAN and account holder name are visible on the invoice.Required
7.4Activate Peppol and e-invoicingAccounting , Configuration , Settings , Electronic invoicing: register on Peppol (free of charge). Invoices are then sent as e-invoices (NLCIUS or Peppol BIS 3.0), and vendor bills arrive automatically.Optional
7.5Create and check a test invoiceCreate a test invoice and check that it contains every required item.Required

Automation and AI

Less manual work with the new features of Odoo 20

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8.1Set up payment remindersAccounting , Configuration , Payment Reminders: define the reminder levels. You can then send reminders manually from the invoice list, or have Odoo send them automatically.Optional
8.2Explore the AI featuresThe AI assistant answers questions about your figures using the accounting data in your database. AI features use credits (IAP), which you buy separately. Decide in advance who can use AI.Optional

Setup checklist for Odoo 19

The guide for Odoo 19, revised and corrected in a few places. Labels may vary slightly with your language settings and installed apps. Total: 25 tasks.

0% 0 of 25 tasks done

Basic settingsSteps 1 to 30/8
FinanceSteps 4 and 50/8
Sales and invoicingSteps 6 and 70/9

Company details and Dutch localisation

Basic information and country settings

0/4

Tip

Start in Settings. The accounting settings are under Accounting → Configuration → Settings.

1.1Enter company name and addressSettings , Users & Companies , Companies. Enter the name, address and Dutch Chamber of Commerce (KvK) number.Required
1.2Enter the VAT numberOn the company form, in the Tax ID (VAT number) field. Format: NL123456789B01.Required
1.3Set the country to the NetherlandsOdoo then activates the Dutch localisation, with its chart of accounts and VAT codes. You can only change this before anything has been posted.Required
1.4Set the currency to euroIn the accounting settings, set euro as the company's main currency.Required

Financial year and VAT period

Tax settings for the Netherlands

0/3

2.1Define the financial yearAccounting , Configuration , Settings: the last day of the financial year (31 December by default). For a non-calendar first financial year, use the Fiscal Years option.Required
2.2Set the VAT return periodAccounting , Configuration , Settings, VAT section. Use the period stated in the letter from the Dutch Tax Administration (Belastingdienst); the default is quarterly. You file monthly only if you request it or the Belastingdienst requires it. Annual filing is possible only under certain conditions, one being less than €1,883 VAT a year.Required
2.3Check the VAT ratesAccounting , Configuration , Taxes. Check 21%, 9%, 0% and reverse charge. Note: accommodation has been taxed at 21% since 1 January 2026.Required

Journals

A tidy start saves work later

0/1

3.1Create miscellaneous journalsAccounting , Configuration , Journals. Use a miscellaneous journal for wages, inventory and depreciation. VAT returns already have their own journal.Optional

Chart of accounts

Dutch standard chart of accounts

0/4

Good to know

Odoo 19 loads a Dutch standard chart of accounts (not RGS, the Dutch reference chart of accounts). You only need to check and adjust it: archive accounts or add new ones. Want to use your own chart or RGS? Get in touch with us.

4.1Check the Dutch chart of accountsAccounting , Configuration , Chart of Accounts. The chart is loaded automatically when the country is the Netherlands.Required
4.2Check revenue accounts (8xxx)Add revenue accounts for each type of product or service where needed.Optional
4.3Check expense accounts (4xxx and 7xxx)4xxx are operating expenses, 7xxx is cost of sales. The default expense account is 7001. Add the accounts your business needs.Optional
4.4Set the default accountsAccounting , Configuration , Settings , Default Accounts: income and expense accounts (8001 and 7001 by default).Required

Connect the bank account

Automatic or manual bank statements

0/4

5.1Add the bank accountAdd a bank account with the IBAN from Accounting , Dashboard.Required
5.2Set up the bank connectionAutomatically through a bank connection (Ponto, for example), or import statements manually as a bank file, such as CAMT.053.Optional
5.3Enter the opening balanceAccounting , Accounting , Journal Entries. Enter open customer invoices and vendor bills separately, so you can reconcile them later.Required
5.4Enter the opening bank balanceMake sure the balance in Odoo at the start date matches the actual bank balance.Required

Sales

Products, services and sales settings

0/5

First this

Install the Sales app from Apps if it is not active yet.

6.1Install the Sales appApps , search for "Sales" , Install.Optional
6.2Create products and servicesSales , Products , New. Choose the type Goods or Service and the VAT: 21%, 9% or 0%.Required
6.3Set up payment termsAccounting , Configuration , Payment Terms, for example 14 or 30 days.Required
6.4Configure pricelistsSales , Products , Pricelists, for example for discounts.Optional
6.5Import or create customersContacts , New, or import from Excel. For business customers, enter the VAT number.Required

Invoice layout and numbering

Invoices that meet Dutch requirements

0/4

Invoice requirements

Invoice number, date, VAT number, Chamber of Commerce (KvK) number, name and address details, description, and amounts excluding and including VAT.

7.1Decide on invoice numberingSet the number format on the first invoice in the sales journal, for example including the year. Check the numbering before you post the first invoice.Required
7.2Customise the invoice templateSettings , General Settings , Document Layout: logo, colours and footer.Required
7.3Bank details on the invoiceMake sure the IBAN and account holder name are visible on the invoice.Required
7.4Create and check a test invoiceCreate a test invoice and check that it contains every required item.Required

Recurring tasks. Every day, week and month.

Once everything is set up, these tasks keep the accounting up to date. The list follows the version you chose.

Odoo 20

Daily 5

Synchronise bank transactionsAccounting , Dashboard , bank journal: synchronise, or import a CAMT.053 file.
Process new customer invoicesAccounting , Customers , Invoices: confirm drafts and send them by email or Peppol.
Enter vendor billsAccounting , Vendors , Bills. Check the suggested lines and the warnings about duplicate bills.
Reconcile receiptsMatch bank payments to open invoices. Matched payments are marked Reconciled.
Check incoming invoicesReceived by email and through Peppol.

Weekly 5

Full bank reconciliationAccounting , Dashboard , bank journal: reconcile all open lines.
Check outstanding receivablesAccounting , Reporting , Aged Receivable. Send reminders from the invoice list.
Review bills due for paymentAccounting , Vendors , Bills: schedule payments. Odoo warns you about duplicate payments.
Make paymentsCreate a SEPA batch, or pay directly from Odoo if your bank connection supports it.
Check cash flowCash position and upcoming commitments, for example in Accounting , Reporting , Cash Flow Statement.

Monthly 7

Carry out the month-end closeCheck that everything has been recorded and post manual journal entries where needed.
Check the bank reconciliation reportReconciled and open items at month-end, for each bank account.
Prepare the VAT return (if filing monthly)Accounting , Accounting , Tax Returns.
Review the profit and lossAccounting , Reporting , Profit and Loss. Compare it with the previous month.
Check the balance sheetAccounting , Reporting , Balance Sheet.
Post depreciationAccounting , Accounting , Assets: check and post the draft depreciation entries. For an overview, see Reporting , Depreciation Schedule.
Review accruals and prepaymentsPrepaid expenses and other accruals.

Quarterly 5

File the VAT return DeadlineAccounting , Accounting , Tax Returns: check and file. With SBR, the return is sent as XBRL from Accounting , Reporting , Tax Report. Then validate and lock the return, and Odoo posts the VAT closing entry.
File the EC sales list (ICP)For intra-community supplies, from Accounting , Reporting , EC Sales List. Monthly filing is mandatory above €50,000 in supplies of goods per quarter.
Quarterly management reportReports for the directors and shareholders.
Budget versus actualsCompare the actual figures with the budget.
Check the provisional assessmentIs the provisional assessment for corporate income tax or income tax still accurate?

Annually 4

Carry out the year-end closeOdoo has no separate year-end closing button. Create a profit allocation entry on the last day of the financial year via Accounting , Accounting , Journal Entries. Then set the lock date for all entries in Accounting , Accounting , Lock Dates.
Export the XAF audit file RequiredAccounting , Reporting , General Ledger: choose the period and export as XAF, the Dutch audit file format. Keep it for seven years.
Prepare the annual accountsBalance sheet, profit and loss account and notes, with your accountant if needed.
File the annual accounts with the KvK DeadlineThrough SBR, no later than 12 months after the financial year-end. A BV (Dutch private limited company) files within 8 days of adoption.

Odoo 19

Daily 5

Synchronise bank statementsAccounting , Dashboard , bank journal: synchronise, or import a bank file.
Process new customer invoicesAccounting , Customers , Invoices: confirm drafts and send them.
Enter vendor billsAccounting , Vendors , Bills: enter the bills you have received.
Reconcile receiptsMatch bank payments to open invoices.
Process emailsCheck for invoices received by email.

Weekly 5

Full bank reconciliationAccounting , Dashboard , bank journal: reconcile all open lines.
Check outstanding receivablesAccounting , Reporting , Aged Receivable. Send reminders where needed.
Review bills due for paymentAccounting , Vendors , Bills: schedule payments.
Make paymentsCreate a SEPA batch, or pay through your bank.
Check cash flowCash position and upcoming commitments.

Monthly 6

Carry out the month-end closeCheck that everything has been recorded and post manual journal entries where needed.
Prepare the VAT return (if filing monthly)Accounting , Accounting , Tax Returns: check the return.
Review the profit and lossAccounting , Reporting , Profit and Loss. Compare it with the previous month.
Check the balance sheetAccounting , Reporting , Balance Sheet.
Post depreciationAccounting , Accounting , Assets: check and post the month's draft depreciation entries.
Review accruals and prepaymentsPrepaid expenses and other accruals.

Quarterly 5

File the VAT return DeadlineAccounting , Accounting , Tax Returns: check and file, then validate and lock the return. With a Digipoort certificate, you can send the return as XBRL from the tax report.
File the EC sales list (ICP)For intra-community supplies. Monthly filing is mandatory above €50,000 in supplies of goods per quarter.
Quarterly management reportReports for the directors and shareholders.
Budget versus actualsCompare the actual figures with the budget.
Check the provisional assessmentIs the provisional assessment for corporate income tax or income tax still accurate?

Annually 4

Carry out the year-end closeOdoo has no menu for closing the financial year. Create a profit allocation entry on the last day of the financial year via Accounting , Accounting , Journal Entries. Then set the lock date for all entries in Accounting , Accounting , Lock Dates.
Export the XAF audit file RequiredAccounting , Reporting , General Ledger: choose the period and export as XAF, the Dutch audit file format. Keep it for seven years.
Prepare the annual accountsBalance sheet, profit and loss account and notes, with your accountant if needed.
File the annual accounts with the KvK DeadlineThrough SBR, no later than 12 months after the financial year-end. A BV (Dutch private limited company) files within 8 days of adoption.

Reference. Short and to the point.

VAT rates

Standard rate21%
Reduced rate9%
Export and intra-community supply0%
Exemptno VAT, no input VAT deduction
B2B within the EUreverse charge

Accommodation has been taxed at 21% since 1 January 2026. Culture, media and sport remain at 9%.

VAT deadline

File and pay by the last day of the month following the return period. Your period is stated in the letter from the Dutch Tax Administration (Belastingdienst).

Troubleshooting

Bank does not synchroniseReauthorise the bank connection.
VAT return does not add upCheck the VAT codes on invoices and any remaining drafts.
Invoice cannot be postedCheck the journal, the accounts and the lock dates.

In Odoo 20, every bank entry is recorded as a bank transaction.

Useful links

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