For companies in the UK looking to implement OpenERP, a key part of the requirement is an out of the box Chart of Accounts.
The idea behind the module was to replicate closely what is commonly used in Sage systems for the chart of accounts. The reason for this was so accountants and financial directors would be able to see a structure that they are familiar with, thus having a good impression of OpenERP. Not only does it make a good impression, but it can also be used in Production!
The module makes use of the familiar 4 digit codes found in Sage. Common account numbers like 4000 – Sales, 5000 – Purchases are identical.
Of course an OpenERP chart of Accounts can be modified to suit a requirement more closely.
Chart of Taxes
The other main area of the UK Accounting Localisation module is what OpenERP calls the Chart of Taxes. The chart of taxes represents the structure and codes for all tax rates in your country. Again, for this part of OpenERP we replicated the Sage tax codes to make it user friendly.
Rates for the new 20% VAT introduced at the start of 2011 have been included just as they are in Sage with abbreviations ‘PT’ for ‘Purchase Tax’ and ‘ST’ for ‘Sales Tax’.
Additionally, using the standard VAT reports in OpenERP you can prepare a VAT return, although using an enhanced VAT 100 reporting module is highly recommended.
We have defined the chart of taxes in accordance with a VAT 100 filing report. All case codes correspond to the appropriate box on the form on which you will enter the values for your return.