Odoo 17 brings powerful updates to its accounting module, offering practical tools for businesses that need to meet regional tax and reporting requirements. For companies operating in Singapore, staying compliant with financial regulations means choosing a system that aligns with local needs.
This blog covers how Odoo 17 accounting localization supports Singapore accounting standards, and how tailored Odoo customization solutions make the platform suitable for both SMEs and larger enterprises.
Why Odoo Accounting Localization Matters For Singapore Businesses
Singapore businesses must follow strict rules set by IRAS, including GST reporting, accurate bookkeeping, and audit-ready records. Generic accounting tools often fall short of meeting these requirements, forcing teams to rely on manual fixes.
Accounting localization for Singapore solves this problem by providing built-in support for local tax codes, reporting formats, and the official chart of accounts. With Odoo 17 accounting localization, companies can apply GST correctly, track financials using approved structures, and generate IRAS-ready reports.
With Singapore accounting standards in Odoo, businesses can:
- Apply the right GST rates for taxable and non-taxable products.
- Handle exemptions and zero-rated supplies without manual edits.
- Track expenses, purchases, and revenues using local account structures.
- File GST returns directly using the system’s reporting tools.
- Maintain audit-ready data for compliance checks.
Localized accounting in Odoo 17 reduces the burden on finance teams while improving accuracy. It simplifies daily operations and helps businesses stay compliant without adding extra tools or custom development. For growing companies, these features are not optional—they’re part of staying competitive and responsible in Singapore’s regulated market.
Also Read: Odoo 17 Development: Technical Tips & Tricks
How to Set Up Accounting Localization for Singapore in Odoo 17
For companies in Singapore, configuring accounting in Odoo 17 correctly from the start is key to staying aligned with local tax laws, audit rules, and reporting standards. Follow these steps to fully activate Odoo 17 accounting localization for your Singapore business.
Step 1. Install Singapore Localization Module
Start by going to the ‘Apps’ section in your Odoo dashboard.
Search for the Singapore localization module, typically named “Singapore – Accounting” or similar. Install this module. This package includes:
- GST tax codes specific to Singapore
- Pre-defined chart of accounts
- IRAS-compliant settings
- Reporting templates for tax submissions
Installing this module forms the base for all other accounting features you’ll use in Odoo 17.
Also Read: How to Customize Existing Modules in Odoo: The Ultimate Guide
Step 2. Configure Company Details
Go to ‘Settings’ > ‘Users and Companies’ > ‘Companies’.
Click on your existing company or create a new one if you’re setting up for the first time.
In the company form:
- Set the country to Singapore. This selection triggers the correct fiscal localization settings.
- Add essential information like address, tax ID (UEN), and contact info.
- Save the changes once complete.
Correctly configuring your company profile ensures Odoo applies Singapore-based defaults when handling accounting tasks.
Step 3. Verify Fiscal Localization
Now go to ‘Accounting’ > ‘Configuration’ > ‘Settings’.
Scroll to the Fiscal Localization section and check that the localization is set to Singapore.
This confirms that the correct tax treatments, account codes, and compliance features are active. If it’s not selected, you may need to reinstall or reapply the localization module.
This step ensures that Singapore accounting standards in Odoo are fully recognized by the system.
Step 4. Review Chart of Accounts
The Singapore localization module automatically installs a standard Chart of Accounts tailored for Singaporean businesses.
To review or modify, go to 'Accounting' > 'Configuration' > 'Chart of Accounts'.
Here, you can view accounts such as ‘Trade Receivable Account’, ‘Allowance for Bad Debts’, and ‘Employee Cash Advance’, which are essential for Singaporean accounting practices. This structure is essential for businesses to follow Singapore financial compliance and Odoo expectations, especially for year-end reporting.
Step 5. Check Taxes Configuration
After installing the Singapore localization module in Odoo 17, the system automatically adds tax rules that follow local GST structures. These rules are essential for handling sales and purchase taxes correctly, filing GST returns, and maintaining accurate financial records.
To access the predefined tax records:
- Go to
‘Accounting’ > ‘Configuration’ > ‘Taxes’
Here, you’ll see a list of tax entries that apply to common business scenarios in Singapore.
Key GST Tax Types Included
The localization package typically includes the following tax configurations:
# 7% GST on Sales:
This tax applies to most standard-rated goods and services. It’s used when invoicing customers for taxable items within Singapore.
# GST on Purchases:
This is applied when you receive invoices from suppliers charging GST. It tracks input tax that may be claimable during GST filings.
# Zero-Rated Supplies:
Used for exports and certain international services that are taxable at 0%. Though no GST is charged, these transactions are still reportable under IRAS guidelines.
# Out-of-Scope Transactions:
These refer to transactions not subject to GST (e.g., salaries, disbursements, or private-use expenses). You still need to record them properly for financial reporting.
These built-in rules help businesses implement accounting in Odoo 17 without manually setting each tax condition.
Each Tax Record Includes
Each tax entry contains several important fields:
- Rate: The percentage of tax applied. For standard GST, this is typically 7% (or the latest rate as updated by IRAS).
- Scope: Defines if the tax applies to sales or purchases. This controls how the tax is used in invoices or vendor bills.
- Tax Account: Determines which ledger account records the tax. This links your tax calculations directly to your general ledger.
- Label on Invoices: The description shown on customer and vendor invoices. This should be clear for documentation and audit purposes.
Odoo 17 uses these fields to automatically calculate taxes, post the right journal entries, and generate GST reports in the correct format.
Customizing Tax Entries
While the default setup meets most needs, you can adjust tax settings to reflect specific business scenarios. For example:
- Set different GST rates if IRAS revises them in the future.
- Create tax groups for bundled items or complex billing structures.
- Apply conditional taxes using fiscal positions (e.g., exempt certain customers or overseas transactions).
These adjustments help align the system with your company’s exact Singapore business accounting with Othe doo setup.
You can fine-tune these based on your business type. This setup is key for accurate GST settings in Odoo 17 and helps you set up Singapore taxes in Odoo correctly.
Also Read: How To Use An Odoo Accounting Module For Financial Management
Step 6. Set Up Journals in Odoo 17 for Singapore Accounting
In Odoo 17, journals serve as the core tools that record all financial activities. Each journal categorizes and logs a specific type of transaction, keeping your accounting records clear, organized, and compliant. When you enable Odoo 17 accounting localization for Singapore, the system automatically creates journals based on typical business needs in the country.
How to Access the Journals
To view and manage journals:
- Go to
‘Accounting’ > ‘Configuration’ > ‘Journals’
This screen shows a list of all available journals in your system. You can view, edit, or create new ones depending on your operational needs.
Standard Journals Included with Singapore Localization
- Sales Journal
- Purchase Journal
- Bank Journal
- Cash Journal
- Miscellaneous Journal
- IFRS Automatic Transfers
Each journal controls how transactions are recorded. For example, the Sales Journal tracks all customer invoices, while the Bank Journal records bank payments and reconciliations.
Having proper journals is vital when you implement accounting in Odoo 17 for a Singapore-based operation.
Step 7. Enable PayNow QR Codes for Invoices in Odoo 17
PayNow is a fast and secure way for customers in Singapore to make real-time payments using just a mobile number or a Unique Entity Number (UEN). As more businesses and individuals use this method, it’s important to make payment as easy as possible, especially on digital invoices.
With Odoo 17 accounting localization, you can add a PayNow QR code directly to your customer invoices. This feature improves the billing experience, supports Singapore business accounting with Odoo, and helps reduce payment delays. Here’s how to set it up:
1. Go to ‘Accounting’ > ‘Configuration’ > ‘Settings’.
2. Under ‘Customer Payments’, enable ‘QR Codes’.
3. Edit your Bank Account:
- Set Proxy Type to UEN or Mobile.
- Enter the correct Proxy Value (e.g., your company’s UEN).
- Set country to Singapore.
4. Link the account to the Bank Journal.
5. On invoices, add the QR code under the ‘Other Info’ tab.
This functionality aligns perfectly with Singapore accounting standards in Odoo and reflects modern payment practices in the region.
For companies using Odoo 17 accounting localization, enabling PayNow offers a practical upgrade that improves cash flow and supports customer convenience without needing extra integrations.
Step 8. Access the IRAS Audit File in Odoo 17
Singapore businesses must provide audit data to IRAS when requested. Odoo 17 includes a built-in feature to generate this file quickly.
To access it:
- Go to
‘Accounting’ > ‘Reporting’ > ‘IRAS Audit File’
Odoo will export a file that includes:
- All recorded transactions
- GST summaries
- Journal entries
- General ledger data
This feature supports Singapore’s fiscal requirements and helps maintain full transparency during audits, without extra steps or manual work.
Step 9. Review Financial Reports in Odoo 17
Odoo 17 includes built-in financial reports that follow IRAS guidelines, giving Singapore businesses real-time insights into their finances. These reports pull data directly from your transactions, journals, and tax settings, keeping everything current and compliant.
You can access them by going to: ‘Accounting’ > ‘Reporting’
Here’s a breakdown of the key reports available:
- Balance Sheet: Shows total assets, liabilities, and equity.
- Profit and Loss: Breaks down income and expenses.
- Tax Report: Lists GST collected and paid across all journals.
These reports are automatically updated as transactions are recorded. They support Odoo accounting features, Singapore businesses need to make informed decisions, and stay tax-compliant.
Also Read: Creating Custom Reports in PDF – Odoo 17.0 Documentation
Working with an Odoo Partner in Singapore: Why It Helps
Setting up Odoo 17 accounting localization for Singapore can be complex, especially when aligning the system with GST rules and IRAS reporting. A certified local partner like Shiv Technolabs brings the expertise needed to configure everything accurately.
Shiv Technolabs helps with:
- GST and tax setup
- Local chart of accounts
- IRAS-compliant reports
- Bank and payment integrations
We support data migration, system testing, and team training, making it easier to manage tasks like journal entries, GST filing, and audit file generation.
If your business operates across branches or needs a setup aligned with Singapore accounting standards in Odoo, working with Shiv Technolabs ensures a smoother experience and full use of Odoo’s localized accounting modules.
Also Read: How to Choose the Right Odoo Development Partner in Singapore?
Conclusion
Odoo 17 brings valuable updates that support both international practices and local compliance needs. For companies in Singapore, it offers the tools required for accurate tax handling, GST reporting, and real-time financial tracking. With strong support for Odoo 17 accounting localization, businesses across industries can manage daily operations and regulatory filings with confidence.
With the right setup—either in-house or with the help of a trusted partner—you can stay focused on growth while maintaining financial control. Shiv Technolabs, a Premier Odoo Customization Services Company in Singapore, offers end-to-end support to help you make the most of localized accounting in Odoo 17. Get in touch with us now!
