I have hear from the some where the char of account is used based on the different country it means that the char of account used based on different different country and analytical account is used as in service type of products.
I don't know am i right or wrong.
Please clarify me in depth which situation we are using the chart of account and which is not and which situation we are using the analytical account in ODOO (Formally) and which is not.
In principle, accounts that made up the chart of accounts are taken into general ledger posting i.e used to prepare BS, P/L etc, while the analytical accounting are mainly used only for companies internal use and doesn't affect anything in real accounting.
The general accounting system is a legal obligation. It must conform to certain accounting principles and must represent a fair picture of the financial situation of the company by producing a balance sheet and a profit and loss statement. Its foundation is the Chart of Accounts, made up of eight classes. Classes 1-5 are balance sheet accounts and classes 6 and 7 (expenses and revenues) are used for the profit and loss statement. All journals and accounts post to the General Ledger.
The second accounting system used in some countries is called Analytical Accounting. Its main purpose is to track expense and revenue accounts by categories in order to derive profit and loss by activity. Its foundation is a separate Chart of Accounts made up of a single class (class 9). Its journals and accounts post to a separate ledger (the Analytical Ledger.)
Some European countries use two types of accounting systems. (The United States and most other countries use only one.)
The chart of accounting will differ from country to country. For example US uses Account receivable and Account payable accounts which is equal to Debtors and Creditors accounts in Indian accounting. So Odoo keeps the chart of account based on the country.