Assets

Assets are present economic resources controlled by an entity as a result of past events. An economic resource is a right with the potential to produce economic benefits.

Examples include cash, receivables, equipment, and prepaid services. Assets are not all immediately available cash; equipment can be presented net of accumulated depreciation.

Odoo records assets through configured account types such as receivable, bank and cash, current assets, prepayments, fixed assets, and non-current assets. The Balance Sheet groups the relevant balances.

Buying qualifying equipment exchanges bank funds for a fixed asset. Prepaying future rent exchanges cash for a prepayment asset, with expense recognized as the benefit is consumed.