❖ An accounting journal is a record of transaction exchanges requested by date, these
transactions are recorded in the name of journal entries.
❖ Each journal entry shows account names and their credits and debit values.
❖ In Odoo we can create different types of journals. Sales, Purchase, cash, Bank, and
miscellaneous are the basic five types of journals in Odoo.
❖ Exchange Rate Difference Journal: It records the differences in payment registration and the
expected amount. If we receive payment against an invoice after a month of invoice creation,
the exchange rate most probably will be changed.
❖ This Rate Difference Journal is used to create journal entries of loss or profit caused by the
difference in the currency exchange rate.