Openbravo ERP is a Web based ERP for SME, built on proven MVC & MDD framework that facilitate its customization. Already in production, Openbravo ERP encompasses a broad range of functionalities such as finance, supply chain, manufacturing & much more

Project Homepage: http://sourceforge.net/projects/openbravo/

An upgrade path is available from earlier releases to 2.40. 
 
-- What is new -- 
 
There are two major areas of enhancement: 
 
· New usability enhancement bring the productivity of the user interface to levels comparable to client server applications. Users can now fully operate the system using only the keyboard and all most frequently used operations are just one click away and conveniently accessible through a short cut. In addition, users can configure their system so that, when they open a window, the focus is automatically placed in the most important field according to their specific business processes; this reduces the number of keystrokes necessary to complete a transaction and dramatically increases productivity. Finally, a new set of icons and a revised look & feel keep the user better informed of the status of the system therefore avoiding confusion and preventing costly mistakes. 
 
· Improved global operation support. With the enhanced multi-schema accounting capabilities it is now possible to account each transaction according to multiple accounting rules, in multiple currencies and in multiple calendars. This enables organizations with operations in multiple countries to comply with the local accounting regulation while at the same time apply a corporate accounting standard that allows roll ups and consolidation. Many new features improve the ease of deploying Openbravo in different geographies. The completely revised VAT module, for instance, allows a much better support for key reporting requirements in many countries such as VAT Registers and Withholding Tax.  
In addition, the new International Bank Account feature enables users to out of the box define bank accounts according to their local conventions and therefore it avoids a very frequent customization. 
 
For a complete list of new features and fixes refer to the release note: 
http://wiki.openbravo.com/wiki/Openbravo_ERP_2.40_ReleaseNotes