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How to create an “Opening Balance” for a new financial year in Odoo
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How to create an “Opening Balance” for a new financial year in Odoo

Vishnu Devaraj, April 1, 2016

This article on Odoo / OpenERP accounting, describes how to close a financial year and bring account balances into the new financial year as opening balance entries.

 

Step 1 : Create new financial year

 

Step 2 :  Create a new account for Opening Balance Entries (If there doesn’t exist one already)

Parent : 0- My Company

Internal Type : Regular

Account Type : Equity

Configure proper deferral method in account type. In the given example i am choosing “Balance” as the deferral method.

 

 

Step 3 : Create a new Journal for Opening Balance (If there doesn’t exist one already)

Type – Opening/Closing

Set the debit and credit accounts to the new account we created in step 2

 

 

Step 4 : Go to Accounting / Periodic  Processing / End of Period / Generate Opening Entries.

Fill in required information and create Opening Entires.

 

For more details, please follow the below video.
https://www.youtube.com/watch?v=7Kb-oVzIky8

Click the BUTTON in the bottom

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