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

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