How to set opening balance in odoo 15 (Enterprise)
- 1. www.cybrosys.com How to set opening balance in Odoo 15
- 2. INTRODUCTION ❖ At the year-end, we will have to transfer the closing balance of the current year as an opening balance to the new financial year. ❖ In odoo 15 we used a journal and journal entries for setting opening balance. ❖ First, create an equity account for opening balance and a journal entry to bring account balances into the new financial year as opening balance entries. ❖ The date of the journal entry should be the beginning of the fiscal year or quarter.
- 3. Go to Accounting Dashboard, From there select chart of accounts REVIEW
- 4. ❖ And from there we will get all available charts of accounts . These are the accounts pre configured by odoo based on fiscal localization.
- 5. Now goto Configuration -> Settings
- 6. ❖ Set fiscal country for your country and SAVE the changes
- 7. From the apps we will get the localization apps installed in the database based on current fiscal localization.
- 8. Now goto Accounting Dashboard -> Chart of Accounts ❖ There will be a list of charts of accounts with opening debit and credit. ❖ And also can create a new chart of accounts by CREATE button.
- 10. ❖ Enter the account name, code opening credit or debit then SAVE the entry. ❖ Also can edit already existing accounts with opening debit and credit amounts.
- 11. Then goto Accounting -> Journal Entries
- 12. ❖ From journal entries we will get the newly created journal entry for opening balance
- 13. ❖ When clicking the entry, there we can see an extra account Undistributed Profits/Losses. ❖ It is automatically added on line to balance the debit and credit entries. ❖ It is possible to post the entries by clicking the POST button.
- 15. ❖ Create a journal entry and try to post the entry
- 16. ❖ Here debit and credit are not same, so will get an error when posting the entry
- 17. ❖ For equalizing the entries, add Undistributed Profits/Losses account to the line, amount will be automatically filled. And then post it
- 18. Now goto Reporting -> General Ledger
- 19. ❖ From there will get the bank accounts with its initial balance.
- 20. For More Details Check our company website for related blogs and Odoo book. Odoo Book V15 Check our YouTube channel for functional and technical videos in Odoo. What Is URLs and Routing in Odoo 15
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