This video is to show How to set up Odoo accounting and how to import opening balances into the new fiscal year. Here we have explained the basis of an actual company’s closed balance sheet. At the year-end, we will have to transfer the closing amount from the balance sheet into the current year as an opening balance to the new fiscal year.
Video Contents:
0:00 Introduction
0:38 Examine a business case
3:30 Import opening balance amount into new fiscal year
11:32 Get Code of fixed asset
18:57 How to Create Salary Payable
23:17 Checking reporting session of Odoo
Odoo Accounting Services:
If a company is going to set up a new fiscal year, you will have to enter opening balances to be imported. However, if you are migrating from an accounting software you will have considerable data to be imported as an opening balance.
Cybrosys recommend that you start using Odoo ERP for accounting from a new financial year, To set up your accounts, you will need the following for the “day” you start using accounting in ODOO ERP:
Assets
Stock assets (stock in hand) i.e ( Total stock value amount )
Fixed assets like Land, furniture, computers, laptop. Etc..
Accounts Receivables (AR) i.e. unpaid invoices that you have sent to your Customers.
Current assets like bank balances, cash in hand, deposits, etc.
Liabilities
Capital accounts like your shareholder’s ( owner’s) capital
Current liabilities like loans, salary payables, Tax payables, etc
Accounts Payables(AP) i.e. unpaid invoices which your suppliers have sent you
If you were using another accounting software before, you should close all financial statements in that software first. The closing balance of the accounts should be updated as an opening balance in the Odoo ERP. Before starting to update the opening balance, ensure that your Chart of Accounts ( has all the Accounts needed.
Opening In Odoo we used a journal and journal entries for setting the opening balance
Opening entry is only for Balance Sheet accounts and not for the Profit and Loss Accounts.
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