A fiscal year, is a financial reporting period used by businesses, organizations, and governments to track and report their financial performance. #fiscalyear #odooaccounting
Video Chapters:
00:00 – Introduction
01:06 – Create Fiscal Year
03:42 – Opening Balance
04:30 – Invoice and Bill Creation, Reconcilation
07:43 – Balance Sheet
09:24 – Retained Earning
11:48 – Lock Dates
14:19 – General Ledger
It is not necessarily the same as the calendar year, which runs from January 1st to December 31st. Instead, a fiscal year can start and end on different dates, depending on the entity’s accounting practices and requirements.
Closing a fiscal year ensures that financial statements, including the income statement (profit and loss statement) and balance sheet, accurately reflect the financial performance and position of the organization for that specific period.
This accuracy is essential for decision-making, investor confidence, and regulatory compliance. #odoo16 #odoofunctionalvideos
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