Close Financial year in Odoo ?

Close Financial year in Odoo

As of now we are in end of year, we need to close our financial year and start new year. So in Odoo important question is how can do or achieve this?

We have to transfer the Closing balance of the year to the opening balance of the new financial year. You can do this thing automatically in Odoo V11.

Before processing make sure the following things,

• Fully Reconciled your bank accounts,
• Check all your customer invoices/Vendor bills recorded and approved
• Check your expenses and make sure you have all your expenses approved and paid.
• Verify your taxes(to do check tax report and verify that)
• Check your unmatched payments,invoices and statements and match those ones.
• Do your manual adjustments

In Odoo, we have two dates which are very important.

Lock Dates

• Set "Lock date for Non-Advisers" to the last day of the preceding financial year. You can find this settings under accounting configuration.

• Set Lock date for all , before doing this make sure you have done everything within date

In Odoo no need do end year closing entries.

The reports are created in real times. Based on Fiscal Year last day you can filter last year or current fiscal year in reporting.

As a accountant you have to do only allocate current year earnings, before lock date you have to do this(normally, Lock Date : the last day of the fiscal year).

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..Enjoy..