Help

Welcome!

This community is for professionals and enthusiasts of our products and services.
Share and discuss the best content and new marketing ideas, build your professional profile and become a better marketer together.

1

[Odoo 8] how to create the opening balance in accounts

Avatar
Captcha

I am starting to use Odoo 8 with ERPOnline for my business management. How can I create the opening balance in accounts, please?

Avatar
Discard
1 Answer
-1
Avatar
David Tran
Best Answer

Hi Captcha,
You can create Opening Entries as explained below

  1. Create an Opening Entries Journal: In most of the Chart of Accounts this comes by default. If it's not present, create a journal "Opening Entries Journal" with Type="Opening/Closing Situation". Check the "Centralized Counterpart" option.
  2. 1a. create an Account "Opening Expense Account" of Internal Type="Regular" and Account Type="Expense" and set this as the Default Debit Account for the above journal 1b. create an Account "Opening Income Account" of Internal Type="Regular" and Account Type="Income" and set this as the Default Credit Account for the above journal
  3. Now go to Accounting->Journal Entries-> Journal Entries and click "Create" to create the opening journal entry
  4. Now select Journal="Opening Etnries Journal" and add all your Accounts here with their Opening balances. Make sure you enter the amount in credit or debit columns based on the opening balance type of respective accounts
  5. Once all entries are made, save the journal entry and post it. If the opening entries you entered are unbalanced (means sum of credits are not equal to sum of debits), then automatically the balance amount will be posted to the Default Debit Account or Default Credit Account of the Journal created in the first step
Anyway, this may vary from different country specific charts of accounts.
Avatar
Discard

Your Answer

Please try to give a substantial answer. If you wanted to comment on the question or answer, just use the commenting tool. Please remember that you can always revise your answers - no need to answer the same question twice. Also, please don't forget to vote - it really helps to select the best questions and answers!