How to Manage Opening Balance in Odoo 16 Accounting | Odoo 16 Functional Videos

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 16 we used a journal and journal entries for setting the 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 the beginning of the fiscal year or quarter. #odoo16 #odooaccounting #odoofunctionalvideos
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[@mysainu]

👍

[@hassanwaheed7236]

why opening balance AR is credit?

[@odehanas]

I couldn't find in the COA the Opening Dr. and Opening Cr. as you are showing and I am using the V.16 why is that.?

[@cybrosys-technologies]

This will be available at the initial stage only. If you have posted the opening journal entry it won't appear from the dashboard.

[@mostafaalmahmoud4402]

Can I launch Odoo system with uploading only quantities , but without uploading the opening balances, as they need time to prepare. ?

[@cybrosys-technologies]

Yes possible, but the thing is that the financial report might not be correct since it missing the opening balances of stock and other ledgers.

[@ashrafessa5334]

How we make opening jv for inventory ?

[@cybrosys-technologies]

The accounts receivable account may occasionally have credit balances. When money is received in excess or as advance payment, this occurs. You can add opening debit and credit in the account as per your requirement.