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I’m migrating accounting data into Odoo and I have an issue with Retained Earnings.
This is my first fiscal year in Odoo, so I imported the beginning balances from the previous system.
However, Odoo is showing the retained earnings amount under Current Year Earnings, while it should actually appear as Previous Year Retained Earnings.
How can I correctly migrate retained earnings so that it appears under the previous year instead of the current year?
Hi,
The issue occurs because Odoo automatically places all profit and loss amounts dated within the active fiscal year under Current Year Earnings. When you import your beginning balances with dates in the current year, Odoo assumes they are part of this year’s transactions rather than the previous year’s retained earnings.
To fix this, you need to create an opening balance journal entry that includes your retained earnings account but with a date set before the start of the current fiscal year (for example, 31/12/2024 if your first fiscal year in Odoo begins on 01/01/2025). This ensures Odoo classifies the profit or loss as carried forward from the previous year.
Once the journal is created, enter all your asset, liability, and equity account balances as of the last day of the previous fiscal year, include the retained earnings amount, and then post and close that fiscal year. Doing so will make Odoo show the retained earnings correctly under Previous Year Retained Earnings instead of Current Year Earnings.
Hope it helps
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