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Closing the fiscal year

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In this video, learn how to In this video, learn about the essential steps to close a fiscal year in Odoo. ​

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1. What can I do if I started my business in the middle of a fiscal year?
I can match the fiscal year in Odoo to my local accounting regulation and have the invoices and bills start on the date of my business opening. In the Account configuration, change the fiscal year’s start date to the date of my business opening. Enable the Fiscal Years option in the Accounting settings and define the length of the first fiscal year. Odoo automatically creates a fiscal period starting on the day my database is created and in accordance with my localization package installed.
2. How can I prevent certain users from modifying accounting entries past a certain date?
Change the job position on the employee’s profile. Change the access rights on the user’s profile. Set a “Hard Lock” date and create exceptions for users who need access to modify the entries. Set a “Lock Everything” date and create exceptions for users who need access to modify the entries.
3. Where can I check the amount of unallocated earnings once I’ve closed the fiscal year?
On the Balance Sheet, with the period set to the end of the previous fiscal year, on the “Previous Years Unallocated Earnings” line. On the Profit and Loss Statement, with the period set to the first day of the new fiscal year, on the “Previous Years Unallocated Earnings” line. On the Balance Sheet, with the period set to the first day of the new fiscal year, on the “Previous Years Unallocated Earnings” line. On the Profit and Loss Statement, with the period set to the end of the previous fiscal year, on the “Previous Years Unallocated Earnings” line.