Dear all,
I m a newbie in odoo (accounting). In my case, there are negative sign (for example -1000) in my initial balance. How can i entry that negative initial balance?
Thanks.
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All Journal Items need to be positive.
A negative initial balance may be a credit or debit, it depends on the type of account and the normal balance that account type has.
Normal balance of common accounts:
Asset: Debit
Bank and Cash: Debit
Expense: Debit
Income: Credit
Liability: Credit
Owner's Equity: Credit
Payable: Debit
Prepayments: Debit
Receivable: Debit
Retained Earnings: Credit
If an INCOME account has a negative initial balance, you would enter that as a positive DEBIT.
If an INCOME account has a positive initial balance, you would enter that as a positive CREDIT.
Thanks Mr. Ray Carnes.
In our initial balance data, the depreciation assets have a negatif sign that placed in DEBIT. It's mean we have to move to CREDIT with positive value?
You should ask the person who made the spreadsheet. A negative DEBIT might be a credit, or it could just be the spreadsheet was exported from a report. On a Report - Accumulated Depreciation negatively affects the DEBIT balance of Assets being depreciated, so might be shown as negative. The meaning of a negative should always be confirmed with someone who knows that the data means.
Thanks Ray! I was stuck with those negative earnings at year-end! (sigh, maybe next year I can buy that Porsche)
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i mean negative value for debit. I m using odoo 11