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I am going live with Odoo in May.
I have Inventory as of December 31st. I have my monthly Sales and Purchases for each month.
I want to import my inventory, my monthly sales, and my monthly purchases and have all my reports reflect the monthly transaction amounts.
What is the best way to do this?
Let's assume you have a single product you sell, which you buy at $10 and sell at $25.
1. Create and Apply an Inventory Adjustment for 573 Units with the Accounting Date of December 31st - the Scheduled Date you can leave at today.
(If your Inventory Valuation is Automated, you will need to confirm the Valuation Accounts - such as a Clearing Account - on your Inventory Adjustment location for this step)
As the Journal Entry for this adjustment (only with Automated Inventory Valuation) will be posted in December, your Balance Sheet is correct.
2. Enter a single Bulk Purchase Order for January. Set the Order Deadline for January.
The Purchase Report will already show this correctly as a January Purchase. The Journal Entry for this purchase will be posted in May, so you will re-class the balances.
3. Enter a single Bulk Sales Order for January.
The order date will still be May, we will fix this for all Sales Orders after they are all entered. The Journal Entry for this sale will be posted in May, so you will re-class the balances.
Your Balance Sheet and Income Statement are now correct, since the Journal Entry for the Customer Invoice is already correct.
You would then repeat Steps 2 and 3 for each additional month, posting your duplicate Journal Entries in February, March, then April. Duplicating existing Sales and Purchase Orders and changing quantities will save time. Be sure to complete the Purchase for the month before the Sales for the month, to not run out of Inventory!
4. The final step is to correct the dates of the Sales Orders, as this is the only other report not yet correct.
After doing this (plan for several hours, including time to review your work) you will have:
Sales Report:
Purchase Report:
Balance Sheet:
Profit and Loss:
Note that your Inventory Report will be accurate only moving forward from May, you won't be able to run it for past months, so you would leverage your Balance Sheet to see your prior month end Inventory Balances.
Additional References for Accounting Go Live:
https://www.odoo.com/forum/help-1/how-to-go-live-with-accounting-complete-set-up-in-v15-197693
Thank you Ray, your post will help a lot of customers migrating to Odoo.
We fixed our inventory valuation report by customizing a module to take new date in Picking form. That way the inventory valuation report is correct even for backdated transactions.
Ray Carnes,
1. Create and Apply an Inventory Adjustment for 573 Units with the Scheduled and Accounting Date of December 31st.
This is not possible on V15, every time you set a backdate / date during inventory adjustment, the date is changed into today_date. Could you tell on which part I am missing?
Hi Kevin, it is just the ACCOUNTING DATE that you need to have at year end. You are correct that the SCHEDULED date will change, that's not important for this workflow. I have updated the post to discuss only the ACCOUNTING DATE.
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