How do I transfer the ending balance from my previous accounting package to my new financial year in Odoo? (Version 13)
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Let's say you were using the previous accounting package in 2019 and that you want to start using Odoo on Jan 1 2020.
- You create a big journal entry on Dec 31 2019 in order to set the correct amounts in all the accounts of your chart of account.
- Use any P&L account as a counterpart.
- Open the Balance Sheet on Dec 31 2019 to make sure that the balance of each account is correct and that it's the same as the one produced by your previous accounting package.
- Open the Trial Balance from Jan 1 2020 to any later date and check that the "Initial Balance (Debits and Credits)" is correct for each non-P&L account.
- For aging balances (A/R and A/P), you will have to break down the A/R and A/P journal items per customer/vendor by specifying the partner field. So, if you have 30 customers who owe you money on Dec 31 2019, you will have to have 30 A/R journal items in your journal entry. Then, open your Aged Receivables and Aged Payables reports on Dec 31 2019 to check you have to comparable amounts with your previous accounting package.
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odoo use lock date for this purpose and auto balance trasfer to next year ...
if you need to trasfer balance in other head you need to post voucher for that purpose