Odoo Help

Welcome!

This community is for beginners and experts willing to share their Odoo knowledge. It's not a forum to discuss ideas, but a knowledge base of questions and their answers.

0

Credit & Debit accounts in Opening Entries Journal

By
Abdul Gafoor GK
on 4/28/15, 4:22 PM 827 views

Hi All,

Can anyone please explain why 'Opening Entries Journal' must have Credit/Debit accounts mentioned while closing a Fiscal Year. I am not able to close a fiscal year and an error is thrown saying I must update Credit/Debit account fields in the Opening Entries Journal and I am not sure what accounts heads should I put there.

Please help.

Abdul Gafoor

0
Bipin rathod
On 4/29/15, 5:14 AM

Please paste error here, so we can give you the proper answer.

But, I think you have to set Credit and Debit account in Opening Entry Journal, Normally Here company's suspense account comes.

Because of after you close the fiscal year, your closing balance become opening balance for next year.

So, configure your Opening Entry Journal with Credit and Debit account.



0

michel Guénard

--michel Guénard--
1033
| 5 5 8
VIROFLAY, France
--michel Guénard--

VP operations & finance Social entrepreneur Certified Public Accountant Past Chief internal auditor

michel Guénard
On 4/30/15, 9:06 AM

As you know, accounting entries ALWAYS require that the sum of the debits equals the sum of the credits.

Thus, when you post entries in the Opening enties journal, this journal must be configured with the proper accounts.

As this journal is for recording opening entries, the accounts are only those accounts that belong to the balance sheet (no P/L accounts)

ex: Capital; debts; fixed assets; stock; customers; bank; petty cash

0
Abdul Gafoor GK
On 4/29/15, 5:24 AM

User Error!

The journal must have default credit and debit account.

Your Answer

Please try to give a substantial answer. If you wanted to comment on the question or answer, just use the commenting tool. Please remember that you can always revise your answers - no need to answer the same question twice. Also, please don't forget to vote - it really helps to select the best questions and answers!

About This Community

This community is for professionals and enthusiasts of our products and services. Read Guidelines

Question tools

1 follower(s)

Stats

Asked: 4/28/15, 4:22 PM
Seen: 827 times
Last updated: 4/30/15, 10:24 AM