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Alex Theordore

I am migrating from old system to Odoo and I have done the following steps. Being not an accountant and lack of resources on how to setup on Odoo in Enterprise V11. (I found resources / YouTube videos on how to do it in Odoo older version like V8,9).

1. Reviewed current business flow and how to do it in Odoo (including changing current business flow to adapt Odoo operations). 

2. Created Chart of Accounts, Product  Categories, and Products, (and Customer and Vendors are fairly easy). 

3. I have a balance sheet generated from current system and map it to the COA in Odoo

4.  Now, I have a balance sheet with debit and credit columns (and debit and credit sides are balanced).

5. Created a new Journal (Opening Balance Journal) which has the same configuration as Miscellaneous. (I created only to related journals entries related to opening balance).

6. Imported COA with debit and credit balances. 

7. Go to Accounting module. On the Dashboard, there is an Initial Balance buttons (as part of configuration wizard I guess). Change the journal to Opening Balance Journal and choose the date to January 1st, 2018 (since the balance sheets generated for January 1st from the old system). 

My concern is that what do I do afterwards? Is there any additional step I need to do it? for examples, do I set up Fiscal Year first for the previous year (i.e. Jan 1 2017 to Dec 31 2017) ? and then import the COA with balances? Do I create a fiscal year for the next year (Jan 1 2018 to Dec 31, 2018)? I understand I need to Lock the Date once I am confident that no more transactions are needed to enter into the Odoo. 

Any help or guidance will be appreciated.


 


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Pinakin Nayi (pna)

I am not accountant, but I think you are in proper way.

- No need to maintain define previous fiscal year

- COA balances are for new year opening

- just define Fiscal year end and opening date proper

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Kevin McMenamin
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There is no longer a concept of fiscal year / fiscal periods in odoo. Under accounting | config you set up the day/month end of your financial year and everything flows from that. You need to set up retained earnings properly.

I suggest you contact a local odoo partner to get involved. While there will be a cost involved, trying to figure it out yourself and then fixing what is wrong later may turn out to be more expensive.

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vishalratani
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Yes, Setup Fiscal Year using Setup bar to make your reports come out correctly ( correct Financial year).

You may also

 Review your taxes and tax accounts.

Setup and review  your taxes and accounts on Products/ Product categories, Customers/Vendors . ( defaults) for future transactions.

And if you don't want to worry about more than one currencies, than using multi-currency may not be a bother, else activate and setup the currencies you may want to use while transacting.

Thanks

Vishal

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Alex Theordore
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I have turned on the multi-currencies. Before I imported into Odoo, I did the following:

1. I setup exchange rates (e.g. 1 USD = 0.86 EU, 1 USD = SGD$ 1.36)

2. Covert the current value in foreign currencies to USD. (e.g. If there is a 200EU$ in the EU$ Bank account, I put 232.56 in debit account when I import it. Odoo covert it to the EU$ based on the exchange rate I setup).

What step do I need to take to ensure that the accounting data is imported or setup correctly. Do I compare the Balance Sheets generated by Odoo and the old system?

If they give the same indications (in terms of accounting perspective), everything is good?

For Fiscal year, our fiscal is the Dec 31, which is the default.

Do I need to setup anything in Fiscal Positions?

vishalratani

Yes, Balance sheets should match up. Fiscal Positions are for tax mapping. Say if you have different taxes per region and you want the right taxes be applied while you sell. Define tax mappings in your fiscal position and Odoo takes up the tax as per tax mapping in Fiscal position.