Odoo is the world's easiest all-in-one management software. It includes hundreds of business apps:
CRM | e-Commerce | Accounting | Inventory | PoS | Project management | MRP | etc.
The Balance Sheet is wrong for every year except your first year, because Odoo doesn't carry-forward the balances in your Assets, Liabilities, and Equity accounts -- it 0's them out just like with income and expense accounts. Note: with Odoo's new financial-report-on-the-fly methodology, it doesn't 0-out the accounts with a JE, it 0's-out computationally.
The effect of 0'ing out these accounts is that suddenly the balances in your Bank, Accounts Receivable, Accounts Payable, and Equity type accounts have no effect on your Balance Sheet.
For example, on Dec. 31 your Balance Sheet might show:
$10,000 in AR
$20,000 in your bank
$40,000 in AP, and
$10,000 in Retained Earnings
On Jan 1, your Balance Sheet would show $0 in all of those accounts.
Can somebody please confirm they are seeing they same thing as I am? I would love to be wrong about this. Maybe it is the way I'm testing it or I'm misunderstanding how it should work.
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|Asked: 9/2/16, 11:41 PM|
|Seen: 350 times|
|Last updated: 9/4/16, 4:58 PM|