Help

0

Year end Current Year Earnings journal entry

Avatar
Rex Thain

My company (using V10 community) has just started a new year (fiscal year ended 6/30/17).

I understand that Odoo calculates P/L reports based on the last day of  the fiscal year listed in the accounting settings, and base on:

https://www.odoo.com/documentation/user/10.0/accounting/others/adviser/fiscalyear.html

the only year end closing entry required is to allocate the current year earnings. 

So I created a single journal entry transferring the current year earnings to retained earnings and set the lock period to the last day of our fiscal year, but when I run a balance sheet report in the new year period, the profit and loss line still has the prior year amount included.  The income and expense numbers are correct on the P&L, it is just the profit and loss line in the balance sheet report is including the prior year amount with the current year.

The correct (increased) retained earnings amount is showing on the balance sheet report, so the journal entry has been recorded.

I have tried making the transfer of current year earnings journal entry on both the last day of the prior year and the first day of the new year and either way the prior year earnings are being carried forward.  Did I miss something in the closing process?

1 Comment
Avatar
Discard
Avatar
Ermin Trevisan
-

I do also not really understand this. I know that when you post the CYE to retained earnings on the first day, you will get a proper Balance Sheet when entering a from date and not only the to date.

1 Answer
0
Avatar
Wong Wai Jeat
Best Answer

Do you have the answer for this? I am facing the same problem using v9 community and my current year earnings is not calculated. It is still 0.

1 Comment
Avatar
Discard
Avatar
Rex Thain
-

No answer