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9 Antwoorden

Cameron Groot-Brittanië


| 6 6 10
Blackburn, Groot-Brittanië
Cameron Groot-Brittanië
07-05-17 05:31

My Answer - as guided by Ermin and TLW-Inc

1) DONT create a Opening balance journal

2) Enter all outstanding invoices customer separately 

2) For Bank Balances - Create a "Retained Earnings" account (Accounting>Advisor>Chart of Account>Create - I use Code 303000, Name  "Retained Earnings", Type Equity

3) For each Bank and Cash Journal, Create and POST separate journal entries - dated last day of the previous financial year

    Bank Journal - "Bank account" value in Debit - with matching value - "Retained Earnings" value in Credit 

    Credit Card Journal  - "Credit Card account" value in Credit- with matching value - "Retained Earnings" value in Debit

    Company Cash Journal  - "Company Cash account" value in Debit- with matching value - "Retained Earnings" value in Credit

    Director Cash Journal - "Director Loans account" value in Credit- with matching value - "Retained Earnings" value in Debit

    Tax Journal - "Tax owed" value in Credit - with matching value - "Retained Earnings" value in Debit


Ermin Trevisan Zwitserland

--Ermin Trevisan--
| 7 6 9
Walchwil, Zwitserland
--Ermin Trevisan--

Ermin Trevisan Zwitserland
25-04-17 00:50

Please do read the accounting documentation carefully and then revert back if you have specific questions. There is an implementation guide implemented as a wizard which helps you to properly set up your accounting. By the way, the counter account of "opening statement" is the retained earnings account, but that's accounting 101.

4 Opmerkingen
Cameron Groot-Brittanië
25-04-17 05:26

Thanks Ermin, however "your link" then "How to setup Odoo Accounting?" refers to the "implementation guide" which doesnt answer either of my questions. Having scoured the web and found a thousand answers + yours "retained earnings account" I was looking for a definitive answer - see above

twanda AG, Ermin Trevisan Zwitserland
25-04-17 07:26

The major point is the new accounting approach Odoo realized starting with version 9.0, which has lead to a lot of discussion in the community, and which made the opening and closing procedures some kind of obsolete.

Cameron Groot-Brittanië
25-04-17 07:32

We may have crossed wires. - See latest edit above - I appreciate that between financial years closing and opening accounts is not required - sounds good to me. But we have no account yet other than the closing balance of an old system. Whats is the correct way to input these primary figures?

twanda AG, Ermin Trevisan Zwitserland
25-04-17 07:41

The recommended way for accounts payable and receivable is to completely post to open invoices with their original dates. For the rest of the balance sheet accounts you can follow the idea of your linked video, but not only for bank accounts (you may use another journal type for that purpose) and post the balances against the retained earnings account.

Jas B Groot-Brittanië
07-09-17 05:52

Hi Cameron,

How have you got on with importing balances?

We are trying to do something similar (Moving from Xero to Odoo 10) and there seems to be a lack of knowledge on this in the Odoo community. 

The wizard is vague at best...

1 Opmerking
Cameron Groot-Brittanië
07-09-17 14:04

Jas - pretty much as described in my answer above - it worked - Not being an accountant I find the double entry book keeping hard! My only advise is, BEFORE you move to Odoo, set up a data base, get your chart of accounts set up - depending on the size of your company the less the better - play with a database copy until you know whats going on, then play some more - especially the VAT (I still dont know :() Odoo ISNT for the faint hearted, it takes time to set up and tweek properly! Only now(tell a lie another month at least (10 months into odoo10 (after Openerp 7)) are we just about getting it to work nicely - Dam I forgot about the VAT let say Dec 2018

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