I am trying to close the year but there is an Equity account that is not showing its balance. The balance shows correctly in the General Ledger but in the Balance Sheet it shows nothing. This drives me absolutely nuts.
The balance in the General Ledger is from previous financial year and this financial year there was no transaction on that account. Nevertheless it should show correctly its balance in the Balance Sheet (isn't that where the name comes from?).
Anyway, I cannot figure out how to make the balance of that particular Equity account show in the Balance Sheet. Does anybody had a similar experience or maybe can help?
I am using Odoo online (single app) and I cannot figure out how to contact Odoo support. The only "thing" I can get in contact with is the AI Bot and this thing can't help. There is no email address or phone number anywhere on the help website for Australia.
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Hi,
The issue occurs because Odoo’s Balance Sheet only shows balances carried into the current fiscal year through opening entries, while the General Ledger still shows last year’s history. If you didn’t generate and post the opening journal entries when closing the previous year, equity and other account balances won’t appear in the Balance Sheet. The solution is to run the year-end closing process and generate opening entries so that prior-year balances are properly brought forward and displayed.
For the Odoo support:- https://www.odoo.com/es/help
Hope it helps.
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Thanks for your help, much appreciated.
The link you provided was to the spanish help page. I don't speak spanish, but believe the content is the same as on the english help page. There is no support information on that page for Australia or any general support email. I am familiar with the documentation found under the help section. The particular page with detail for year-end-closing can be found here: https://www.odoo.com/documentation/18.0/applications/finance/accounting/reporting/year_end.html
The only manual journal entry mentioned on that page is to book the current year's earnings to an equity account. There is nothing mentioned about opening balances. In fact, I believe that those manual bookings are only required with the Odoo Community edition. I am using the online edition and I think those opening bookings are done automatically or not required (I don't know how Odoo deals with this internally).
Can you please confirm that the opening journal you mentioned is for the Odoo Community edition only? Or otherwise point me to documentation where I can read about the process of closing a year.
Thank you.