How to Create Opening Balance in Odoo 18 | Odoo 18 Accounting Tutorials | Odoo 18 Tutorials

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Published on ● Video Link: https://www.youtube.com/watch?v=V1FfrM9n200


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Accounting (2016)
Duration: 0:00
418 views
3

Establishing accurate opening balances is crucial when setting up your accounting records in Odoo 18, as they reflect your company's financial position at the start of a fiscal period. Here's how you can manage opening balances in Odoo 18:

1. Using the Chart of Accounts:

Odoo 18 allows you to input opening balances directly through the Chart of Accounts.

Navigate to Accounting -- Configuration -- Chart of Accounts.

Here, you can add new accounts or edit existing ones. For each account, specify the opening debit or credit balance as needed.

This method ensures that your accounts reflect the correct starting balances for the fiscal year.

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2. Importing Opening Balances:

If you're transitioning from another accounting system, importing your existing balances can be efficient.

Prepare a spreadsheet with your general ledger balances, open receivables and payables, bank balances, and current inventory accounts. Ensure that debits and credits are balanced.

In Odoo 18, go to Accounting -- Accounting -- Journal Entries, and select Import Records from the action menu.

Upload your prepared file and map the fields accordingly. Odoo will guide you through the validation process before finalizing the import.

This approach helps maintain continuity in your financial records during the transition.

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3. Setting Opening Balances for Bank Accounts:

To set an opening balance for a bank account:

Navigate to Accounting -- Configuration -- Bank Accounts.

Select the relevant bank account and click on the Setup button.

Enter the opening balance amount in the appropriate field.

This ensures that your bank accounts start with the correct balances.

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4. Managing Opening Balances in Point of Sale (PoS):

For businesses using Odoo's PoS module, managing the opening cash control is essential.

Start a new PoS session by going to the dashboard and clicking Open Register.

In the Opening Control window, input the opening balance, which represents the cash available at the start of the day.

This practice helps in accurately tracking daily cash transactions.

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5. Updating Opening Balances Post-Audit:

If adjustments are needed after an audit:

Navigate to Accounting -- Accounting -- Journal Entries.

Create a new journal entry dated at the beginning of the new accounting period to reflect the necessary adjustments.

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