How to create an "Opening Balance" for a new financial year in Odoo

This article on Odoo / OpenERP accounting, describes how to close a financial year and bring account balances into the new financial year as opening balance entries.

Step 1 : Create new financial year

Step 2 :  Create a new account for Opening Balance Entries (If there doesn't exist one already)

 

Parent : 0- My Company

Internal Type : Regular

Account Type : Equity

Configure proper deferral method in account type. In the given example i am choosing "Balance" as the deferral method.

Step 3 : Create a new Journal for Opening Balance (If there doesn't exist one already)

Type - Opening/Closing

Set the debit and credit accounts to the new account we created in step 2

Step 4 : Go to Accounting / Periodic  Processing / End of Period / Generate Opening Entries.

Fill in required information and create Opening Entires.

Open Chart of account Corresponding to the new financial year and verify the account balances.

For more details, please follow the below video.