Accounting Opening Entries

Odoo 8.0

Mustufa Rangwala

Steps to create Opening Balnace/Entry in Odoo.

1. Export the closing balance from existing software for accounts.

2. Go to Accounting/Journal Entries/Journal Entries menu.

3. Create journal entry by selecting Journal = Opening Entries Journals and Period = Opening Period for starting year.

4. Create/Add journal items for different balance sheets / Ledger accounts with debit and credit amounts. Odoo will create automatically contra entry in Opening expense and Opening income account available on journal selected.

5. Save and post it.

Important notes of Opening Entries creation:

Assets Account (opening balance) => Debit
Liabilities account (opening balance => Credit

Capital account => Credit

You can also create opening entries using wizard already available in the menu "Invoicing/Periodic Processing/End of Period/Generate Opening Entries" if your company is using Odoo in previous financial year.

For more information, you can contact us by email or skype.

Thanks,

Mustufa Rangwala