From 8b4fa819d0f83c04ce8c813627ffa31fafe39466 Mon Sep 17 00:00:00 2001 From: Yannick Tivisse Date: Wed, 28 Oct 2015 14:57:41 +0100 Subject: [PATCH] [ADD] accounting: How to close a fiscal year in Odoo. https://docs.google.com/document/d/1kjz3QjbJqrA8lJGv3WhR8HudOTlWuisjCL3aunYi-Zg/edit --- accounting/others/adviser/fiscalyear.rst | 89 +++++++++++++++++- accounting/others/adviser/fiscalyear.rst~ | 3 + .../others/adviser/media/fiscalyear01.png | Bin 0 -> 3714 bytes 3 files changed, 91 insertions(+), 1 deletion(-) create mode 100644 accounting/others/adviser/fiscalyear.rst~ create mode 100644 accounting/others/adviser/media/fiscalyear01.png diff --git a/accounting/others/adviser/fiscalyear.rst b/accounting/others/adviser/fiscalyear.rst index e18a2f590..e3120a9a5 100644 --- a/accounting/others/adviser/fiscalyear.rst +++ b/accounting/others/adviser/fiscalyear.rst @@ -1,3 +1,90 @@ ===================================================== How to do a year end in Odoo? (close a fiscal year) -===================================================== \ No newline at end of file +===================================================== + +Before going ahead with closing a fiscal year, there are a few steps one +should typically take to ensure that your accounting is correct, up to +date, and accurate: + +- Make sure you have fully reconciled your **bank account(s)** up to + year end and confirm that your ending book balances agree with + your bank statement balances. + +- Verify that all **customer invoices** have been entered and approved. + +- Confirm that you have entered and agreed all **vendor bills**. + +- Validate all **expenses**, ensuring their accuracy. + +- Corroborate that all **received payments** have been entered and + recorded accurately. + +Year-end checklist +================== + +- Run a **Tax report**, and verify that your tax information is correct. + +- Reconcile all accounts on your **Balance Sheet**: + + - Agree your bank balances in Odoo against your actual bank balances + on your statements. Utilize the **Bank Reconciliation** report to + assist with this. + + - Reconcile all transactions in your cash and bank accounts by + running your **Aged Receivables** and **Aged Payables** reports. + + - Audit your accounts, being sure to fully understand the + transactions affecting them and the nature of the + transactions, making sure to include loans and fixed assets. + +- Run the optional **Payments Matching** feature, under the **More** + dropdown on the dashboard, validating any open **Vendor Bills** and + **Customer Invoices** with their payments. This step is optional, + however it may assist the year-end process if all outstanding + payments and invoices are reconciled, and could lead finding + errors or mistakes in the system. + +- Your accountant/bookkeeper will likely verify your balance sheet + items and book entries for: + + - Year-end manual adjustments, using the **Adviser Journal Entries** + menu (For example, the **Current Year Earnings** and **Retained + Earnings** reports). + + - **Work in Progress**. + + - **Depreciation Journal Entries**. + + - **Loans**. + + - **Tax adjustments**. + +If your accountant/bookkeeper is going through end of the year auditing, +they may want to have paper copies of all balance sheet items (such as +loans, bank accounts, prepayments, sales tax statements, etc...) to +agree these against your Odoo balances. + +During this process, it is good practice to set the **Lock date for +Non-Advisers** to the last day of the preceding financial year, which is +set under the accounting configuration. This way, the accountant can be +confident that nobody is changing the previous year transactions +while auditing the books. + +.. image:: media/fiscalyear01.png + :align: center + +Closing the fiscal year +======================= + +In Odoo there is no need to do a specific year end closing entry in order to +close out income statement accounts. The reports are created in +real-time, meaning that the **Income statement** corresponds directly with +the year-end date you specify in Odoo. Therefore, any time you generate +the **Income Statement**, the beginning date will correspond with the +beginning of the **Fiscal Year** and the account balances will all be 0. + +Once the accountant/bookkeeper has created the journal entry to allocate +the **Current Year Earnings**, you should set the **Lock Date** to the last day +of the fiscal year. Making sure that before doing so, you confirm +whether or not the current year earnings in the **Balance Sheet** is +correctly reporting a 0 balance. diff --git a/accounting/others/adviser/fiscalyear.rst~ b/accounting/others/adviser/fiscalyear.rst~ new file mode 100644 index 000000000..e18a2f590 --- /dev/null +++ b/accounting/others/adviser/fiscalyear.rst~ @@ -0,0 +1,3 @@ +===================================================== +How to do a year end in Odoo? 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