ebeebbcd45
This commit improves the structure of the accounting documentation by - reducing the levels necessary to reach the information - grouping some docs - moving content to their parent category page (content in all levels) - renaming some sections to reflect the structure of the app better task-3330093 closes odoo/documentation#4470 Signed-off-by: Castillo Jonathan (jcs) <jcs@odoo.com>
117 lines
4.2 KiB
ReStructuredText
117 lines
4.2 KiB
ReStructuredText
================
|
|
Year-end closing
|
|
================
|
|
|
|
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/fiscal-years:
|
|
|
|
Manage fiscal years
|
|
===================
|
|
|
|
In most cases, the fiscal years last 12 months. If it is your case, you
|
|
just have to define what is the last day of your fiscal year in the
|
|
accounting settings. By default, it is set on the 31st December.
|
|
|
|
However, there might be some exceptions. For example, if it is the first
|
|
fiscal year of your business, it could last more or less than 12 months.
|
|
In this case, some additional configuration is required.
|
|
|
|
Go to :menuselection:`accounting --> configuration --> settings` and activate
|
|
the fiscal years.
|
|
|
|
You can then configure your fiscal years in
|
|
:menuselection:`accounting --> configuration --> fiscal years`.
|
|
|
|
.. note::
|
|
You only have to create fiscal years if they last more or less
|
|
than 12 months.
|
|
|
|
.. _year-end/checklist:
|
|
|
|
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:: year_end/close_fiscal_year01.png
|
|
|
|
.. _year-end/closing:
|
|
|
|
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.
|