The problems
During closing periods (e.g. end of a fiscal year), reset account balance (carry the balance forward to the next period) for some accounts is a really heavy job. To get it done, accountants would need:
- To have good knowledge of their country's accounting standards on which accounts to be reset
- Calculate balance of the required accounts at the time of closing period. This also brings heavy workload to accountants and may get trouble by human errors
Key Features
Accounting Advisor / Manager can define account balance carry forward rules. For example,
- 521 -> 511
- 511 -> 911
- etc.
Accountant can create a carry forward document which will automatically
- load all the applicable rules
- calculate the balance of all the source accounts, which will be carried forward to the next period for reviews
Upon validation of the document, Odoo will create accounting entries for each rule. It also respect the cummulative balance by ordering. For example,
Balance of the account 521: 100
Balance of the account 511: 550
The rules:
- 521 -> 511
- 511 -> 911
The result:
The First journal entry:
- Debit 100 on 511
- Credit 100 on 521
The Second journal entry:
- Debit 450 (as the resul of 550-100) on 511
- Credit 450 on 911
(new in Odoo 13): generate balance carry forward entries from selected journal items
Editions Supported
- Community Edition
- Enterprise Edition