In the Odoo Accounting, at the end of each fiscal year, the Accounting user will have to do the following:
Each year, user may have to create a new fiscal year.
2. Closing Entries - DR to the Retained Earning (Equity) Account and CR to the 999-9999 (Undistributed Profit/Loss)
We have came up with a new feature to automate this. There will be a schedule action that will be executed to performed the following.
Eg, Fiscal year 1/1/2022 – 31/12/2022
a) 31/12/2022 (last day of fiscal year) – create the closing entries (JE)
b) CR to “Retained Earning” (Acct type Equity) Account if profit for that year, or DR if loss.
c) DR to “Undistributed Profit/Loss” Acct (Acct type Current Year Earning), if profit.
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