Odoo Accounting Migration - Opening Balance Journal Entries
Updated: Dec 4, 2020
Before Go Live with Accounting, it is an essential step to migrate of the opening balances from the external system to Odoo, unless, you don't mind to manually create all the invoices, payments, etc, from the scratch and all over again.
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Opening balance is the credit and debit balances in the GL that was brought forward from old accounting period to the new accounting period. Similarly, to start using Accounting, before the financial year closing, opening balances migration will allow you to have your retained earning, payable, receivable, etc. from the old system, into the Odoo.
One of the migration method is to create the opening balance journal entries, amongst others. The accountant will have to prepare the opening balances, something like below (over-simplified version). Pre-requisite is that the Chart of Accounts are already been migrated.
Opening Journal Entry will use the Miscellaneous Journal type.
For each Account Payable and Account Receivable, the partner (company) must be entered, so that you may reconcile it when the payment is made. You lump sum all the invoices/vendor bill for each partner.
You must credit to a "Retained Earning" account to balance it.
Total Debit must be equivalent to Total Credit.
Once the opening journal is posted, Odoo Accounting is ready to use.
Having said that, because historical opened Invoices or Vendor bill are not migrated, but merely the migrated Account Payable or Receivable's journal entries, i've noticed that in standard Odoo, there is no standard way to reconcile these journal entries against the payment.
Our workaround was to enhance the view_account_payment_form to support journal entries reconciliation and matching against the payment.