Odoo Fiscal Year Automation and Closing Entries

In the Odoo Accounting, at the end of each fiscal year, the Accounting user will have to do the following:

1. 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.