Accounting and Invoicing - Odoo

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Import an opening balance

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Learn everything you need to grow your business with Odoo, the best open-source management software to run a company, at https://www.odoo.com/r/NlF In this video, learn how to import existing account balances into Odoo. Find the sample template here: https://docs.google.com/spreadsheets/d/1ezu5H3Eko4-GGFbSz2exZM2PoQ-C2Y_D/edit?gid=839582211#gid=839582211 Need more information about Odoo apps? https://www.odoo.com/r/cfi Discover Odoo, schedule a demo, or start your own Odoo revolution for free (no credit card required), at https://www.odoo.com/r/kASR

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1. Why is a "suspense account" used when importing accounts receivable and payable into Odoo?

To hide the actual company profits from the government during the first year. To temporarily hold balances and avoid doubling the amounts in receivable and payable accounts when invoices are created. To pay for the employees' office supplies during the software transition.

2. What is the recommended best practice regarding the timing of a software transition to Odoo?

Transition at the exact middle of a busy production week. Transition during the holiday season when most employees are on vacation. Transition using data from the end of a fiscal year or the end of a tax period.

3. What should you do with the bank account balance during the General Ledger import to allow for later reconciliation?

Replace the bank account with the "Bank Outstanding Receipts" or "Payments" account on the general ledger. Leave the bank balance at zero and manually enter every historical transaction from the last 10 years. Create a fake invoice for the total bank balance and mark it as "Paid" in cash.

Accounting and Invoicing - Odoo

Import an opening balance

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