Sync Fiscal Year

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By using this module you will be able to manage your Accounting Fiscal Years

Edition: Odoo Community

App Description Page

Account Fiscal Year

A fiscal year (FY) is a period that a company or government uses for accounting purposes and preparing financial statements. A fiscal year may not be the same as a calendar year, and for tax purposes, the Internal Revenue Service (IRS) allows companies to be either calendar-year taxpayers or fiscal-year taxpayers.

Application helps accountant/account manager to manage fiscal years, fiscal year periods and generate opening and closing entries for fiscal year.

Key Features

  •  Manage fiscal years and its periods.
  •  Generating opening and closing entries for fiscal year.
  •  Option to cancel opening entry.

Fiscal Year

For instance, Fiscal Year 2018 needs to be closed.


To define new fiscal year, go to Invoicing/Configuration/Periods/Fiscal Years


Periods can be defined in two formats: Monthly Periods and 3 Months Periods

For instance, to create monthly periods, click on Create Monthly Periods button.


Opening Entries Accounts

Define Income and Expense account for opening entries (if not created).

Opening Income Account


Opening Expense Account


Opening Entries Journal

To define Opening Entries Journal, go to Invoicing/Configuration/Accounting/Journal

Set previously created accounts in Default Debit Account and Default Credit Account


Generating Opening Entries

To generate Opening Entries, go to Invoicing/Periodic Processing/End of Period/Generate Opening Entries

Click on Create button to generate opening entries.


Generated opening entries


Click on Post button to Post this journal entry.


Cancel Fiscal Year Closing Entries

To cancel fiscal year closing entries, go to Invoicing/Periodic Processing/End of Period/Cancel Closing Entries

Enter Fiscal Year whose closing entries needs to be cancelled.
Click on Cancel Closing Entries button to cancel closing entries.

Once the closing entries are cancelled, you will no longer find opening entries for current fiscal year. To create opening entries for current fiscal year, you need to re-generate opening entries.


Close Fiscal Year

To close fiscal year, go to Invoicing/Periodic Processing/End of Period/Close a Fiscal Year

Enter Fiscal Year to close.
Click on Close Fiscal Year button to close it.


Close Period

To close a period, go to Invoicing/Periodic Processing/End of Period/Close Period

Click on Close Period button to close it.



This application is compatible with Community Edition.

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