Closing a Fiscal Year Using LockDate - Odoo 16 | How to Close a Fiscal Year in Odoo 16

[@agungterminanto]

Good tutorial. Thank

[@cybrosys-technologies]

You're welcome!

[@swezinaung7209]

Do we need to close by end of monthy?Otherwise, Need to do only End of Fiscal Year ? Ex: Start Date is Jan and End Date is Dec. Do need to close on End of Jan ?

[@cybrosys-technologies]

Not necessary, usually a fiscal year closes at the financial year-end

[@favaskt4394]

After locking the date invoice can not be before the lock date ok but can we resgister the cash or bank payment date before the lock date or not?

[@cybrosys-technologies]

If you put lock dates for all journal entries, it will not allow non-accountant users to make payments as well because making payments also creating journal entries under bank or cash. Such payments can only posted to the next date.

[@nadeemkazi2092]

Why after closing fiscal year current year earning 19,500. i guess it should be zero. please correct me if i am wrong

[@cybrosys-technologies]

You have to convert the current year's earnings to retained earnings by putting a journal entry before closing the fiscal year.

[@nadeemkazi2092]

@@cybrosys-technologies appreciate it thanks