| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Invoicing (account)
• Discuss (mail) |
| Lines of code | 2378 |
| Technical Name |
auto_retained_earnings_closing |
| License | OPL-1 |
| Website | https://octagotech.com/ |
| Versions | 17.0 18.0 |
| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Invoicing (account)
• Discuss (mail) |
| Lines of code | 2378 |
| Technical Name |
auto_retained_earnings_closing |
| License | OPL-1 |
| Website | https://octagotech.com/ |
| Versions | 17.0 18.0 |
Auto retained earnings closing in Odoo automatically transfers year-end net profit or loss to the
retained
earnings account, resetting income and expense accounts for the new fiscal year.
Please send your inquiry via E-mail to know more about this application.
Key Features
Predefined US Chart of Accounts.
Configured Sales and Purchase Taxes suitable for US operations.
Configurable Retained Earnings and Current Year Earnings accounts.
Default Fiscal Positions for tax mapping.
Automatically applied during company creation when the US localization package is selected.
How it Works
Auto Retained Earnings Closing
automatically moves year-end profit or loss to the retained earnings account, keeping accounts
ready for the new fiscal year. Retained & Current Year Earnings Accounts
define where Odoo records year-end profits or losses and carries forward retained earnings. This option marks the journal as a
closing journal, used specifically
for year-end closing entries to transfer account balances and finalize the fiscal year. The "Closing Entry" option is used to
create year-end journal entries that close temporary accounts and transfer their balances to
retained earnings. The "Create" button allows you to
initiate a new closing entry, enabling the recording of year-end adjustments and transferring
balances to finalize accounts. Allows you to specify a date range and
automatically create retained earnings entries for the selected period. the accounting date and journal lines for
the retained earnings closing, listing the involved accounts, labels, and debit/credit amounts for
year-end profit transfer.
FAQ'S?
You're not alone! Here are some common questions accountants ask about the Retained Earnings Wizard.
This tool makes your year-end closing faster, cleaner, and fully compliant.
It automates your year-end closing process. Just pick a date range — it calculates your net profit
or loss and creates the journal entry to move that amount to your Retained Earnings account.
Go to Accounting → Accounting → Closing Entry and click Create.
A wizard appears where you can set your dates and generate the entry.
Yes. You’ll need a journal with the “Is Closing Journal” option enabled.
That’s the one used automatically for the year-end entry.
The wizard reviews all income and expense accounts for the selected period,
calculates total income minus total expenses, and records the resulting profit or loss.
The entry is automatically posted using the Closing Journal, with the entry date matching your
chosen End Date. Your books are closed cleanly and accurately — no manual adjustments needed.
We offer a wide range of
services to help your business thrive. Explore how we can assist you. At OctagoTech we offer end
to end solution for Odoo services which includes analysis & consultation on workflows and
integrations.
Auto Retained Earning Closing
USER GUIDE
How it works? Click Here
GET PERSONALIZED DEMO
1. Auto Retained Earnings Closing
2. Retained & Current Year Earnings Accounts
3. Is Closing Journal
4. Closing Entry
5. Create Closing Entry
6. Generate Retained Earnings
7. Closing Entry Details
Need Help With Year-End Closing?
What exactly does the Retained Earnings Wizard do?
Where can I find this tool in Odoo?
Do I need a special journal for this entry?
How does it calculate profit or loss?
What happens after the journal entry is created?
Our Services
🔹 Get Support, For Free!
30 Days Free Support
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Book Your Personalised Demo Right Away
Need Help or Support?
📧 info@octagotech.com
New York, NY 10016
Near Doshi Hospital
Nr. Kiran Motors, SG Road
Odoo Proprietary License v1.0 This software and associated files (the "Software") may only be used (executed, modified, executed after modifications) if you have purchased a valid license from the authors, typically via Odoo Apps, or if you have received a written agreement from the authors of the Software (see the COPYRIGHT file). You may develop Odoo modules that use the Software as a library (typically by depending on it, importing it and using its resources), but without copying any source code or material from the Software. You may distribute those modules under the license of your choice, provided that this license is compatible with the terms of the Odoo Proprietary License (For example: LGPL, MIT, or proprietary licenses similar to this one). It is forbidden to publish, distribute, sublicense, or sell copies of the Software or modified copies of the Software. The above copyright notice and this permission notice must be included in all copies or substantial portions of the Software. THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
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