Before going ahead to close the current fiscal year, there are a few steps one should, typically, take to ensure that your accounting is correct, up to date, and accurate. Odoo allows you to do an internal and external audit seamlessly. During the audit, you can check the financial reports available in your localization module. Besides that, a few very useful generic and dynamic reports are available for all countries.
The best part is, you can compare values with another period within the same financial year or the previous financial year. And you can choose how many periods you want to compare.
Let's see how to close the current financial year, start a new financial year, and look at some important, yet generic, reports available in Odoo built to use for the audit process such as Balance Sheet, Profit and Loss, Chart of Account, Executive Summary, General Ledger, and so on.
