The previous year end should be closed and finalised in their current system. This will enable a finalised balance sheet to be provided, and the balances brought across as the opening balances in Odoo. There are times when the EOY balance sheet is not ready at time of go-live because the client is waiting on their external accountant to perform some adjusting entries before the year can be closed off. It is recommended in this situation that the old system’s current EOY balance is still imported to allow all steps to be completed. The adjustments can then be applied as an additional opening journal with the EOY date or the existing journal can be reset to draft and amended, so the opening balance sheet reflects these adjustments.

The debtor trial balance should be reviewed and any old invoices that are no longer expected to be collected should be written off. Any open credits or unapplied payments should also be applied, if possible. The total amount outstanding from the debtor trial balance should be compared to the balance in the debtor account in the general ledger. If there is an imbalance, this should be discussed with their accountant and removed via the appropriate journal entry. If this cannot be removed before go-live, then it should be explained to the client, that this amount will be carried into Odoo and will appear in the debtor report against the “Unknown Debtor” line in the report until cleared.

• Where possible a physical stocktake should be performed and the system updated with these counts to ensure the current stock valuation is accurate. 
  
  
• If a physical stock take is not performed then  the current quantities should be reviewed and any negative stock balances corrected before go-live. Negative stock balance CANNOT be imported.
  
  
• Current product costs should be reviewed and anomolies corrected.
  
  
• An Inventory Valuation report should be run and compared to the stock on hand account in the general ledger. If there is an imbalance, this should be discussed with their accountant and removed via the appropriate journal entry. If this cannot be removed before go-live, then it should be explained to the client, that this imbalance will be carried into Odoo and will remain in the stock on hand account until cleared.

For each bank account in use, bank reconciliations should be kept up to date. The day before go-live a final bank reconciliation should be performed to ensure as many payments/receipts processed in the old system are reconciled