Year-End Closing in Syria 2026: The First Close in New Syrian Pounds

Year-end closing in Syria for 2026 is the first close in the new Syrian pound: one new pound equals 100 old pounds, so your 2026 statements are in new pounds while every 2025 figure you compare them with was recorded in old ones. The currency code is still SYP (ISO number 760).

Where things stand as of October 2026:

• Decree No. 293 of 2025 launched the new currency, and the new notes have circulated since 1 January 2026.
• The Central Bank of Syria (CBS) said cash and bank balances, salaries, contracts and debts moved to the new pound automatically, with no loss of rights, so a debt of 5,000,000 old pounds is now 50,000 new pounds.
• The exchange period, extended more than once, ended on 30 July 2026, with short extra windows in August (until 20 August in Raqqa, Deir ez-Zor and Hasakah). Old notes lost their legal tender status on 31 July 2026.
• For five years from that date, the CBS withdraws old notes on request through its website and credits their value in new pounds to a bank account. Its notice of 13 August 2026 opens requests to individuals only, not companies.
• Since 31 July 2026, "Syrian pound" in official decisions and dealings means the new pound.

On top of the usual close, that gives your finance team three extra jobs:

• Present comparatives: show 2025 in new pounds so the two years compare.
• Check the conversion: every opening balance, open invoice, price list and product cost divided by 100 exactly once.
• Revalue foreign currencies at a rate you can document, now that the CBS official rate moved from 111 to 122 new pounds per dollar during 2026.

This guide takes these new Syrian pound accounting jobs in order, then covers Odoo 20 and a dated checklist. For the basics of dual-currency books, start with our guide to multi-currency accounting in Syria.

Converting balances to the new pound means dividing every pound amount by 100 and nothing else: the redenomination changes the unit, not the value, so it creates no gain or loss.

For the 2026 financial statements, the cleanest presentation keeps the 2025 statements as issued, in old pounds, and shows the 2025 comparative column divided by 100 under the heading "new Syrian pounds", with a note explaining the 100:1 redenomination. Agree the note's wording with your auditor in December, not in March.

Worked example: closing trial balance at 31 December 2025, converted to new pounds

• Cash box in pounds: 48,756,350 old becomes 487,563.50 new
• Bank current account in pounds: 312,404,125 old becomes 3,124,041.25 new
• Customers in pounds: 156,000,000 old becomes 1,560,000 new
• Customer owing USD 20,000, booked at the CBS rate of 11,055: 221,100,000 old becomes 2,211,000 new, still USD 20,000 at 110.55
• Inventory: 905,512,000 old becomes 9,055,120 new
• Suppliers in pounds (credit): 220,350,000 old becomes 2,203,500 new
• Capital (credit): 1,000,000,000 old becomes 10,000,000 new
• Retained earnings (credit): 423,422,475 old becomes 4,234,224.75 new

Debits total 1,643,772,475 old pounds and 16,437,724.75 new pounds, and credits match on both sides.

Three rules come out of the example:

• Keep two decimals: old balances not ending in 00 leave piastres, and rounding each line to whole pounds can unbalance the trial balance.
• Convert dollar items through their dollar amount: the USD 20,000 stays USD 20,000, and only the pound column moves.
• Convert master data too: fixed pound prices in price lists, product costs in pounds, credit limits and salary scales. A product cost 100 times higher than similar items is usually an unconverted leftover.

Moving to a new system at this year-end? Our Odoo data migration guide for Syria covers importing the converted balances.

Revaluing foreign currencies at year-end means translating monetary balances held in a currency other than your book currency, such as cash, bank accounts, receivables, payables and loans, at the closing rate on 31 December 2026, and booking the difference as an unrealized exchange gain or loss. Inventory, fixed assets and prepayments are non-monetary and stay at their historical rate.

Which rate? The CBS publishes an official exchange rate bulletin in new pounds. On 25 October 2026 it showed the US dollar at 122.00 middle, 121.50 buy and 122.50 sell; the middle rate was 111.00 in January 2026 and has been 122.00 since 28 June 2026. Write a one-line policy naming the bulletin, the column and the date, such as "CBS official bulletin, middle rate, last bulletin on or before 31 December", have your auditor approve it, and keep it every year. If you report under IFRS, IAS 21 requires monetary items to be translated at the closing rate, so an undocumented rate will be questioned.

Receivables in USD and in SYP move in opposite directions, depending on your book currency:

• Books in pounds: the USD 20,000 customer from the example, worth 2,211,000 new pounds at 110.55, is worth 2,440,000 at 122.00 if still unpaid, an unrealized gain of 229,000 new pounds.
• Books in dollars: a customer owing 1,560,000 new pounds, booked at 111.00, was worth USD 14,054.05; at 122.00 it is worth USD 12,786.89, an unrealized loss of USD 1,267.16.

At the CBS official rate, a pound balance held from January to October 2026 lost about 9% of its dollar value. So, in this close:

• Review pound receivables older than 60 days and set 2027 credit terms with that loss in mind.
• Keep the revaluation entry apart from trading results, so your margin shows separately from what the exchange rate gave or took.

Our Odoo 20 accounting guide for Syria shows how Odoo 20 displays the rate date on converted totals and the rate on foreign-currency payments.

Odoo 20 has no redenomination tool and no Syrian localization. Its SYP record keeps code SYP, ISO number 760, two decimals (rounding 0.01) and the symbol £, easily confused with sterling, so change the symbol to ل.س in the currency settings. The right cutover depends on your company currency, which Odoo refuses to change once journal items exist.

Books in dollars, with SYP as a second currency: keep the SYP record, leave 2025 rates on the old scale because they match what was posted, and enter 2026 rates on the new scale, dating the first one 31 December 2025 in Odoo 20, which applies a rate from the day after its date. Every pound item still open at the cutover needs a one-time entry that cuts its pound amount by 99% without changing its dollar value, for example by closing it and reopening it at one hundredth. Skip this and the revaluation breaks: a 5,000,000 old-pound invoice booked at 11,055 (USD 452.28) would be revalued at 122 as USD 40,983.61, a false gain of USD 40,531.33.

Books in pounds, two options:

• Same database: a redenomination entry on 1 January 2026 divides every balance-sheet balance by 100, per customer and supplier, matched to open items; product costs, fixed assets and price lists follow. One history, but pre-2026 reports stay in old pounds, so comparatives are prepared outside Odoo.
• New company from 1 January 2027: import 31 December 2026 balances in new pounds and keep the old database read-only. Cleaner, and your only chance to make the dollar your company currency, if your accountant confirms your statutory books allow it, but you lose drill-down into earlier years.

Whichever route you take, rehearse the whole conversion on a copy first: Odoo 20 requires entries touching bank accounts to come from bank transactions, and a product cost change can create its own stock revaluation, so check every account against the converted trial balance. Do not invent a second code for the new pound: ISO 4217 still lists SYP.

For the close itself, in Odoo Enterprise's Accounting app:

• Enter the CBS rate in the SYP rates tab and, given that next-day rule in the 20.0 source code, check which rate your 31 December documents use.
• Run the Unrealized Currencies report under Review, confirm the rate under Exchange Rates, then post the Adjustment Entry, which Odoo reverses on the reversal date.
• Set a Lock Everything date after review, as Odoo's year-end closing guide recommends.

This calendar assumes your fiscal year ends on 31 December; shift the dates if it does not.

• By 15 December 2026: approve the rate policy with your auditor; confirm opening balances, price lists and product costs are in new pounds.
• 31 December: after the last sale, count stock and cash by currency, count old notes separately, and enter the stock count in Odoo's Physical Inventory with 31 December as the accounting date.
• First week of January 2027: reconcile every bank account to its statement, enter the CBS rate, post revaluation and depreciation.
• January: review receivables and payables over 60 days old, book provisions, then lock the period.
• February: give your auditor statements with the restated 2025 column and the redenomination note.
• Archive 2025 and earlier invoices, contracts and statements as issued, labelled "old pounds"; never reissue them in new pounds.
• By 31 May 2027, if the rules applied to 2025 still hold: joint-stock and limited liability companies and large taxpayers file the profits tax return. Any other taxpayer: confirm the deadline for your category with your Financial Directorate.

Eight mistakes to avoid in your first new-pound close:

• Dividing by 100 twice, such as on a balance your bank already converted.
• Converting dollar amounts, which never change.
• Rounding each converted line to whole pounds.
• Leaving old-pound open items unconverted in dollar books.
• Counting old notes as cash after 31 July 2026.
• Revaluing stock or fixed assets at the new dollar rate.
• Mixing old and new pounds in one report without labelling columns.
• Switching rate sources from year to year.

Your next step: export your trial balance at 30 November and run the three rules from the worked example on it. Then tell us about your setup: METCH, an official Odoo partner serving Syria, can set up your dollar and pound books in Odoo, rehearse the conversion on a test copy and train your accountants in Arabic.