Bank statement

General concept

The Accounting dashboard will provide you an accurate overview and an internal control of your accrual accounting.

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1. Look at your Bank statements 

When you are on the accounting dashboard, you can whether observe your previous bank statements or create a new one.

To observe a bank statements, you have to press more button in the Bank frame and click on bank statement

To create a new one you can immediately click on new statement or create if you are already in the previous statements page. 

2. New Bank statement 

M anage the control of your accounts by issuing a new bank statement at least once month.

Input All transactions as they appear on your bank statement at their effective date

Use 10 (positive) for credit transaction and -10 (negative) for debit transaction.

Memo is any internal note to help you tracking the transaction later.

The Starting Balance will be equal to the Last Closing Balance

-> The Ending Balance taken from the Bank paper must be equal to the Computed Balance in order to ensure that no transaction is missing and there is no problem in the previous statements

-> Then you can start the  reconciliation .

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3. Reconciliation

Reconciling accurately invoices and orders against the associated bank transaction is needed to ensures system financial integrity and authenticity.

There are four main methods for reconciling an item :

  • If the payment is done with a down payment, just check if it is all right and validate all related payments

Partners for the transaction must match to validate the reconciliation!

  • Choose between different invoices :  -  to remove proposed invoices from the selection,  +  in front of the correct invoice(s) to reconcile.
  • By pressing on the arrow you can select a reconciliation model to match with the transaction.
  • If the amount of transactions remain different, you will have the choice between create a write of or let the balance open

If you decide to let the balance open, the amount remaining with be reported for the next reconciliation.

4. Validation

When all the reconciliations are done, you have to go back to the statement

Check each line and if details are needed click on journal items in order to have access to the reconcile entries

-> When everything it's done, you can click close in order to validate and register the data in the system. 

Take care of the error! 

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Tip : Predefined templates

  • Go to Accounting > Bank > More > Reconciliation Models and click Create to define a new template.

We recommend you to create templates for accounts that you often use