The latest release of Odoo 17 ERP system offers a plethora of advanced features designed to enhance business management efficiency. Within Odoo, various modules cater to diverse business needs. The Accounting module within Odoo simplifies even the most complex accounting tasks effortlessly. Bank account management is a crucial aspect of financial oversight, and Odoo Accounting facilitates easy management and monitoring of business bank accounts. With Odoo Accounting, you can effortlessly set up and utilize multiple bank accounts concurrently. Once configured in the database, you can oversee your cash transactions, bank statements, and other financial operations directly within the Accounting module.
This blog aims to guide you through utilizing the Accounting module for transferring funds between accounts and overseeing bank accounts effectively in Odoo 17.
Thanks to its enhanced features and tools, the Accounting module can simplify the management of financial activities. Nowadays, creating new bank accounts in Odoo 17 is straightforward. You can easily add a new account by accessing the Configuration menu within the Accounting module.
Within the Configuration menu, you'll find the "Add a Bank Account" option, enabling you to configure a new Odoo account. Clicking on this option triggers a pop-up window, as illustrated in the image above.
To locate your bank, you can utilize the search bar or scroll through the list of available bank accounts. Filters such as "United States" and "Worldwide" are available to help you narrow down your search. Once you've found your bank, simply click on the label and select the "Connect" button. This action triggers a second pop-up window where you can input the account information for the selected bank.
If your bank's name is not listed, you can include it by clicking on the "Create It" button.
Clicking this button will prompt a new pop-up window to appear, allowing you to input your bank information.
In the provided fields, you can enter your Account Number, Bank, Bank Identifier Code, and Journal. For this specific account, you can initiate a new journal by leaving the Journal field blank. Once you've filled in the details, click on the "Create" button. By following these steps, you can configure your bank account within the Odoo 17 Accounting module.
Let's explore how to internally transfer funds within the same organization using Odoo, moving money from one bank account to another.
You can view the bank accounts configured in your database on your Accounting Dashboard.
We're about to transfer funds from the Bank to ABC Bank. The graphic shows the current balance of the bank account, which stands at $9944.87. A transfer of $1000 from the bank account to the ABC bank account will be initiated. Odoo provides an internal transfer mechanism for this purpose. You can access the Internal Transfer option by clicking on the three dots in the upper right corner of the notebook, as shown in the screenshot below.
Upon selecting this option, a new window will appear where you can input the details of the internal transfer.
In this window, you can switch the payment type to "Send," and the internal transfer will be automatically selected. Now, enter $1000 in the Amount field. The transfer date will be pre-filled in the corresponding field. You can utilize the provided space to include a memo. Additionally, specify your ABC Bank account in the Destination Journal as the target account.
Once you've entered the details, simply click on the "Confirm" button.
Upon reviewing your Accounting Dashboard, you'll observe that the Outstanding Payments of the source account have decreased by less than $1000. To settle the remaining unpaid payments, you can perform bank reconciliation. This can be achieved by manually generating a bank statement and completing the bank reconciliation process.
Firstly, we will generate a bank statement for the primary bank account.
Clicking on the bank journal will navigate you to the bank reconciliation window in Odoo.
From this point, you can create a new bank statement by clicking on the New button.
In the pop-up window, you can input the Date, Label, Amount, Foreign Currency, Partner, and Journal. Then, click the "Save & Close" button.
After selecting a suitable counterpart, you can complete the reconciliation process by clicking the Validate button. Once the reconciliation is completed, you can review the Accounting Dashboard.
In this scenario, the outstanding payment of the initial bank account is resolved. The account's running balance has decreased, indicating that $1000 has been transferred to the ABC Bank account. Similarly to settling the outstanding payment earlier, you can reconcile the transferred amount with the ABC Bank bank statement.
You can achieve this by clicking the "Create transaction" button, manually generating a statement, and subsequently reconciling it with the corresponding counterpart.
To complete the reconciliation process, click on the Validate button.
The reconciliation process is now complete. Upon reviewing the Accounting Dashboard, you'll notice that the ABC account displays a running balance of $1000.
In Odoo 17, managing bank accounts and transferring funds between accounts within the Accounting module follows this process.