Bank reconciliation stands as a vital financial procedure, guaranteeing alignment between your financial records and those logged by your bank. Whether you oversee personal finances or operate a business, grasping and consistently executing bank reconciliations can uphold financial precision, enabling well-informed decisions.
In this blog post, we'll thoroughly explore the realm of bank reconciliation in Odoo 17. We'll investigate its features and benefits, and furnish a step-by-step guide to assist you in effortlessly reconciling your accounts.
Step1: Link your bank account
Begin by linking your bank account to Odoo 17. This usually entails inputting your bank's details and setting up the connection.
Step2: Models for reconciliation
Proper reconciliation of records is crucial, ensuring all Journal Entries are balanced and aligned. To streamline and expedite the reconciliation process, you can set up Reconciliation Models, especially beneficial for recurring entries like bank fees.
Button Models
Utilize the buttons provided on the reconciliation model for routine manual tasks. These customized buttons, when combined with existing data, can expedite the manual reconciliation process for bank transactions.
The buttons within the reconciliation model serve multiple functions, such as applying discounts and conducting other related operations.
Step3: Generate an invoice or bill.
Create an invoice or bill, initiate the payment, and finalize the transaction process.
Step4: Reconciliation of bank statements
Go to the bank journal on the Accounting Dashboard.
Begin a new transaction for the invoice/bill that was recently created. Upon selecting the partner, the system will present a comprehensive list of all entries linked to that particular partner under "match existing entries."
Identify existing entries
Within this tab, you'll find entries that Odoo has selected using reconciliation models. These suggested items are presented based on the priority sequence defined by the reconciliation models' logic.
Payment Batches
To simplify reconciliation, you can consolidate multiple payments using batch payments. To find batch payments for clients and suppliers, navigate to the Batch Payments tab. You can search for specific batch payments using the search bar on this tab, similar to how you would on the Match Existing Entries tab.
Manual Tasks
If there isn't a pre-existing entry available for matching with the selected transaction, you have the option to manually reconcile it. This involves specifying the relevant account and amount. Moreover, you have the flexibility to fill in any pertinent optional fields as required.
Matched Transaction
After successfully reconciling the payment, it will be indicated with a tick or checkmark for confirmation.