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How to do Bank Reconciliation in Odoo 12

Bank Reconciliation in Odoo 12

A bank reconciliation statement is a document that matches the cash balance on a company’s balance sheet to the corresponding amount on its bank statement. A bank reconciliation should be completed at regular intervals for all bank accounts, to ensure that a company’s cash records are correct. Otherwise, it may find that cash balances are much lower than expected, resulting in bounced checks or overdraft fees. A bank reconciliation will also detect some types of fraud after the fact; this information can be used to design better controls over the receipt and payment of cash.

In this Planet Odoo Blog, you are going to explain” How to use the process of Bank statement reconciliation in Odoo for accounting purposes”. The main aim of the process is to find out the difference between these two records Bank Statement and Company’s Accounting Record. When banks send companies a bank statement that contains the company’s beginning cash balance, transactions during the period, and ending cash balance, almost always, the bank’s ending cash balance and the company’s ending cash balance will never be the same.

Now let’s see how  to use the Bank reconciliation methods in Odoo 12:

Odoo Support two reconciliation processes:

1. You can directly register a payment on the invoices.

2. You can reconcile open invoices by creating bank statements

Case 1: Payments registration

First, you have to install the Accounting module in your database.

bank-reconciliation-in-odoo12-1

First of all, you will start by creating invoices. After creating an invoice at that time you click on Register Payment button.

 

Whenever there is a payment in the invoice. When you can click on the button Register Payment. Now open a wizard will pop up as shown and fill the following field details: Payment Amount, Payment Journal, Payment Date, Memo then click on validate button.

 

Whenever you click on the info button. Now you can view that the payment is reconciled automatically. 
If you want to cancel the reconcile, at that time you click on UNRECONCILE button.

Whenever you want to reconcile again, At that time go to ->Accounting – ->Reconciliation

 

Now you will get a window with journal items to reconcile.

Case 2: Bank statement reconciliation case

When you have received your bank statement. Invoice has been paid here and you can reconcile it manually.

now select the ->Bank from the accounting dashboard.

 

Now you will get a window with left Bank statement to reconcile.

Click the button ->Reconcile

 

If the partner name and amount is not correct in the bank statement, there you have to manually enter it. 

Now click the ->validate button

If you are looking for Odoo implementation for your manufacturing business  contact us here   Feel free to connect with us on info@planet-odoo.com

 

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