Odoo 13 Bank Statement and Reconciliation

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. In this type of article explain wherewith, new bank statements can be created manually and reconcile the statement lines with receivable and payable entries in Odoo.

At the same time, you reconcile your business bank account, you examine your internal commercial records toward the records given to you by your bank. 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 Blog, you are going to explain “Odoo 13 Bank Statement and Reconciliation”. 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.

Odoo 13 Support two reconciliation methods:

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

2. You can reconcile open invoices by creating bank statements

Configuration:

First of all, you can install the accounting module in your database.

Method 1: Payment Registration

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

At the same time, you can click on the Register Payment button. Now open a wizard will pop up as shown and fill the following field details: Payment Amount, Payment Journal, Payment Date, Memo at that time, click on the validate button.

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

Method 2: Bank statement reconciliation case

At that time, you have received your bank statement. Invoice has been paid here and you can reconcile it manually. Now you can select the ->Bank from the accounting module.

Now you will see a window with left Bank statement to reconcile. Now click on the Reconcile button.

Now Odoo will reconcile it automatically when the Partner Name and Amount is correct. Otherwise, you can reconcile it manually. Now click on the validate button.