How to Manage Bank Accounts and Cash Transfer in Odoo
You can use your database to how to manage bank accounts & cash transfer, as you require. When you properly configure them, you can keep all of your banking information current and prepare for journal entry reconciliation.
Every bank account in Odoo Accounting has a journal set up specifically to post all entries in that account. Every time you add a bank account in Odoo and journal are automatically created and configured.
By default, the Accounting Dashboard shows bank journals as cards with action buttons on them.
Manage your Bank and Cash Accounts
Connect your bank for automatic synchronization. To connect your how to manage bank accounts & cash transfer bank account to your database Banks: Click on ‣Connect, choose your bank from the list, Banks: Click on ‣ Connect, choose your bank from the list, add a bank account, and then follow the prompts.
Create a Bank Account
You can manually set up your bank account if your bank is not listed in Odoo or if you do not wish To connect your bank and cash accounts with your database.
To manually add a bank account, navigate to Accounting Configuration. Banks: Click Create ‣ (located at the bottom right) to add a bank account, then complete the form.
- Odoo automatically determines the type of bank account (such as IBAN) and activates
certain features in accordance with that determination.
- By selecting Accounting Configuration Accounting: Journals Bank, you can configure ‣ ‣ ‣ your bank account using a default bank journal. To match the details of your bank account, open it and make changes to the various fields.
Create a Cash Journal
Go to Accounting Configuration to start a new cash journal. Click on Create under Accounting: Journals, then choose Cash in the Type field.
There is a default cash journal that is immediately usable. You can go to Accounting Configuration to review it. Accounting: Cash Journals.
Edit an existing Bank or Cash Journal
Go to Accounting Configuration to make changes to an existing bank journal. Choose the journal you wish to edit under Accounting: Journals.
Configuration
The bank account number and accounting details can to suit your needs.
Suspense Account
Until the final reconciliation makes it possible to identify the correct account, bank statement transactions on the Suspense Account.
Profit and Loss Accounts
When a cash register’s ending balance deviates from what the system calculates, a profit is recorded in the profit account, and on the other hand, a loss is recorded.
Currency
The currency used to enter the statements.
Account Number
Click the external link arrow next to your account number if you need to change the information associated with your bank and cash account. Click the external link arrow next to your bank on the new page,
then update your bank details appropriately. When registering payments, these details are used.
Bank Feeds
The registration process for bank statements is defined by bank feeds. There are three choices:
When you are unsure whether you will synchronise your bank account with your database or not, you should choose Undefined.
- When you are unsure whether you will synchronise your bank account with your database or not, you should choose Undefine
- You should choose Import (CAMT, CODA, CSV, OFX, QIF) if you wish to import your
bank statement in a different format. - If your database and bank are in sync, you should choose Automated Bank Synchronisation.
Outstanding Accounts
Payments are automatically recorded in your bank and cash account after first being registered through
temporary accounts known as outstanding accounts.
- Outgoing payments are recorded in an outstanding payments account until they are
connected to a withdrawal on your bank statement. - Incoming payments are recorded in an outstanding receipts account until they are connected
to a deposit from your bank statement.
These accounts should be of type Current Assets.
Default Accounts Configuration
By default, the outstanding accounts are specified. You can update your Outstanding Receipts Account and Outstanding Payments Account if needed by going to Accounting Configuration ‣ ‣Settings Default Accounts.
Bank and cash Journals Configuration
Additionally, you can designate particular outstanding accounts for any journal of the Bank or Cash types. Click on the journal you wish to configure from the menu selection in your Accounting ⋮Dashboard. Then, select Configuration and open the Incoming/Outgoing Payments tab. Click the toggle button, select the Outstanding Receipts/Payments accounts, and then update the account to bring up the outstanding accounts column.
- Odoo uses the default outstanding accounts if you don’t designate an outstanding payments account or an outstanding receipts account for a particular journal.
- When a payment is registered, the status of the invoice or bill is immediately changed to Paid if your primary bank and cash account have been added as an outstanding receipts account or an outstanding payments account.
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