What is Bank Statements Reconcile and Why is it required ? :
Every company at the end of every month has to perform a process to ensure that the company’s accounting records like the check register,general ledger account, balance sheet, etc. are consistent and compatible with bank’s records. In real world, bank statements are very important documents for any businesses. The companies validate their invoices against the bank statement they received from the banks.This process of confirming the amount in both the company’s ledger and in the bank account is called “ Bank statement reconciliation “.
We at Bista Solutions have put to use the process of Bank statement reconciliation in Odoo for accounting purposes.Through this blog, we will show how this process can be configured and used in your day to day business.
Configuration of Bank statement reconciliation in Odoo :
For Bank statements reconciliation, we need to configure the following things by navigating through Account > configuration > settings Menu, and check the options
Import .qif files
Import in .ofx format
This will enable you to import the bank statement into your Odoo system in .ofx and .qif file format by default.
How to import :
For importing the bank statements into you Odoo system, you need to go to the accounting dashboard from the accounting menu. And then click on the button @Bank journal box.As shown in the image below for reference
This will display another dialog box which will ask you to upload yours .QIF or .OFX file which you would have pre-downloaded from the bank’s mail.Select this file from your local system and upload it onto the system…
Once the file is uploaded ,you need to check your date formats and apply appropriate format as shown in the image below:
You can now Import all statement on one click.
Reconcile Statement :
After importing a statement you will be redirected to Bank Reconciliation statements, here you can verify your accounting records from the dashboard. This can be done by clicking on “more option” and then click on “Bank Statements”. Odoo also allows you to verify at the “Reconcile window”. All you need to do is Select the appropriate customer against your reconcile statement. After you verify and reconcile this transaction related invoices will go into paid states.
This is how you can easily use the bank statement and reconcile them with your system records and thus know that the amount of Cash reported by your company (company’s books) is consistent with the amount of cash shown in the bank’s records.We hope this quick walk through the process of Bank statement reconciliation in Odoo helps you to automate these process.