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How to Reconcile the Invoices with the Bank Statement In Odoo

How to Reconcile the Invoices with the Bank Statement In Odoo

In simple terms, a reconciliation means to match the bank statement with the invoices. Let’s suppose we have invoiced a customer $450 and received $45 as an advance payment, odoo will suggest the outstanding credits, and by using those credits we can add the advance payment received and the status of the invoice would be “in payment”.

Reconcile Invoices with Payment in Odoo: Step by Step Guide


Reconcile Invoices with Payment in Odoo: Step by Step Guide


To reconcile the invoice with bank statements, a user can import the bank statements as well as manually create bank statement lines.


To do so navigate to the accounting module > Bank journal > transactions > and create a new bank statement line and import file option is also there in the menu.

Reconcile Invoices with Payment in Odoo: Step by Step Guide

Let’s create a bank statement line manually in odoo, click on transactions and click on “New”.

Reconcile Invoices with Payment in Odoo: Step by Step Guide

To reconcile it we can click on the “Match button” beside the bank statement line and we can “validate” the transaction.

Reconcile Invoices with Payment in Odoo: Step by Step Guide


And when we have reconciled the full amount, the invoice status would be changed to “paid”.


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Conclusion

To conclude, we can say odoo’s reconciliation tool allows us to match the payments with invoices and with the help of this a user can have accurate accounting balances and a reduction in the chances of missing or inaccurate amounts in the system. It improves the cash flow management of the businesses in the system.


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