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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”.
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.
Let’s create a bank statement line manually in odoo, click on transactions and click on “New”.
To reconcile it we can click on the “Match button” beside the bank statement line and we can “validate” the transaction.
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.
FAQs
How to do bank reconciliation with a bank statement?
To perform bank reconciliation with a bank statement, compare your bank statement with your accounting records to ensure the transactions in both of them should match and align. You will have to identify any discrepancies- such as missing entries or errors.
How to bank reconciliation in Odoo?
In Odoo, navigate to the Accounting module> click on “Bank” or “Cash” journals, and select “Reconcile”. Upload your bank statement and Odoo will automatically match the bank transactions with your accounting records. Further, you can manually reconcile unmatched transactions.
How do you reconcile invoices and statements?
Reconcile statements and invoices by matching the amounts in the customer or supplier invoices to the transactions in your bank statements. Any missing payment can be adjusted or entered to balance the accounts.
How to reconcile payments on Odoo?
In Odoo, navigate to the Accounting Module > Go to the Journal where payment is recorded and click on the “Reconcile” button. Now, match the payment with the corresponding invoice or entry. Odoo will automatically mark the invoice as paid once reconciled.
What is invoice reconciliation?
Invoice Reconciliation refers to the process of matching an invoice with its corresponding payment or transaction to ensure that the payment has been made and has also been recorded in the accounting system.
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