Bank and cash accounts

You can manage as many bank or cash accounts as needed on your database. Configuring them correctly allows you to have all your banking data up-to-date and ready for reconciliation with your journal entries.

In Odoo Accounting, each bank account has a dedicated journal set to post all entries in a dedicated account. Both the journal and the account are automatically created and configured whenever you add a bank account.

Notitie

Cash journals and accounts must be configured manually.

Bank journals are displayed by default on the Accounting Dashboard in the form of cards which include action buttons.

Bank journals are displayed on the Accounting Dashboard and contain action buttons

Manage bank and cash accounts

Connect a bank for automatic synchronization

To connect your bank account to your database, go to Accounting ‣ Configuration ‣ Add a Bank Account, select your bank in the list, click on Connect, and follow the instructions.

Maak een bankrekening

If your banking institution is not available in Odoo, or if you don’t want to connect your bank account to your database, you can configure your bank account manually.

To manually add a bank account, go to Accounting ‣ Configuration ‣ Add a Bank Account, click on Record transactions manually (at the bottom right), fill out the bank information, and click Create.

Notitie

  • Odoo automatically detects the bank account type (e.g., IBAN) and enables some features accordingly.

  • A default bank journal is available and can be used to configure your bank account by going to Accounting ‣ Configuration ‣ Accounting: Journals ‣ Bank. Open it and edit the different fields to match your bank account information.

Create a cash journal

To create a new cash journal, go to Accounting ‣ Configuration ‣ Accounting: Journals, click on Create and select Cash in the Type field.

For more information on the accounting information fields, read the Configuratie section of this page.

Notitie

A default cash journal is available and can be used straight away. You can review it by going to Accounting ‣ Configuration ‣ Accounting: Journals ‣ Cash.

Edit an existing bank or cash journal

To edit an existing bank journal, go to Accounting ‣ Configuration ‣ Accounting: Journals and select the journal you want to modify.

Configuratie

You can edit the accounting information and bank account number according to your needs.

Manually configure your bank information

Wachtrekening

Bank statement transactions are posted on the suspense account until they are reconciled. At any moment, the suspense account’s balance in the general ledger shows the balance of transactions that have not yet been reconciled.

Notitie

When a bank transaction is reconciled, the journal entry is modified to replace the bank suspense account with the account of the journal item it is reconciled with. This account is usually the outstanding receipts or payments account if reconciling with a registered payment or the account receivable or payable if reconciling with an invoice or bill directly.

Profit and loss accounts

The Profit Account is used to register a profit when the ending balance of a cash register differs from what the system computes, while the Loss Account is used to register a loss when the ending balance of a cash register differs from what the system computes.

Valuta

You can edit the currency used to enter the transactions.

Rekeningnummer

If you need to edit your bank account details, click on the external link arrow next to your Account Number. On the account page, click on the external link arrow next to your Bank and update your bank information accordingly. These details are used when registering payments.

Edit your bank information

Bank feeds

Bank Feeds defines how the bank transactions are registered. Three options are available:

  • Undefined yet, which should be selected when you don’t know yet if you will synchronize your bank account with your database or not.

  • Import (CAMT, CODA, CSV, OFX, QIF), which should be selected if you want to import your bank statements and transactions using a different format.

  • Automated Bank Synchronization, which should be selected if your bank is synchronized with your database.

Outstanding accounts

By default, payments in Odoo do not create journal entries, but they can easily be configured to create journal entries using outstanding accounts.

  • An outstanding receipts account is where incoming payments are posted until they are linked with incoming bank transactions.

  • An outstanding payments account is where outgoing payments are posted until they are linked with outgoing bank transactions.

These accounts are usually of type Current Assets and Current Liabilities.

Payments that are registered in Odoo are posted to the outstanding receipts and outstanding accounts until they are reconciled. At any moment, the outstanding receipts account’s balance in the general ledger shows the balance of registered incoming payments that have not yet been reconciled, and the outstanding payments account’s balance in the general ledger shows the balance of registered outgoing payments that have not yet been reconciled.

Bank and cash journal configuration

To configure payments to create journal entries, set outstanding accounts for the journal’s payment methods. This can be done for any journal with the type Bank or Cash.

To configure the outstanding accounts for a journal’s payment methods, first go to Accounting ‣ Configuration ‣ Journals and select a bank or cash journal. In the Incoming Payments and Outgoing Payments tabs, set Outstanding Receipts accounts and Outstanding Payments accounts for each payment method that you want to create journal entries.

Notitie

  • If the main bank account of the journal is added as an outstanding receipts account or outstanding payments account, when a payment is registered, the invoice or bill’s status is directly set to Paid.

  • If the outstanding receipts or outstanding payments account for a payment method is left blank, registering a payment with that payment method will not create any journal entry.