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.

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

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.

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.

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.

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.

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.