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The Ultimate Guide to Managing Bank Accounts in Odoo 17

The Ultimate Guide to Managing Bank Accounts in Odoo 17

The most recent edition of the Odoo 17 ERP system includes many cutting-edge innovations that will help you manage your business more successfully. Odoo offers modules that can assist you complete multiple business tasks. The Accounting module in Odoo allows you to easily streamline even the most difficult accounting operations. 

Bank account management is an important part of financial management. Odoo Accounting allows you to conveniently manage your business accounts. 

The technology allows you to set up and use many bank accounts concurrently. After you’ve set up your bank accounts in the database, you may manage your cash transactions, bank statements, and a variety of other financial activities directly from the Accounting module. 

This blog will explain how to use Odoo 17’s Accounting module to transfer cash between accounts and manage bank accounts. 

The Accounting module, with its top features and tools, helps simplify financial management. Setting up a new bank account in Odoo 17 is now simple. To create a new account, go to the Configuration menu in the Accounting module.

The Add a Bank Account option is available from the Configuration menu. This option allows you to create a new Odoo account setup. As shown in the image above, clicking on this choice will cause a pop-up on your screen. 

You can find your bank using the search bar or scroll down to see all the accessible bank accounts. Here are some filters that could help you filter the accounts: United States and worldwide. 

Once you’ve located your bank, click on the label and select the Connect button. A second pop-up will display, allowing you to enter account information for the chosen bank account. 

If the name of your bank is not already displayed on the list, you may add it by selecting the Create button. 

This button will open a new pop-up window in which you can enter your banking details.

You can enter your Account Number, Bank, Bank Identification Code, and Journal in the designated field. Specifically for this account, you can begin a new journal entry by leaving the Journal field blank. 

After you’ve provided the necessary information, click the Create button. This is how you may set up your bank account in the Odoo 17 Accounting Module. 

Let’s look at how to transfer money internally within the same business, using Odoo, from one bank account to another. 

Your Accounting Dashboard displays the bank accounts set up in your database.

We’ll transfer the money from the bank to XYZ Bank right away. The graph shows the current balance of the bank account, which is $9944.87. A $1000 transfer from the bank account to the XYZ bank account will occur. 

This can be accomplished using Odoo’s internal transfer process. The internal transfer option displays when you click the three dots in the notebook’s upper right corner, as shown in the image below.

When you select this option, a new window will open in which you can enter the specifics of the internal transfer. 

Here, the payment type can be changed to send, and an internal transfer will be selected automatically. Now, type $1000 into the amount field. The transfer data will be provided in the relevant field. You may use the offered space to mention a memo. In the final Journal, you can designate your XYZ bank account as the target. 

Once you’ve entered all of your information, click the Confirm button. 

When you look at your Accounting Dashboard, you’ll see that the source account’s outstanding balance is less than  $1,000. It is possible to repay outstanding payments through bank reconciliation. You can accomplish this by manually generating a bank statement and completing the bank reconciliation process. 

To begin, we’ll create a bank statement for the original bank account. 

When you click on the bank journal, Odoo will open the bank’s reconciliation window.

You can create a new bank account by clicking the New button. 

The pop-up window allows you to enter the date, label, amount, foreign currency, partner, and journal. Next, click the ‘Save & Close’ button. 

You can complete the Journal by clicking the validate button after selecting an appropriate journal. After the reconciliation is complete, you can see the Accounting Dashboard. 

The outstanding balance owed to the first bank is settled here. The account’s running balance has now been reduced, indicating that $1000 has been transferred to the XYZ bank account. You can match the transferred amount to the XYZ bank account statement, as we did earlier to pay the outstanding payment. 

Managing Journal Entries & Items in Odoo 17 Accounting Click Here 

To accomplish this, select the ‘Create Transaction’ button, manually create a statement, and then reconcile it with the appropriate counterpart. 

To complete the reconciliation, select the Validate button. 

The reconciliation is now completed. The XYZ account has a running balance of $1,000, as shown on the Accounting Dashboard.

This is how Odoo 17 manages bank accounts and transfers money across accounts in the Accounting module. 

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