Bank Statement Reconciliation

Description

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals and other activities affecting a bank account for a specific period.

☛ For doing this, you need to find the corresponding invoices, compare the amounts and partners’ details with those in the bank statement, which can be a tedious task and a time-consuming process. Luckily, with Odoo, you can easily match your invoices or any other payment transaction with your bank statements. Unfortunately, this feature has been removed from the Odoo 16 Community version.

For this reason, Openinside developed and offered its specially designed “Bank Statement Reconciliation” module as a solution which extends the functionality of the Accounting module and helps the user to match the cash/bank balances on the balance sheet to the corresponding amount on your bank statement. In addition, it determines the differences between General Ledger and Bank Statement in order to make changes to the accounting records, resolve any discrepancies and identify fraudulent transactions.

Menu

• • Accounting

     

    • Accounting

       

      • Miscellaneous

⁕ Bank Statements

Reports

Odoo standard module report.

Key Features

• Streamlined reconciliation process.
• Support for different reconciliation methods.
• Fully integrated with other Odoo applications.
• Ability to create write-off or manual journal entries.
• Ability to register transactions with different criteria.
• Improving the quality and accuracy of financial data.
• Ability to create statement transactions from payments.
• Ability to import statement transactions from excel (Default Odoo import feature).
• Links journal entries and bank statement lines by creating shared matching number.
• Ability to Reconcile transaction with Payment Matching, Customer/Vendor Matching or Manual Operations.