Odoo Bank Statement Management Benefits

Odoo Bank Statement Management Benefits

Banking operations are incredibly simple to administer using Odoo. You can carry out any banking-related operations from any location on the planet. With the help of the Odoo 15 Accounting module, you can simply manage complex banking and accounting procedures from various bank accounts.

This blog will show you how to link and configure your bank account in Odoo 15 Accounting.

Bank Statement management

Importing bank statements to Odoo will allow you to keep track of your bank account's financial movements and compare them to the transactions recorded in your accounting books. Bank synchronization allows you to import your bank statements into Odoo automatically. This solution is just too simple to implement, and Odoo will make certain that no bank statement data is overlooked.

If you don't want to use the Bank Synchronization technique, you can manually enter the bank statement or import the bank statement that was supplied by your bank.

Import Automatically

Odoo allows you to upload bank statements in a variety of complex file formats. Go to the module's dashboard to import the bank statement. Select your bank from the Overview area and click the 'Import statement' option as shown below.

Select the Import statement option from the three buttons adjacent to the Bank section, and a tab will emerge with the formats in which you can upload the bank statements, as shown below.

Select the files using the SELECT FILES button, then use the UPLOAD button to upload the statements to Odoo.

A new import widget will appear, as seen below, allowing you to customize the file you want to import.

You can use the Formatting options to format the file, as well as Map the columns to import the files. To conveniently handle the statements, select and adjust the options. After you've finished configuring the file, click the TEST button to test the settings. The configured files will be imported when you click the IMPORT button.

Manual Method

You can manually enter the bank statements into Odoo if you prefer the manual technique. To do so, navigate to BANK in your Accounting module's Overview dashboard. Click on the dots to the side of the section and select Statements from the options under NEW, as shown below.

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When you click the Statement button, a new page will appear.

Choose the Journal as Bank, Date Starting Balance, and Ending Balance after entering the Reference number. To input the Statements, go to the Transactions section or tab and click on 'Add a line.'

Note that manually entering Bank Statements is prone to error, so make sure you read over the information at least twice to confirm accuracy, as Odoo considers all of it.
Configuration and setup

Odoo can sync with your bank and instantly import all of the data from your bank statements into your Odoo database. After the synchronization, you can conveniently manage your banking.

Odoo makes it simple to synchronize your bank account. Go to the Accounting module and select Add a bank account from the configuration section. This will open a configuration tab with a list of banks to which you may add your account, as shown below.

If the bank you're looking for isn't listed, click the Create It option to add it to Odoo.

Enter the name of your bank in the Bank section and then click the Create and Edit button. This will lead you to a configuration tab where you may set your new bank as shown below.

Configure the Bank and save it to your Odoo database by clicking the SAVE button. Odoo may be connected with your bank and import all of your bank statements after the configurations are completed. The Journals will be automatically synchronized every 12 hours after the initial sync with the bank, which aids in real-time data management. If you want to synchronize journals that are older than 12 hours, you can do so by clicking the Synchronize Now button on the Accounting module's dashboard, as shown below.

The Bank portion of the module's dashboard provides real-time information on the synchronization process. To instantly synchronize, click on the section or block. You can also navigate to the Dashboard's Settings tab and pick Online Synchronization, which will send you to a configuration pane like the one below.

To synchronize, click the FETCH TRANSACTIONS button on the tab. Bank synchronization is critical for effective accounting administration. You can simply examine and have a thorough picture of your bank account transactions without any data clutter or unwanted mix-ups that might corrupt Accounting data and cause huddles to good business management without the support of Odoo because Odoo values even the smallest of data. Maintaining a steady cash flow is essential to keep a business functioning, as cash is the firm's fuel. Odoo's Accounting capabilities ensure that you have complete understanding of your balances and payments at a glance, regardless of how large the transaction data is.

Conclusion:  Odoo Bank Statement Management Benefits

To sum it up, The Accounting module's real-time data collection and management will allow you to quickly review current information with minimal clutter. Because Odoo is available because of its cloud-based infrastructure, you can simply manage your accounting procedures from anywhere, no matter how complex they are.

With Odoo, you can quickly manage and have a complete overview of your bank feed, as well as complete control over your data. With Odoo, you can simply manage even the most complex bank statements, and you can ensure that your business's cash flow is proper and not manipulated in any way thanks to real-time data updates from the Accounting module.

Odoo, Moe Fawaz January 4, 2022
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