How to Create a Bank Journal/Account

For each Bank account, you need to have a bank journal in Odoo. Before creating a bank journal, you need to make sure that you have already created a General Ledger account for the specific bank account that you are going to create.
Bank account GL Account - this is the GL account for the bank account that you are going to create.

NOTE: Outstanding Receipts & Payments, and Bank Suspense accounts will be used to hold the receipts and payments until they are reconciled. After the reconciliation, balances will be moved to the bank account and the balances for these accounts will be zero. You can check these Accounts by going to Accounting > Configuration > Settings > Default Accounts. Here you can set up the default GL Accounts of the accounts mentioned above. All the above-mentioned settings are already done in your file. But if you need to add or make any changes, the above details will be useful. 



How to Create a Bank Journal

1. You can now proceed to create the Bank Journal. Just go to Configurations > Journals 
 
2. Click on Create
.

3. Add the necessary details.

Journal Name - Preferably Bank Account name/details to identify
The type should be Bank (select this from the drop-down menu)
Company - Select the relevant company


I. Journal Entries Tab  

 Accounting Information
 
* Bank Account - Select the relevant Bank GL Account you created before.
* Suspense Account - Clearing GL account to hold unreconciled items ( Eg. 11111 Bank Suspense Account)
* Short Code - Journal code prefix to identify transactions related to this bank
* Currency - Select the relevant currency
* Profit & Loss Account - A profit account is used to register a profit when the ending balance of a cash register differs from what the system computes with + and a loss is the same with the - result. Odoo assigns two Journals to these accounts naming: Cash difference Gain & Cash Difference Loss. You can leave it blank as Odoo already assigns journals on this by default.

 * Bank Account Number ​ 
Account Number - If you have not created a bank account number yet for this bank, you can type the account number and click Create and Edit and fill in the information 
1. Account Number
2. Bank
3. Currency
4. Company
5. Account Holder
6. Account Holder Name
7. BSB Number
8. Send Money/ not


Please note when you are selecting the Bank, if the bank is not available in the dropdown, you need to create a Bank
Type the name in the Bank Field > Click Create & Edit Enter Bank details below. 

 * Click Save

Bank Feeds  
* If you have not yet activated feeds or planning to activate feeds, please select Undefined Yet
* Once you activate feeds, you can select Automated Bank Synchronization
* If no feeds are available and you need to manually import bank statements, select Import 


ABA information if the bank will be used for ABA Payments, please fill in required ABA details. 




II. Incoming & Outgoing Payments Tab
The only thing that you need to update in these Tabs is the Payment Method. Odoo will show you Manual & Batch Deposit, as a default method. You can rename the payment method and add another method as needed. 




III. Advanced Settings 
Allowed accounts- This will enable you to limit your Journal to a specific account. You can add as many accounts as needed. 





Note: You can leave these fields blank if you do not want to limit your Journal for some specific account or account type.



How to Activate Feeds for an Existing Bank Journal

1. Go to the Accounting Module. 
2. You will see all the Bank journals available in the dashboard.
3. Go to the account you need to activate feed and click on the ONLINE SYNCHRONIZATION button. 

 
4. You will be asked to select your bank here. You can search your bank in the search button and select that bank and then click on Connect. 
 



5. Select your account type. 
 

6. Provide your login credentials 
7. After that, you will be asked to enter your phone number and they will send you a code and instructions on what to do next.