How to Create an Internal Bank Transfer & Reconcile to a Bank Feed

Inter-Bank Transfers

To transfer funds between bank accounts in Odoo, you can do an internal transfer in Odoo to move funds between two bank accounts, although they are denominated in different currencies, within the same company. You can also create and reconcile a bank transfer in Odoo from one account to another.

Let's create and reconcile an Internal Bank Transfer in Odoo.

To create an Internal Bank Transfer, follow the below steps.

1. Go to the Accounting Dashboard.

2. Select the Bank Account that you need to create the transfer for

3. Click the Overflow button and click Internal Transfer ( New). 





4. Tick the Internal Transfer check box and Fill in the relevant fields, then click Confirm.

* Payment Type - Send Money or Receive Money 
* Apply Manual Exchange Rate: - If your selecting a foreign currency
* Amount & Currency - Transfer Amount & currency will be NZD (the local bank currency)
* Date - Transfer Date
* Memo - Update a Description for the transfer
* Journal - Bank ( Will be updated automatically from the bank you selected to create the transfer)
* Payment Method - Use "Manual"
* Destination Journal​ - Select the other bank account which is receiving or sending money

 
5. Click Confirm 





To reconcile an Internal Bank Transfer to a Bank feed, follow the below steps.

1. Go to the Accounting Dashboard.

2. Select the relevant Bank Account and click Reconcile Items.

3. Select the inter bank transfer feed from list

4. From the Match existing entries tab, Select the relevant Bank Transfer Transaction from the list and click it.

4. Click Validate.

 





Note: Please note that, the same Internal Transfer will be available in the receiving/sending bank. There, you have to reconcile it using the same steps mentioned under bank reconciliation. The transfer will also be available under the " Match existing entries tab".