How to Create a Reconciliation Model ( Bank Rules)

How to Create a Reconciliation Model

 
To ease and speed up the reconciliation process, you can configure Reconciliation Models, which are particularly useful with recurrent transactions such as bank fees, Interest expenses, etc. Let's see how you can create a Reconciliation Model in Odoo.

1. Go to Accounting > Configuration > Reconciliation Models.

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2. Click on Create.

 



3. Type a Name & select the relevant Type for your Reconciliation Model. There are three main Reconciliation Model Types and you can choose one of them.

Button to generate counterpart entry - If you use this type of reconciliation model, when you are reconciling an entry with an Open Balance, you can use the buttons available under the Manual Operations tab to pre-fill all the values automatically, before validating the reconciliation. Each button is related to a different Reconciliation Model. 

 
Rule to suggest counterpart entry - This type of Reconciliation Model suggests immediate counterpart values that only need to be validated. This automation is based on a set of rules defined in the reconciliation model. 

 
Rule to match invoices/bills - This type of Reconciliation Model automatically selects the right Customer Invoice or Vendor Bill that matches the payment. All that is left to do is to validate the entry. This automation is based on a set of rules defined in the reconciliation model ( By default this model is created in Odoo. You do not have to create this in Odoo).

Let's see how you can create reconciliation models using Button to generate counterpart entry and Rule to suggest counterpart entry as reconciliation model types.

Button to generate counterpart entry

1. Fill in the following fields:
   * Name - Name of the Reconciliation model
   * Type - Button to generate counterpart entry
   * Conditions on Bank Statement Line
            # Journals - You can select a bank journal here if you want to limit the reconciliation model for a                                                specific bank account
  * Counterpart Values
           #Account - This will be the account that will be used to prefill the reconciliation line once we click on                                       this reconciliation model while doing the reconciliation ( The account that will be debited or                                 credited for the transaction).
          #Amount Type 
  * Percentage of statement line- You can select this option if you need to allocate only a percentage to the                                                               account selected above. Then define the percentage in the Amount Column.                                                           Eg: 100 to assign the full transaction value.
  *  Percentage of Balance - If you have allocated a lesser % amount than 100 that will bring a balance in                                                           the percentage. So that balance can be allocated to another account. Ex- If you                                                       have a total exp of      $200, You allocate 80% to cleaning exp which is $160 &                                                         balance 20% which $40 to bank fees. You can either allocate the 100%                                                                     of $40 to bank fee or you can break it further.
  * Fixed - If you need to assign a fixed amount from the transaction to a specific account. Then define the fixed                   amount in the Amount column
  * From Label 
         # Journal - Miscellaneous Operations
         # Taxes - enter the applicable tax code.
         #Tax included in Price- Select whether the amount is tax inclusive or exclusive.
         # Journal Item Label - will be needed while we are creating the model "Suggest counterpart values

2. Click Save

Suggest Counterpart Values 

1. Fill in the following fields:
      * Name -Name of the Reconciliation model 
      * Type - Suggest Counterpart values
      * Auto-validate -You can tick this checkbox if you want Odoo to auto validate your transactions using the                  reconciliation model you are creating. But we don't recommend this option as it is always better to                      check and validate to ensure accuracy.
      * Conditions on Bank Statement Line
             # Journals - if you want to restrict it to a specific bank account/journal.
             # Amount Type - Select the appropriate type
             # Amount - Can be "is lower than", "is Greater than" or "is in Between" a specific value.
             # Label - whether the label "Contains", "Not contains", or "Match Regex" the label in the statement. ( If                               you have a specific reference to a bank statement line, you can add it here) Eg : Contains - BP
            # Partner is set - If you need to make this model available once you have set the partner for bank feed                                              you can tick this. 
      * Counterpart Values 
           # Account - This will be the account that will be used to prefill whenever the above conditions on Bank                                     statement lines are met ( The account that will be debited or credited for the transaction).
          # Amount Type 
       * Percentage of statement line- You can select this option if you need to allocate only a                                                                                              percentage to the account selected above. Then define the                                                                                      percentage in the Amount Column. Eg: 100 to assign the                                                                                          full transaction value.
        * Percentage of Balance - If you have allocated a lesser % amount than 100 that will bring a balance                                                              in the percentage. So that balance can be allocated to another account. Ex- If                                                          you have a total exp of $200, You allocate 80% to cleaning exp which is $160 &                                                      balance 20% which $40 to bank fees. You can either allocate the 100% of $40                                                          to bank fee or you can break it further.
                  * Fixed - If you need to assign a fixed amount from the transaction to a specific account. Then                                             define the fixed amount in the Amount column
                 * From Label
          # Journal - Miscellaneous Operations
          # Taxes - enter the applicable tax code.
          # Tax included in Price- Select whether the amount is tax inclusive or exclusive.
          # Journal Item Label - Label to be displayed in counter part journal 
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Partner Mapping - If you need to restrict this model to a specific partner you can tick this and update the partner details. 

 
2. After filling out the necessary information, click Save. 

How to Reconcile Using Reconciliation Models

Now let's see how you can reconcile your banks using the reconciliation models we discussed in the above section.

Suggest Counterpart Values
Odoo will suggest immediate counterpart values that only need to be validated. This automation is based on a set of rules defined in the reconciliation model.

 







Manually Create a Write-off on Clicked Button
If you've already created reconciliation models in Odoo, you can click on the model buttons on top left corner under Manual Operations. Then, all the other information will be filled out automatically based on the counterpart values you have defined. If you are happy to proceed with the auto-filled information, then you can click on the Validate button.