How to perform a Payment Clearing Account Reconciliation

Performing a Payment Clearing Account Reconciliation in Odoo means reconciling your bank statement with your accounting records to ensure that they match. This process helps you identify any discrepancies between your bank statement and your accounting records.

Payment clearing account reconciliation inside odoo.

Before starting the reconciliation you have to make sure that  Allow reconciliation  for the particular general ledger account is  enabled

01. Go to Odoo  Dashboard> Accounting> Configuration> Char of Accounts   



02. Search for the relevant account through the search bar and check whether the  Allow reconciliation  is enabled  

Once you have confirmed the Allow reconciliation set up, you can start the reconciliation process,

01. Go to  Accounting>   Reconciliation

02. Here you will see all the accounts which are available for reconciliation, so you can go to the relevant account that your going to reconcile  

03. For the testing purpose if you remove those two lines which Odoo has suggested, you can find the debit and credit transactions under the  Miscellaneous Matching   

04. Here the ,
01st  Transaction which is on Debit is the customer payment which has been received for the invoice, once an invoice is created inside odoo, the payment also will get applied automatically for the invoice.             

02nd  Transaction is the entry coming through the bank reconciliation, so while your reconciling the bank feed, the payment is coded to clearing account and now it is available here for accounting reconciliation.                        



05. Then you can select both transaction and click on  Reconcile   

06. Now lets see how we can view the  reconciled transactions.

i) Activate the developer mode and Go to  Accounting> Journal items   

ii) Here, through this  matching column  we can identify the matched transactions through a  unique code,  both  Debit & credit  will have the same code.  

iii) Below you can find the relevant  debit & credit  entries which we reconciled above with the similar code-  A271