How to Reconcile Bank Statements

How to Reconcile Bank Statements


Let's see how to reconcile bank statements in Odoo.

1. Go to the Accounting dashboard.

2. Under Favorites, Select "Accounting Dashboard - Type". You will see all your bank accounts in the Bank Section 





3. Click on the Reconcile Items on the Bank Account that you want to reconcile.

4. Select the relevant transaction that you need to reconcile from the list, the selected transaction will have a blue color line in the right corner 





Match Existing Entries 

a. Invoices & Bills- All the invoices & bills that are available to reconcile will appear under Match Existing Entries tab. 



b. Payments - All payments such as invoice/bill payments, supplier deposit payments ,customer prepayment and customer overpayment can be reconciled in Match Existing Entries. 



* Batch payments- All the batch payments and deposits that are available to reconcile will appear under this tab. 

* Manual Operations - In Manual Operations, you can choose one of the following two options.
I. Reconciling bank using a Reconciliation Model

If you've already created reconciliation models in Odoo, you can click the relevant model (on the left top 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. 



II. Directly creating direct expense or income by using manual operation. 
You can directly fill out the information using this option. 

5. Select the matching transaction from the relevant tab

6. Click Validate

7. While doing the reconciliation if you need to confirm any of the transaction from your superior you can select the counterpart entry, then validate and mark it as "TO CHECK" by clicking this button.  



8. Once superior has checked it you/ superior can mark it "SET AS CHECKED"

9. If you need to reset a reconciled entry, you can click over the matched transaction and click "RESET"

Also you can reconcile it back through the normal reconciliation process. 





Note: If you've already created reconciliation models in Odoo, those will appear under the Manual Operations tab.