Having 2 bank accounts, how do I set up initial balance?

Question

I am using openERP 7.0. This is my first time to use openerp. Previously I only use XLS as my tool for managing accounting.

I have 2 bank accounts for my business. I already created 2 bank accounts. But I dont know how to ;

1. Setup those 2 bank accounts as my incoming and expense account

2. Setup the initial balance of those 2 bank accounts

3. If there is customer buy my products, how to make a transaction that will be involving one of my bank accounts. Because to buy my products, my custom

Sean Jansen · Answer

1. Banks are both income and expense accounts, in the journal you can selectet it to be the "Type = Bank". I suggest that you make a diffrent journal if you got multiple bank accounts.

2. In the Bank statement your starting balance will be 0, the ending balance will be 100. (example if there is 100EU in your bank). That 100EU will be a debet line in that statement, against a credit line in a balance account. Reconcile those and close the statment in Odoo 8 or book the bankstatement in Odoo 7.

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