Internal transfers¶
Internal money transfers can be handled in Odoo. At least two bank or cash accounts are needed to make internal transfers.
Configuration¶
An internal transfer account is automatically created in your database based on your company’s localization and depending on your country’s legislation. To modify the default Internal Transfer account, go to and scroll down to the Default Accounts section.
While it is possible to manually write off internal transfers to this internal transfers account, it is recommended to instead use the Internal Transfers reconciliation model. If the Internal Transfers reconciliation model does not exist, create it manually:
Create a new reconciliation model, and fill in the Name field (e.g.,
Internal Transfers).Do not select specific matching conditions, and leave the model set to Manual to ensure the model is available to be selected for all transactions.
In the Counterpart Items tab, click Add a line.
Set the Account to the internal transfer account (the specific account name and code vary by localization).
Leave the Amount Type and Amount as their default values of Percentage of balance and 100.
Add a Label to identify transactions that are matched using this reconciliation model (e.g.,
Internal Transfers).
Register an internal transfer from one bank to another¶
When money is transferred from one bank or cash account to another, that amount appears as two transactions on the corresponding journals, whether the transactions are created manually, via import, or via bank synchronization. When reconciling the transaction, select the Internal Transfers reconciliation model button. This action writes the transaction off to the Internal Transfer account.
Important
Remember to reconcile both the outgoing transaction (on the journal that sends the payment) and the incoming transaction (on the journal that receives the payment) with the internal transfers account using the Internal Transfers reconciliation model button.
Once each bank journal’s transaction is reconciled using the Internal Transfers reconciliation model, the internal transfer account is balanced, and the balances of both bank accounts are updated to reflect the transfer.
Example
When transferring $1,000 from Bank Account A to Bank Account B, each of the two bank journals has one journal entry:
The outgoing transaction in the Bank Account A journal:
Account
Debit
Credit
Bank Account A
$1,000
Internal transfer account
$1,000
The incoming transaction in the Bank Account B journal:
Account
Debit
Credit
Bank Account B
$1,000
Internal transfer account
$1,000
See also