Video

Credit card account and journal creation

1. If you already have a credit card account in place, skip this step.

2. If you don’t have a credit card account yet, please create an account under Accounting application > configuration > chart of account >Define account code, name and type: credit card

3. Go to accounting application > configuration > journal. Create a journal.

4. Name the credit card journal and select type: Credit card.

5. Select the ‘credit card account’ under’ Journal Account’

Workflow 1: Reconciliation process

Pay a vendor bill with a credit card. Reconcile the payment with a credit card statement.

1.  Create a vendor bill for $111.

2.  Click ‘Pay’ on the bill for $111 via credit card journal.

Please be aware of setting an ‘outstanding’ account on the journal as the ‘Pay’ button is a three step reconciliation process.

3.  Bring the credit card statement. Or manually enter the credit card statement -$111. Be aware that credit card statements show positive $111 to represent a payment. In Odoo, please manually add the negative sign to represent an outgoing payment.

This way, we can see a positive $111 appears in the credit card account in the balance sheet, liability section.

4.  Reconcile credit card statement with the payment created.

5.  See the credit card balance.

Workflow 2: 

Transfer bank account to credit card and reconcile both journals.

1.  When we pay the credit card with the bank account, it means an internal transfer in Odoo between two journals. 

2.  Bring the -$111 bank statement to the bank journal and click on ‘internal transfer’. Odoo credits the ‘liquidity transfer’ account.

3.  Bring a +$111 credit card statement to the credit card journal to represent an incoming payment from the bank. Be aware that the credit card statement shows negative but you need to manually adjust it to be positive.

4.       Reconcile the $111 statement with the ‘internal transfer’ button. Odoo debits the ‘liquidity transfer’ account that offset step 2.

Hi,

Please refer to the following links:

1. https://www.youtube.com/watch?v=iDxOc5hdwx8

2. https://www.youtube.com/watch?v=EaILF0m1Abk

Solved Forum: https://www.odoo.com/sl_SI/forum/pomoc-1/how-to-manage-credit-card-payments-and-reconcile-them-with-your-bank-statement-185996

Module: https://odoo-community.org/shop/credit-card-payments-399#attr=4557

Hope it helps.