Credit card account and journal creation

1. If you already have a credit card account in place, please follow step 2.

If you don’t have a credit card account yet, please start with step 3.

2. Go to accounting application > configuration > chart of account > change credit card account type to bank and cash temporarily.

3. Go to accounting application > configuration > journal.

4. Create a journal.

5. Name the credit card journal.

6. Select the type: Bank

7. If there is no credit card account created yet, leave the account as it is. Odoo will automatically create one for you.

8. If you have a credit card account in place, select the account from the ‘bank account’.

9. Go to accounting > configuration > chart of account > find the credit card account and change the account type to ‘credit card’.

Workflow and reconciliation process

Workflow 1:

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

1.      Create a vendor bill for $111.

2.      Register payment on the bill for $111 via credit card journal.

3.      Bring the credit card statement.

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.      Transfer $111 from the bank to a credit card.

2.      Bring the -$111 bank statement to the bank journal and reconcile it with the step 1 transfer in the bank journal.

3.      Bring a +$111 credit card statement to the credit card journal. Odoo treats credit cards as bank journals. So when the credit card receives payment from the bank, it is positive, not negative.

4.       Reconcile the $111 statement with step 1 transfer in the credit card journal.