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Open Alpha LLC

Hello Ecosystem,

We are using odoo 8 and we operate in the following way.

Assuming our currency is USD, when in the UK we withdraw GBP in cash from the USD account (yes there is some exchange overhead but we do not much care).

Out of that money, we pay daily expenses when in the UK.

So meals, bus tickets etc....

We keep the GBP in hand, for our next visit in the UK till the cash finish.

The only small detail, is instead of actually holding money in our hands, we deposit the GBP to a UK prepaid debit card (which technically is like an e-wallet for cash).

How should we handle all that?

We thought of creating a cash journal in GBP (with appropriate accounts) and go through it.

It looks to work, however we are looking for practical experience from all of you.

If the approach we are thinking of as correct creates errors after a point, it will be late to revert back.

Regards,

Theo

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Fabrice Henrion (fhe)
Best Answer

1. Create a journal for this prepaid card's bank.

2. If the prepaid card you are using is associated with an account that you can sync from (see supported banks here: https://www.odoo.com/page/accounting-features), sync that statement automatically.
If the prepaid card you are using is not associated with a supported bank, import the statement as .csv, .qif, or .ofx file.

3. Reconcile the expenses on that statement with reconciliation models.

4. Use another reconciliation model that uses an Undeposited Funds account for the debits and the credits of transfers from the main bank to the prepaid card's bank.

In addition to the procedure above: if each expense needs to hit a certain account and/or analytic account (to associate them with specific projects) and if only the person incurring them knows that information (and not the accountant), then import those statement lines as expenses and use "Payment by company", and post them. You will then reconcile these entries with the prepaid card's statement.

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Open Alpha LLC
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Hello Fabrice,

You answer is highly appreciated.

However it looks too complicated for our level of odoo expertise.

We have to emulate it in our dev env and revert.

In the mean time we are forced to raise a use case question

https://www.odoo.com/forum/help-1/question/account-in-different-currency-for-daily-expenses-111040

Your feedback on that will be also highly appreciated.

Nick

Open Alpha LLC
Author

Dear @Fabrice We did give it a try. So basically the reason behind the Undeposited Funds account, is to use a fixed exchange rate of the date of depositing in GBP.

We take out 500GBP on a specific date with a specific rate. We deposit the USD total amount (as we get from the bank statement) to the Undeposited funds account, then with a specific exchenge rate, we deposit to the GBP e-wallet.

All reconciliation is done from GBP to GBP without exchange rate playing a role, and then we reconcile the totals back to the USD amounts from the Undeposited Funds (at a single exchange rate - the one the day of withdrawl/deposit).

Looks correct? (This is what we did but is it correct?)

Thank you.

Nick

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