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Hello,

I have a credit card account set up on the system with a credit card journal. I also have a bank account set up and a bank journal.

When transactions are made on the credit card we keep the receipts and enter these onto the system as "purchase receipts", and then post the journal entries. This creates the transactions in the creditors control account and also the relevant tax account etc. In the "reference" for the purchase receipt I always type "xxx - Credit Card", where xxx is a reference to the transaction, and the "Credit Card" allows for easy searching.

When a statement arrives from the credit card company I am able to generate a statement on the system and pull in all of the payment lines using the "insert invoices" feature and using an advanced search on the period and the reference.

However, I also need to insert the payment from my bank account to the credit card account. Since I have set these up as accounts and journals I do not have my credit card company set up as a supplier. To make the payment I therefore create a manual journal entry (debiting my credit card account and crediting my bank account). There appears to be no way to pull in that journal entry to the credit card statement (or indeed the bank statement) to ensure that it is linked. Without doing this the payment is not linked to that credit card statement line (this then means the light to the right of the statement line is red).

Is there any way to link the statement line to the manual journal entry? If not, what is the correct way to do this?

Thank you for any help! Lawrence

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I've also tried entering the payment on each statement (so that I have a record of it on each statement), but by entering a bank statement line a journal entry is created. This means if I manually enter the payment from the bank account to the credit card account on each statement then I end up with two transactions in the journal (so I move twice as much money as I want to).

Hello, Is the Credit card module you talk about also available for version 9 or version 10 ?

Best Answer

UPDATED FOR Odoo v11 and higher (no additional module is needed, simply set up both the bank and the credit card in Odoo with a Journal for each that you use to record payments from and to each):

>> To make the payment I, therefore, create a manual journal entry (debiting my credit card account and crediting my bank account).

The way to move money internally, whether it be from one of your Bank Accounts to another (at the same Bank or at a different Bank - as long as they are both "yours"), or from one of your Bank Accounts to a Credit Card, is to record an INTERNAL TRANSFER.

You can learn more about this at https://www.odoo.com/documentation/user/13.0/accounting/bank/misc/interbank.html

The Internal Transfer will move money through an Inter-Bank Transfer account.

This creates two Journal Entries and automatically reconciles the movement through the transfer account (so it will never hold a balance).  You reconcile one entry with the funding Bank Account bank statement and one that you can reconcile with the receiving Bank Account / Credit Card statement (essentially reconciling one transaction twice). 

Two statements are involved - one from each account - so there are two things to reconcile and, in many cases, the funding and receiving bank/credit card company are not the same financial institution (so there could be timing differences).


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You should have:

  • 2 journals: CC payments, Bank
  • 3 accounts: customer receivables, CC, Bank

Then:

  • when the customer pays with a credit card (upon reception of a confirmation email by the CC company): pay and reconcile the invoice with the journal "CC payments". (receivables -> CC)
  • when you record your bank statements, when you have a batch of payments, you do a transaction and record the CC fees at that time (CC -> bank)

Yoy may (or not, it's not required) reconcile the CC account, depending if you trust or not the CC company.

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Perhaps a better way to manage credit card purchases is by using a module we wrote.

account_payment_cc at https://launchpadlibrarian.net/137096497/account_payment_cc_README.pdf

This module provides a way to record Credit Card purchases and to pay them in the same way regular purchases are recorded (via Supplier Invoices) and paid (via Supplier Payments).

It automates the creation of the Manual Journal Entry required to move the AP to the Credit Card Company, retains all information about the purchase in an Invoice document, and leverages the standard purchase and payment workflows already in place for bank and cash payments.

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this module is great! No prob yet.