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accountingreconciliation
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Scott H Bellows

Odoo 10 Enterprise version

(Preface: I am not an accountant and have been struggling with reconciling my accounts for quite some time now)

I have a bank line of credit (the bank essentially made funds available to me using my house as collateral).  In Odoo, I created a bank account for any money that I borrowed and then I created a line of credit (LOC) liability account so that when I drew from the LOC I could keep track of how much I borrowed.  If I put money back into the bank account then the non-interest or principal part of the repayment would then decrease the LOC liability account.  A journal entry showing that I borrowed $1,000 against my LOC might look like this:

Account                    Partner    Label    Debit    Credit        Due Date
2502 LOC Loan        Bank X    /            0            1000.00    10/26/2018        [Liability acct.]
1008 LOC Bank 1    Bank X    /            1000.00        0            10/26/2018    [Bank acct.]

Since I didn't see any other way of recording these entries, I did a journal entry (reference also help topic 'Letter of Credit in Odoo' by Zenia dated 8/20/2018).

I am doing a manual bank statement for reconciliation purposes.  That statement looks something like this:

Journal: LOC Bank 1

Transactions
Date                    Label        Partner    Amount
10/26/2018        /                Bank X    1000.00

Because I have given the same amount and the same Partner, I would expect the $1000 Bank X deposit transaction (debit) that I typed into the bank statement to match up with the $1000 liability transaction (credit) from my journal entry.  However, nothing shows up in the reconciliation journal entries.  If I delete the partner name to show all bank transactions and then use the left and right arrows to scroll through them all...I can't even find the $1000 transactions (but if I go into my journal entries and do a search for the $1000 from Bank X then I can find it).

I don't know if I am doing something wrong or if this is some sort of a software bug.  I would really appreciate anyone with more experience in this area to offer their insight.

Screen shots of the transactions described above are provided below (DropBox):

Journal entry
https://www.dropbox.com/s/g2eg0v57hue0g90/JournalEntry.png?dl=0

Reconciliation (with Partner named)
https://www.dropbox.com/s/liuynykmu1lhu1x/BankReconciliation1_WithPartner.png?dl=0

Reconciliation (without Partner named)
https://www.dropbox.com/s/589ouaxlyv710z1/BankReconciliation1_WithoutPartner.png?dl=0



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Scott H Bellows
Author Best Answer

Fabrice, a sincere thank you for taking the time to answer...I searched online and have never come across this!  With this additional clarity, I have just a few more questions to try to now figure out how to 'make this work.'  I'll reference the first part of your paragraph responses before asking my next questions:

Your screenshots show that your journal entry....

These are from two different journals (Misc. and 0471); here is a list of my company database journals:

 

When I did my manual journal entries it defaults to the 'Miscellaneous Operations' unless I tell it otherwise.  The Miscellaneous Operations is associated with my operating expense account ending in 3545.  See this:

 

The "Bank Account" that I am trying to reconcile ends in 0471 and, of course, is associated with that bank account.  Even though I get bank statements relating to this separate account.  You may want to glance at these two screenshots:

 


Question: How would you recommend addressing this...unpost the journal entry, edit and then repost it?  As you can see, I have a number of bank accounts and have doing most of my journal entries through the Misc. acct.

Other reason: the journal item you are looking for...
Question: Can you please clarify where the 'statement' field is located?  Here are some screen shots (below) but I'm not seeing that field.  I would like to be able to see journal entries and tell which ones have been reconciled and which ones haven't been reconciled.

 

 

 

Thank you in advance for this help and, again, for your very informative previous answer.


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Ray Carnes (ray)

Journal ENTRIES are not reconciled. Journal ITEMS are reconciled. Open a Journal ITEM and IF there is a Statement line reconciled to it, you will see this listed in the section titled "Accounting Documents" between the JOURNAL ENTRY and INVOICE fields. If you don't see this field, it is empty (invisible when empty).

Scott H Bellows
Author

Live and learn! Thank you Ray and Fabrice both. These answers let me to do a little more Community Forum research...readers may be interested in this:

"Journal Items are lines of a single journal entry. A journal entry (containing several lines=journal items) represents a transaction in the accounting software.

There are different documents that produces journal entries automatically: confirming an invoice, an asset or a journal voucher. So, a journal voucher is a higher level business document to represent a transaction with a customer. For can use it, for example, for sales receipt."

Courtesy Bilal Ghayad, 3/23/13, "Journal Voucher, Item, Entry"

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Fabrice Henrion (fhe)
Best Answer

Your screenshots show that your journal entry was made in the journal "Miscellaneous Operations". However, your screenshots do not show what journal you are doing your bank reconciliation on. If it is a different one, it is normal that you will not find the item you are looking for.

Other reason why you might not find the item: the account of the item you expect to find must be of type Receivable or Payable (if not paid, ie. black line), or of type 'Bank and Cash' (if paid, ie. blue line).

Other reason: the journal item you are looking for had already been reconciled. To ensure it has not been, check that the field 'statement' on the journal item is empty.

It would be possible to troubleshoot your problem entirely if we had: 1) form view of both accounts, 2) form view of both journal items, 3) which journal you are reconciling.

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