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Bank Statement Duplicate Entries

By
Sam
on 10/13/13, 6:52 PM 2,097 views

Hello,

I am trying to use the accounting module but I am running into a problem. I have no jounal entries as of yet but am going to input all my past transaction which were done outside of openerp.

I am entering past bank statements from 11/2011 to now and this is my problem.

  1. When I enter my statements and there are transaction that are transfers, I receive two of the same transaction in the journals. For example, I have a checking account and a savings account, I have a transfer from Checking to savings and when I enter both statements in the system, there is two journal entries from the transfer because it appears on both statements (checking and savings).

I would like to know how to enter the items and input the bank statements without having duplicate entries of the transfers between my accounts.

I am using Openerp V7.

I am not sure if this is because I have not entered in the journal entries prior to inputting the statements. I have tried to add the journal entries first, then adding the statements but that causes more duplicate entries because there are the journal entries and bank statement entries.

Any help would be appreciated. Thank you

1
Gregoire Huet
On 10/13/13, 7:03 PM

Hello

I think that the accounting best practices propose to get through a 'transfer account' for this type of transaction.

Bank Account 1 -> Transfer Account Transfer Account -> Bank Account 2

You can create this transfer account according to your accounting plan.

AJ

Thank you for your help. Just to clarify, do you mean I should create a new account called "Transfer Account"?
Also, what do you mean by "accounting plan"?

As an Example: Checking1 transfer 100 to Savings1 - In the journal entries, I enter the transaction in Checking1 Journal - When Entering transaction, I input debit $100 from account Checking1 - Then add item, I input credit $100 to Transfer Account

Please elaborate if you can regarding your answer. Thank you

Sam
on 10/13/13, 8:39 PM

To make transfers between bank accounts, you need a transfer account, that you can call the name you want. I think it has to be a asset account.

Gregoire Huet
on 10/14/13, 5:57 AM
0
Merrie Summey
On 12/15/14, 8:45 PM

ooooohhhhh

0
Paweł Kostrzewa
On 10/14/13, 9:02 PM

but, this is the theory, not IT solutions. Let's learn theory! ;)

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Asked: 10/13/13, 6:52 PM
Seen: 2097 times
Last updated: 3/16/15, 8:10 AM