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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.
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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|Asked: 10/17/16, 6:39 PM|
|Seen: 537 times|
|Last updated: 10/18/16, 7:54 PM|