Odoo is the world's easiest all-in-one management software. It includes hundreds of business apps:
CRM | e-Commerce | Accounting | Inventory | PoS | Project management | MRP | etc.
Having never used an accounting package before I'm a little confused how/where I record something like bank interest?
Every journal entry needs to have a complement and I'm not sure how I should enter these.
Apologies if this is more of an accounting question than a question about Odoo itself.
I'm using open source version 8 in a Turnkey Linux application.
from an accounting point of view:
if the interests are periodicaly debited from your account by the bank (monthly or annualy for instance)
Debit a P/l account (an expense account) and credit the bank account
if the interests are just added to the initial amount of the loan at the end of the period
then debit the same account as above and credit the loan account (balance sheet account)
I would recommend setting up a separate interest journal, but you can also just use any existing journals that make sense to you.
When you receive your monthly / yearly interest statement from your bank, either add a new bank statement and reconcile as Julio said or just create a manual journal entry for the interest.
Creating a seperate account allows for easier reporting / analytics when looks for data about your interest earned :)
Hello David Lumm
I think You can use the bank statement,
First, create bank statement and add bank statement line with the amount by bank interest,
Second, use button reconcile
In the widget of reconcile you must select one account to entry bank interest and press button 'OK' that created the journal entry
About This Community
This platform is for beginners and experts willing to share their Odoo knowledge. It's not a forum to discuss ideas, but a knowledge base of questions and their answers.Register
Odoo Training Center
Access to our E-learning platform and experience all Odoo Apps through learning videos, exercises and Quizz.Test it now
|Asked: 5/23/16, 11:45 AM|
|Seen: 474 times|
|Last updated: 5/24/16, 4:43 AM|