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OpenERP 7 how do you process a cashed cheque.

By
Gareth Clark
on 2/23/14, 9:37 AM 2,096 views

I have to have it appear in the cash box it relates to and also in the bank statement for everything to balance, but i can't see how to do it

A Check is not cash. Why would you want to see the amount related to a check in your cashbox? The way you have to handle a check in OpenERP has nothing to do with the cashbox. If you clarify this point, I can answer you.

Fabrice Henrion (fhe)
on 2/23/14, 8:48 PM

I am talking about when you cash a cheque. The way that we get cash out of our bank account as a business is to go into the bank with a cheque made out to CASH and we get given the cash. What i am not sure about is how to record this in the bank statement and the cash register to make everything add up.

Gareth Clark
on 2/24/14, 2:10 AM
-1

Fabrice Henrion (fhe)

--Fabrice Henrion (fhe)--
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--Fabrice Henrion (fhe)--

Director Odoo USA

Fabrice Henrion (fhe)
On 2/24/14, 4:57 AM

Here is the flow:

  1. You have an open customer invoice. From an accounting standpoint, you have:
    • A/R: Debit $100
    • Sales journal: Credit $100
  2. The customer pays you with a check, then you go to your bank to deposit the check. In OpenERP, you either register the payment and use your Check Journal and then create a bank statement and manually reconcile it with the payment. Or you create a bank statement right away, select the open invoice and OpenERP will create the payment and reconcile it with the statement in one operation. From an accounting standpoint, the payment will create a journal entry that is:
    • A/R: Credit $100
    • Check journal: Debit $100

      And the deposit:

    • Check journal: Credit $100
    • Bank journal: Debit $100
  3. You go to your bank to withdraw cash (in fact you do it at the same time you came to deposit your check). In OpenERP, you manually create a journal entry to transfer money from your bank account (bank journal) to your cash journal.
    • Bank journal: Credit $100
    • Cash journal: Debit $100

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Asked: 2/23/14, 9:37 AM
Seen: 2096 times
Last updated: 6/6/16, 5:00 AM