We are moving to Odoo and I have imported all the transactions from our old accounting program (the past several years).
The Aged Partner Balance report for receivables is showing that we have un-paid customer invoices (we don't, but it shows a balance on this report anyway). But I wonder if performing a Bank Reconciliation will clear these from the report?
Is it proper procedure to do a Bank Reconciliation anyway after importing historical transaction like I've done? I already know that the balances of these bank accounts are correct (i.e. the balance on our statements matches what's in Odoo because we already checked it in the other program).
Thanks,
Ken
How did you import your historical banking data from old accounting software into Odoo? We have been using Odoo for our sales, invoicing (customer and vendor), purchasing, inventory control, and partner list for two years. We have not fully committed to doing all banking in Odoo yet, so our banking is all in another accounting software, and we just exported invoices&payments(customers and vendors), as well as the respective impacts to the GL accounts they touched from Odoo over to the accounting software so we could reconcile banking and file taxes, etc. I want to go all in on accounting in Odoo and I want to go back to the day we started using Odoo for the above mentioned things.
So did you just import historic banking as a Bank Statement or did you import directly as Journal entries? My fear is to end up with duplicate transactions.
We exported ALL transactions from Simply Accounting to CSV, then imported them into Odoo as Journal Entries. (It was a programming nightmare to create the export, but the import to Odoo was smooth.) I expect you could import the transactions as Bank Statements, too, but I'm not sure. As indicated by my question above which I still have, the Banking system in Odoo confuses me. For example, I'm used to Simply Accounting's Bank Reconciliation process which compares SA's transactions to those on a bank statement and then "clears" them, but Odoo's definition of reconciliation seems to be different (but again, still confused so might be wrong). :-)
Reviving this post again. I couldn't agree more with your comment "____Insert Every other Accounting Software I've ever used_____ Bank Reconciliation process which compares ____software_____ transactions to those on a bank statement and then "clears" them, but Odoo's definition of reconciliation seems to be different"
I really really wish there was better documentation out there on this topic.
Just wondering if anyone managed to get this sorted?
Hi Majdi -- in my opinion, you should have a REALLY good reason that you would want to import old data from another software system into Odoo. Having survived it, I would never do it again. You are much better off ending the Fiscal Year in your old system and starting the next Fiscal Year in Odoo.
It took months of work for very limited benefit. I'm still in therapy recovering from the process.