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Re: Bank Statement Reconciliation in Anglo-saxon countries

by
Kevin.McMenamin
- 10/07/2015 14:52:04
We have recently been contacted by a partner in Singapore about this issue. Looking at the standard functionality, a Customer/Supplier Payment creates journal entries but there is no way to link the bank statement line to a payment.  Our solution is to add payment id to the bank statement line. If used, then do not create additional entries. We will then have a bank reconciliation report.

If you are interested in co-funding I suggest you contact Won Li Hao <lihaowon@statecraftsystems.sg>

Regards
 
Kevin McMenamin
ERP Capability Manager

Mobile  +64 22 651 3753
Phone  +64 9 977 5805
Email   kevin.mcmenamin@solnet.co.nz

Solnet Solutions Limited
Level 19, Crombie Lockwood

191 Queen Street, Auckland 1010
PO Box 6619, Auckland 1141


www.solnet.co.nz  




From:        Jordi Ballester Alomar <jordi.ballester@eficent.com>
To:        "Community" <community@mail.odoo.com>,
Date:        08/10/2015 01:52 a.m.
Subject:        Re: Bank Statement Reconciliation in Anglo-saxon countries





Hi, just to clarify, 

You can maintain a bank account in line with the Bank using Odoo's bank reconciliation if you post transactions such as Deposits in Transit  or Outstanding Checks to separate journals, and then reconcile them once you receive the bank statement.

The issue would be to create a comprehensive report of what transactions (Deposits in Transit, Outstanding Checks) remained uncleared for the period that the bank statement is created.



On Wed, Oct 7, 2015 at 2:22 PM, Jordi Ballester Alomar <jordi.ballester@eficent.com> wrote:
Dear community members,

We have customers in various Anglo-Saxon countries that use, or intend to use bank statement reconciliation, but I'm seeing a gap in Odoo's approach. Perhaps you can help me to clarify it. 

As a general overview of the bank statement reconciliation in such countries (or at least in the US), see the following article:
http://www.accountingcoach.com/bank-reconciliation/explanation

Thus, Banc rec. is a process to prove that the company's bank account balances are aligned in the company's books and at the Bank, and that differences are reported.

As far as I can see, Odoo's Bank Statement allows to complete Step 2 'Adjust the Balance per Books', but not Step 1 "Adjust the Balance per Bank" or Step 3 
"Compare the adjusted balances".

Generally a report is required to show the results of steps 1,2,3.


Regards,
--
Jordi Ballester Alomar
Founder | Eficent
(+34) 629530707 | jordi.ballester@eficent.comhttp://www.eficent.com
Twitter: https://twitter.com/jbeficent_erp | Linkedin: https://www.linkedin.com/in/jordiballesteralomar



--
Jordi Ballester Alomar
Founder | Eficent
(+34) 629530707 | jordi.ballester@eficent.comhttp://www.eficent.com
Twitter: https://twitter.com/jbeficent_erp | Linkedin: https://www.linkedin.com/in/jordiballesteralomar

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