Why Does Odoo Journals Debit and Credit the same account?

Question

From my basic understanding of double entry accounting, I know that a journal should debit and credit different GL accounts.
But in odoo V12 *Journal configuration,* the *Bank Journal* for example uses the same GL account (Bank) as default Debit and Credit Account.
Could some one explain to me why it is so?
My expectation is that the Bank Journal should be configured to have *Bank *as default *Debit Account* and *a* *Receivable Account *as default* Credit Account.*
Could someone please explain?

Vishnu Vanneri · Accepted Answer

Hello,
As per your expectation as well while posting a bank payment Debit will be Bank and Credit will be Receivable.
But Odoo takes the Receivable account from Customer. and Debit from the Payment Journal.
When a payment return or reverse post occurs odoo uses the Credit Account of Bank Journal. That's Why it's assigns Same Account.
Still You can configure your own accounts , but it should be a valid configuration with respect to accounting standard.
Please reffer  https://www.odoo.com/document

Related Posts	Răspunsuri	Vizualizări
Refund journal accounting journals	0 sept. 23	1661
What is Default Debit/Credit Account for Journals Rezolvat accounting journals	1 feb. 23	4086
Zero valued journal entries (V12)? Why accounting journals	0 iul. 19	2738
Does Odoo force allways separate journal for Sales and Purchases? (beginners question) Rezolvat accounting journals	1 ian. 16	3782
Journal Transfert+ accounting journals	0 iun. 15	3006

Această întrebare a fost marcată

Enjoying the discussion? Don't just read, join in!