In this video, learn how to reconcile your journal entries and connect your bank account to your Odoo database.
1. What is reconciliation?
It is a specific kind of journal entry, in the Reconciliation Journal, which balances out unbalanced entries. It is a specific kind of report required by governments to make sure that all taxes are paid on time. It is a process to link two different records, documenting that they balance each other out and are in agreement. It is a journal entry to balance out the Account Receivable when a debtor hasn't paid their invoice in time.
2. In Odoo, what is the difference between the Bank Journal and Bank Statements?
The Bank Journal is a report generated by Odoo that you must reconcile with your Bank Statements to balance your accounts. The Bank Journal records financial transactions in Odoo, while the bank statements come from your bank. Reconciling the two helps you to make sure that your accounting is accurate. They are the same thing. The Bank Journal records financial transactions in Odoo, while the Bank Statement is a report that you can generate from your Bank Account in Odoo.