First, we have to make some configurations in Odoo, for this go to
Account > configuration > settings Menu, and check the options
• Import .qif files
• Import in .ofx format Now you can import bank statements in .qif and .ofx format to Odoo.
Import Bank statements to Odoo
To start the process of importing, go to Accounting dashboard and click the ‘Import Statement’ button present in Bank journal tile.
Now you will be navigated to a new window from here you can select the ‘.QIF’ or ‘.OFX’ file. (This file can be downloaded from the bank’s mail), choose the file and click Upload.
Once the file is uploaded you have to choose the appropriate date format. Since different systems and reports may follow different date formats, we must eliminate such ambiguity manually. Now click Import to import the entire bank statement to Odoo.
How to Reconcile Bank Statement in Odoo:
After completing the importing process, you will be automatically redirected to Bank Reconciliation statements window, from here you can verify the records. Click more option and select ‘Bank Statements’. Odoo will automatically list out the matching payments for reconciling. Pick the payment for the bank statement and reconcile them. Once you have verified a transaction, all the related invoices will move to the paid stage.
That’s all, the reconciliation process will is completed. This is how bank reconciliation in Odoo works, you can simply download the related file from banks system to Odoo and verify the statements with the records in Odoo. Other than this Odoo makes bank reconciliation easy by frequently importing bank statement lines from your bank directly into your Odoo account. But the feature is supported by Odoo enterprise version only.
We hope the blog provided you a good piece of information on Bank statement reconciliation in Odoo.