Odoo 16 Community Book

Reconciliation Models

While performing various financial operations in a company, it is crucial to ensure that the cash account details are matched with financial statements. You can use the Invoicing module in Odoo to match the cash details with the bank with the help of the Bank Reconciliation feature. With this feature, it is easy to reconcile accounts. From the Configuration menu of the module, you will get access to this platform. The transaction should be accurately recorded in the cash as well as the bank account to ensure transparency. The platform will show already-created Reconciliation models.

You can observe the Name of the Reconciliation Model, Type, and Auto-Validate status from the preview of the list. If you want to create a new bank reconciliation model, you can use the New button available in the window. A new creation window will appear as shown in the image below where you can provide the details of the new reconciliation model.

You can mention the name of the new reconciliation model in the given space. You will get three options to decide the reconciliation Type. The available reconciliation types are listed below.

• Button to generate counterpart entry
• Rule to suggest counterpart entry
• Rule to match invoices/bills

We are going to check each of these types in detail.

Button to Generate Counterpart Entry

In the case of the Button to generate counter entry, you can mention the name of the reconciliation model first and then select the corresponding type.

By enabling the To Check option, this matching rule will be used when the user is not certain of all information of the counterpart. In the Bank Transactions Conditions, specify a journal entry in the Journals Availability field. This will make sure that the reconciliation model will be only available from the journal you mentioned.

You can add the Counterpart Entries under the Bank Transactions Conditions tab using the Add a Line button. By clicking on this button, you can mention the Account, Amount Type, Amount, Analytic, and Journal Item Label. In the Amount Type field, you can select Fixed, Percentage of Balance, Percentage of Statement Line, or From Label option as the amount type. These counterpart entries will be used to generate counterparts on the button click.

Rule to Suggest Counterpart Entry

In the second case, select the ‘Rule to Suggest Counterpart Entry’ as the type of reconciliation.

Here, you will get the Auto-Validate field to activate. Activating this feature will help you to validate the statement line automatically. You can set rules for the Journals Availability, Amount Type, Amount Condition, Label, Note, and Transaction Type using the given options. By activating the ‘Partner should be Set’ option, the reconciliation model will only be applied when a customer or vendor is set.

Under the Partner Mapping tab, add Find Text in Label, Find Text in Notes, and Partner details using the ‘Add a Line’ option.

You can mention the Account, Amount Type, Amount, Analytic, and Journal Item Label details by clicking on the ‘Add a Line’ button under the Counterpart Entries, just like we mentioned in the first case.

Rule to Match Invoices/Bills

In the third case, select the reconciliation Type as ‘Rule to Match Invoice/Bills.’ You can activate the Auto-validate field as we discussed above. Here, you will get the Search Months Limit to mention, which will define the number of months in the past to consider entries from when applying this model. The Matching Order can be set as Oldest First or Newest First.

In the Bank Transactions Conditions tab, specify the Journal Availability, Amount Type, Amount Condition, Label, Note, and Transaction Type in the corresponding fields. The Partner is Set field can be activated if necessary. If you activate the Payment Tolerance, the difference will be accepted in case of underpayment. Activating the Same Currency will restrict to propositions having the same currency as the statement line. Set conditions for Match Invoices/Bills with particular Label, Note, and Transaction Type from the given list. Complete the Partner Mapping field as mentioned earlier.

You can select a suitable type for the reconciliation model and use it for reconciling your bank accounts.