If we have entered Customer Payments since beginning of this year 2023.
If the payments are not reconciled the entry is:
Account | Debit | Credit |
AR | 1,000.00 | |
| Outstanding Receipts | 1,000.00 |
If the payment is reconciled the entry would be:
Account | Debit | Credit |
Outstanding Receipts | 1,000.00 | |
| Bank | 1,000.00 |
There were a lot of payments entered since and were not bank reconciled. Since this is the case, I plan to reconcile these payments into a statement so that they will marked reconciled. Then going forward will do proper Bank Reconcile
The problem is when comparing the Bank account balance in Odoo with the actual latest Bank Statement balance there will be difference since there were also withdrawals and interest and tax in the statement.
What is the recommended way to balance both the Bank account in Odoo to the latest Bank Statement balance
you need to journalize all the transactions pertaining to that bank, withdrawals and interest and tax in the statement, to balance the amount of actual bank statement and Odoo recorded bank account balance.