Once the proper creation or import of bank statements is done, then we need to reconcile the bank statement records and ensure that the entries are balanced. Reconciliation process can be made much easier and faster with the help of reconciliation models.
We can configure the reconciliation models in accounting – configuration – reconciliation models or by selecting the bank journal from the accounting overview and clicking on the 3 dots on the top right and selecting reconciliation models. These models are useful when we have entries that occur repeatedly and also for handling cash discounts.
Three types of Reconciliation Models available includes:
Manually create a write-off on the clicked button.
Suggest counterpart values.
Match existing invoices/bills.
Manually create a write-off on the clicked button:
This will create a button on the reconciliation page under the manual operations tab and fills out the data automatically when clicked on it. We can save as many models of this type as needed and it will appear as separate buttons in the manual operations tab.
Suggest counterpart values:
This model will automatically add counterpart values to the reconciliation lines. The addition of these lines will be based on the conditions set on the model. No need to click on a button in this case, since the line gets added automatically.
Match existing invoices/bills:
When we add a payment, this model automatically adds the customer invoice or vendor bill that matches the statement. This is done based on the conditions set on the reconciliation model.
After setting the type of reconciliation model, next we have the part where we choose the conditions that need to be fulfilled in order to apply the reconciliation model. In case if a record matches with conditions on multiple reconciliation models, then the first one in the model will be selected. We can change the order of models by dragging on the handle at the left end of the record.
Once the model conditions are added, then we can add the counterpart values to be added once the conditions are met. We have the option to add a separate line if two separate accounts are to be added to the counterpart lines. This can be done by clicking on the add a second line.
Based on all the conditions and type, the counterpart lines will get added, thus helping in the reconciliation process.
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