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accountinginvoicev7reconciliationpayment
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Cameron

From Wiki "Reconciliation refers to a process that compares two sets of records (usually the balances of two accounts) to make sure they are in agreement" - Ok!

For our Sins we used to use Sage! We would 1. Create an Invoice in the system (purchase or sale) 2. The client would send us a remittance saying they'd paid or we would pay our supplier 3. We would reconcile the bank statement balance and entries against all the bank entries in the system, to check that the payments had cleared and balances match. Ok so far!

With Openerp when we come to reconciling the bank statement (currently just manually importing the Invoices) we find the transactions aren't their, it appears this is because they have already been reconciled! We ASSuME this has something to do with when we make the payment e.g. following the clients remittance the reconciled box has been ticked?

We also use the "account_transfer" module for bank to bank transfers, these also don't appear on the import list - we ASSuME this has something to do the stages "Confirm" and "Done"

So my question please... Is Reconciliation in OpenERP "marking invoices as paid" or "matching paid and unpaid invoices to the bank statement"?

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Mustufa Rangwala (mra)

Hi Cameron,

If I am not getting wrong you want to reconcile your existing payments with bank statement ?

Regards,

Cameron
Auteur

Yes you are not wrong, you are right!

Daniel Reis

The title "What is Reconciliation in Accounting" looks more adequate (and that's still on topic IMHO)...

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Mustufa Rangwala (mra)
Meilleure réponse

When you import invoices in bank statement means you are importing only unpaid invoices on it and which will be paid after validating your bank statements.

So basically whatever accounting entries/ Journal entries created by Invoices will be linked with bank statements. (You can find bank statement reference on journal items.)

Hope this help.

Regards, Mustufa Rangwala

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Cameron
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Cheers, So! My thinking is!
We Validate the Invoice And when a customer pays us, we acknowledge the payment (using Customer Payments) but do NOT Validate it?.. Same with Suppliers! Then hopefully we use the Bank Reconciliation process to Validate!

Mustufa Rangwala (mra)

That flow is also correct.. but in OpenERP 6.1 version OpenERP allow to select you the Payment (Your draft customer/supplire payments) on bank statement lines but now in 7.0 its not possible so it create customer/supplier payment new does not link your existing draft payments.. Need to check this case ..

Cameron
Auteur

Thanks again!

You say "That flow is ALSO correct."

What flow would you use?

Mustufa Rangwala (mra)

Cameron, I am not accountant but I can say how normally accountant can do.. They create invoice and once end of day/week/month they received bank statement and find the payment from customer they import the invoice and reconcile/paid it.. But some time it may happen accountant has to create customer payment before receiving bank statements (Cheque given and deposited) so they just create customer payment again that invoice and validate it, after receiving bank statement they can directly reconcile bank statement with existing payment (Bank Statement reconciliation..) ..

Cameron
Auteur

Many many thanks!

I will proceed with the knowledge and report back how I get on!

Cameron
Auteur

I know believe my problems stems from not being an accountant!

Any skills or methods that I have come from using "Sage 50" which although is a DEBKeeping package its tailored for muppets like me!

Sage's version of "reconciliation" is a wizard type module where you select every entry against the statement.

Being a muppet I was trying to replicate this, when all I needed to do was 'with a pencil' tick every entry on the bank statement that appeared in the Journal, and ensure closing balances match! KISS

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Kevin
Meilleure réponse

Hi Cameron,

I too have reached this point having come from the world of Sage (currently parallel running).  I have tried to understand what we need to do here to be able to reconcile a bank statement and looked for an answer but am still struggling to understand the process in Version 7.

We have started to 'pay' our customer invoices so the aged debtors on sage and Open ERP can be reconciled, this process is going well.  The next logical step on from here (in the sage world) is to look at bank statement and to match the paper statement to the transactions in Sage.  Similar to you I presumed the creation of a bank statement in Open ERP would ‘pull’ in all of the payment transactions etc. for the period requested so we could tick off the transaction and find and enter any missing bank transactions, this is not what is currently happening.

Did you find a way to allow from a fellow sage user point of view?

Many thanks,

Kevin

 

 

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