Accounting: Configuration: Setting up a New Bank Account

The first step in adding your bank account is to set up a Bank Journal. To do so, click Configuration > Invoicing >  Journals. Once there, click Create.

Next, you'll see a modal window asking for further details. Fill the general fields out as follows.

Journal Name: It's common to name the journal after the bank it's recording (e.g. Fidelity)

Type: Select Bank as the type.

Company: This will auto-populate with the company you're working in.

Under the Bank Account tab:

Bank Account: Click Create and Edit to add a new account.

This brings up another modal window where you'll enter details about this specific account.

• Account Number: Enter the bank account number.

• Company: This will auto-populate with the company you're working in.

• Bank: Enter the bank name. If it's not on the list, click CREATE AND EDIT. This brings up another modal window where you'll enter the contact details for this bank, as well as the BIC, which is often used for wire transfers.

  
  

  
  

  
  

• • Name: Name of the bank or financial institution.

  • Bank Identifier Code (BIC): Often called a SWIFT or BIC code, you'll need to request this from your bank or find it online.

  • Bank Address: Enter the bank's mailing address.

  • Phone: Enter the bank's customer service phone number.

  • Email: Enter the bank's customer service email address.

When you're done, click Save to return to the previous window and complete the remaining fields:

• Undefined Yet: If this is selected, it means you will be entering your bank statement lines manually. 

• Import (CAMT, CSV, OFX): If this is selected, then you will need to import your bank statements once issued from your bank in the necessary format. 

• Automated Bank Synchronization: If this option is selected, you will have the ability to link your bank account to Odoo and schedule synchronizations at various time intervals to create your bank statements. 

Under the Journal Entries tab, fill out the remaining fields:

Short Code: Enter a code to refer to this bank by.

Next Number: Enter the next number to be used on an invoice for this account.

Default Debit Account and Default Credit Account: These have been populated with entries Odoo has created on your behalf to reflect this new bank account.

Currency: Select the currency this account uses.

Under the Advanced Settings tab:

Next, we'll add a bank account to connect to this journal.

Click Configuration > Payments > add a bank account. This will bring up a modal window with a list of financial institutions. If yours is in the list, select the appropriate entry and click Connect.

Odoo uses either Yodlee or Plaid to connect to financial institutions. When you connect, you'll see a wizard from one of those services that will walk you through the setup process. Our example shows the Plaid dialog. Click Continue.

Enter the credentials to connect, then click Submit. You may be asked to verify your identity via email or text message, depending on the bank's policy.

Once connected you'll see a Success message. Click Continue.

On the next screen, verify details and complete the fields as follows:

Fetch transactions from: Enter the date when you'd like Odoo to start pulling in transactions.

Action: Select Link to Existing Journal.

Journal: Select the journal you just created in the previous step.

Synchronization frequency: Select the frequency that this bank should be synchronized.

When you're ready, click Synchronize Now.

This will bring you to the accounting overview page where you'll see a new card added to the kanban view with the bank you just added.