Payment Refactoring in Odoo 14 | Odoo 14 Accounting

Payment Refactoring is the latest feature added in Odoo 14 Accounting. The user can update the balance sheet in real-time and synchronize it with bank statements. Now In Bank/Cash Journal, we can set a Suspense account that will help keep track of the real-time bank transactions.

Using this user can maintain a relation between bank account and balance sheet. From the moment you synchronize with your bank, it will import all your bank transactions ie. they are immediately posted and the bank account is immediately updated on the balance sheet. Suspense accounts will be automatically updated as soon as the user reconciles their bank entries. Odoo has added new Payment transfer accounts in its v14 accounting module, and they are:
- Incoming Payments
- Outgoing Payments

You can use these accounts when doing payments in Odoo as long as it is not reconciled with the bank statements. So the amount will remain in the transfer accounts. The user can keep track of the statements that need reconciliation. At the moment you reconcile the payments with bank statements odoo will update them against the bank account.

Read Blog: https://www.cybrosys.com/blog/odoo-14-accounting

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