Internal transfers

Internal money transfers can be handled in Odoo. At least two bank or cash accounts are needed to make internal transfers.

See also

How to add an additional bank account

Configuration

An internal transfer account is automatically created on your database based on your company’s localization and depending on your country’s legislation. To modify the default Internal Transfer account, go to Accounting ‣ Configuration ‣ Settings and scroll down to the Default Accounts section.

Register an internal transfer from one bank to another

When money is transferred from one bank or cash account to another, that amount appears as two transactions on the corresponding journals, whether the transactions are created manually, via import, or via bank synchronization. When reconciling the transaction, select the Internal Transfers reconciliation model button. This reconciliation model button writes the transaction off to the Internal Transfer account.

Tip

Remember to reconcile the transaction for both the outgoing transaction on the journal that sends the payment and the incoming transaction on the journal that receives the payment.

Example

Take, for example, a transfer of $1000 from Bank A to Bank B:

• Bank journal (Bank A)

  Account	Debit	Credit
  Bank A account		$1,000
  Internal transfer account	$1,000

• Bank journal (Bank B)

  Account	Debit	Credit
  Bank B account	$1,000
  Internal transfer account		$1,000

See also

Bank reconciliation Reconciliation models