Introduction

Efficient financial management is crucial for businesses operating in Kenya. Odoo, a comprehensive open-source ERP system, offers a seamless way to connect your bank accounts, allowing for real-time tracking of transactions. This integration not only saves time but also reduces errors associated with manual data entry. This guide is tailored for businesses in Kenya using Odoo software, helping you automate bank connections or manage statements manually.

Understanding Bank Feeds in Odoo

Bank feeds are automated connections between your bank account and Odoo. They allow for the automatic import of transactions, ensuring that your financial records are always up-to-date. This feature eliminates the need for manual entry of each transaction, reducing the risk of errors and saving valuable time.

Benefits of Using Bank Feeds:

• Real-Time Updates: Transactions are imported as they occur, providing an up-to-date view of your finances.
• Error Reduction: Automated imports minimize the risk of data entry errors.
• Time-Saving: Eliminates the need for manual entry, allowing you to focus on other aspects of your business.
• Improved Reconciliation: Easier matching of transactions during the reconciliation process.

How to Check If Your Kenyan Bank Is Supported by Odoo

Is Your Kenyan Bank Supported by Odoo? Here’s How to Check

Before setting up any connection, it’s important to confirm if your Kenyan bank is compatible with Odoo’s live synchronization feature:

• Go to your Odoo Accounting dashboard.

• Scroll down to the Bank section and click the three-dot menu (⋮) on any bank tile.

• Select Connect Bank to open the integration pop-up.

• In the search bar, type the name of your bank (e.g., Equity Bank, Co-operative Bank, Standard Chartered Kenya).

• If your bank appears in the list:

  • It means your bank supports real-time syncing with Odoo.

You can then proceed with the connection process and begin automating your transaction imports.

If your bank doesn’t appear, you can still manage finances effectively by importing your bank statements manually using supported file formats.

Step-by-Step Guide to Setting Up Bank Feeds in Odoo

1. Logging Into Your Odoo Account

To get started, visit the Odoo login portal:
👉 https://www.odoo.com/web/login

• Enter your company email and password.
• If your business uses a custom domain (e.g. yourcompany.odoo.com), you can use that directly.
• If you’ve forgotten your password, use the “Reset Password” option.

2. Opening the Accounting Module

Once you're logged in and on the Databases page, locate your company and click Connect.

Next, from your Odoo dashboard, click on the Accounting app.

Here’s what you’ll notice:

• A Bank section at the bottom right of your Accounting dashboard.
• Bank tiles (cards) for each existing or configured bank account.
• Each tile has a three-dot menu (⋮) in the top-right corner for quick actions.

3. Automatically Connecting Your Bank Account

To connect your bank for automatic transaction syncing:

• In the Accounting dashboard, scroll to the Bank section.
• Click the three dots (⋮) on the bank tile and select Connect Bank.

• In the pop-up window, use the search bar to find your Kenyan bank (e.g., Equity Bank, Co-operative Bank).
• If your bank is listed:

• Click Connect, then follow the prompts to securely log in with your bank credentials.

• Authorize access and complete any two-factor authentication your bank may require.

Done! Your bank is now connected, and Odoo will automatically fetch transactions.

4. If Your Bank Isn’t Listed – Manual Configuration

Some local banks in Kenya may not yet be supported for automatic feeds. In that case:

• Navigate to the Bank section and click the ⋮ (three-dot menu) on the desired tile.

• Select Connect Bank, then choose Record Transactions Manually at the bottom-right of the dialog.

Complete the form with the following details:

• Bank Name

• Account Number

• Bank Identifier Code (IBAN, SWIFT, or Local)

Click Create to finalize the setup.

Once added, you can use the Import File option to upload bank statements in supported formats: CSV, QIF, OFX, or CAMT.

5. Accessing Advanced Bank Tools from the Dashboard

Once your bank account is added and visible:

• Click the three-dot menu (⋮) on the bank tile to unlock powerful tools:

1. Reconcile – Match incoming/outgoing transactions to invoices and bills.
2. New Statement – Manually create a statement.
3. Import File – Upload statement files (CSV, QIF, OFX, CAMT).
4. View Statements – Access history of statements linked to that bank.
5. Configuration – Edit or update journal settings.
6. Connect Bank – Reconnect or switch bank sync providers.

These tools help you manage your banking efficiently from one place.

6. Understanding Bank Feed Settings

When setting up or editing your bank journal (under Configuration > Journals), you’ll need to choose how you want your feed to behave:

• Undefined yet – When unsure.
• Import – You plan to manually upload files.
• Automated Bank Synchronization – Use this if you’re connected to a supported bank for real-time syncing.

7. Working With Suspense & Outstanding Accounts

Odoo uses temporary accounts for transactions that aren’t matched yet:

• Suspense Account – Holds unmatched entries until reconciliation is done.
• Outstanding Receipts/Payments – Used when payment is made/received but not linked to a bank line yet.

You can set these under: Accounting > Configuration > Journals > [Your Bank Journal]

Make sure these are assigned correctly to avoid reporting errors.

Tips for Smooth Bank Reconciliation 

• Reconcile weekly — don’t wait till end of month.
• Use consistent vendor/customer naming for easy matching.
• Always check your suspense and outstanding accounts for unreconciled balances.

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