How to Add Bank Account in Odoo 18 Using Enable Banking

Managing bank accounts and transactions just got easier in Odoo 18, thanks to the integration of Enable Banking, a secure third-party provider that connects directly to banks using official APIs across Europe.

Enable Banking is a European API aggregator that provides a secure and reliable way to connect to banks using ASPSPs’ (Account Servicing Payment Service Providers) official APIs. It does not store or cache sensitive data and ensures non-intrusive, direct connectivity between your bank and Odoo.

 

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Step 1: Go to the Accounting App

First, make sure you’ve installed the Accounting app in Odoo. Once it’s installed:

• Click on Accounting from the main dashboard.
   

 

• This will take you to the Accounting overview screen where you can manage everything related to finances.

 

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Step 2: Open the Bank Accounts Menu

Now we’ll head to where the bank accounts are managed:

• In the top menu bar, go to Configuration > Add Bank Account
• You’ll see a list of existing bank accounts (if any). To add a new one.
   

 

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Note : Add a Bank Account (You Can Do This Manually Too)

Here you’ll enter the bank account details. Fill in the following fields:

• Account Number: Enter your complete bank account number
   
• Bank: Type the name of your bank (e.g., HDFC Bank, ICICI Bank).
   
• SWIFT Code: Enter your bank's SWIFT/BIC code. This is usually an 8 or 11-character code used for international transfers.

Once you’ve entered the info, click Connect.
 

 

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Step 3: Enable Banking

You’ll see an option to “Connect” if Odoo supports online sync for your bank.

• Click Connect to Connect your bank account.
   
• This will open a secure banking interface powered by Odoo’s bank feed provider.
   
• Select your bank, log in using your online banking credentials, and choose the account(s) to sync.
   

Odoo will automatically start fetching transactions once connected.

 

 

 

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Done! Your Bank Account is Now Connected

That’s it! Your bank account is now fully connected to Odoo 18. Transactions will be fetched automatically, reducing manual data entry and improving accuracy in your accounting.

 

Key Features of Bank Synchronization in Odoo

1. Automated Transaction Retrieval

Odoo can automatically connect to various banks and financial platforms to import bank transactions. This eliminates the need for manual entry and ensures your bank statements are always current. The automation saves time and minimizes the risk of human errors in financial data.

2. Streamlined Bank Reconciliation

Matching bank transactions with accounting entries becomes effortless with Odoo. The system intelligently suggests matches, simplifying the reconciliation process and enhancing the accuracy of financial reports. This feature significantly reduces the workload for accounting teams.

3. Support for Multiple Bank Accounts

Businesses managing finances across several banks can integrate all their accounts into Odoo. This consolidated view helps users oversee transactions from different sources in one place, simplifying financial tracking and management.

4. Secure and Compliant Data Handling

Odoo uses secure channels, such as third-party banking APIs or direct bank connections, to retrieve data. The platform adheres to industry-standard encryption and compliance practices to ensure financial information remains protected from unauthorized access.

5. Real-Time Cash Flow Insights

With up-to-date transaction data, businesses gain a clear understanding of their cash flow. Odoo helps track incoming and outgoing payments, supporting better financial planning and informed decision-making for managing budgets and resources.

Advantages of Using Odoo Bank Synchronization

• Less Manual Effort: Transactions are automatically imported, reducing the need for repetitive data entry.
   
• Reduced Accounting Errors: Automated syncing decreases the risk of manual mistakes.
   
• Real-Time Financial Monitoring: Instant access to account activity improves transparency and control.
   
• Faster Reconciliation: Transactions are auto-matched with journal entries, saving time.
   
• Secure Transfers: Financial data is handled through secure, encrypted channels.