How to manage internal balance transfers in different currencies bank accounts in Odoo18

Here’s a step-by-step guide to creating multiple currency bank accounts in Odoo and performing internal balance transfers between different currency accounts.

This guide assumes you are using Odoo 18 or above (including Odoo 18), with the Accounting module installed and proper user access.

✅ Step 1: Enable Multi-Currency
Go to Accounting - Configuration - Settings.
Scroll down to the Currencies section.
Enable Multi-Currencies.
Click Save.

✅ Step 2: Add Required Currencies
Go to Accounting - Configuration - Currencies.
Ensure the currencies you need (e.g., USD, EUR, INR) are activated.
If not, open the currency and click Activate.
You can optionally set exchange rates manually or enable Automatic Currency Rate Provider under settings.

✅ Step 3: Create Multiple Currency Bank Journals with Accounts
Navigate to Accounting - Configuration - Bank Accounts.
Click Create to add a new bank account.
Fill in the required details:
Account Name: e.g., "Bank - USD"
Bank: Choose or create a bank.
Currency: Select the appropriate currency (e.g., USD).
Save the bank account.
Repeat the same steps for other currencies (e.g., EUR, INR).
Assign currency for the bank account (mandatory).

✅ Step 4: Perform Internal Transfers Between Currency Accounts
Go to Accounting - Dashboard - Register transaction.
Click Create.
Fill in the details:
Amount: Enter the amount in the statement line (e.g., 1000 USD)
Odoo will automatically calculate the amount in base company currency using exchange rates.
Click Validate.
It will create an entry from bank account to liquidity transfer account

✅ Step 6: Reconcile Journal Entries
Go to Accounting - Bank (EUR or other account)
Create a transaction in statement line
Add amount and close.
Reconcile the transaction against the liquidity transfer entry.
A currency gain/loss adjustment if applicable OR bank fees, whichever is applicable.

Let me know if you'd like screenshots, or if you're doing this for a specific use case—I am available to offer training or consulting to your staff members.