Chart of accounts

Group Chart of Accounts

The group has its own chart of accounts, which is automatically set up when establishing the financial year. The reference chart of accounts is automatically generated as the chart of accounts for the group, where all accounts in the group chart of accounts are automatically created.

It is possible to change the group’s chart of accounts subsequently, for example, where it is necessary to split an account into several parts for presentation in the annual report.

Individual Company Charts of Accounts

A significant change from Finale Consolidation is that Period & Year draws in the chart of accounts from the individual companies for both reports and eliminations. The chart of accounts operates at three different levels:

• Company’s account (linked to a group account)
• Group account (linked to a reference account)
• Reference account (controls the proposal for the accounting line in the annual report)

Each account is automatically linked to a group account, but this linkage can be changed if needed, for example, if an account needs to be presented individually on an accounting line or if the automatic linkage does not become accurate.

When importing companies from a client in Period & Year, the reference account from the client is used to assign a link to the group account. The affiliation may change in the group consolidation.

When importing a chart of accounts from an Excel spreadsheet, the connection to a group account is assigned automatically based on the account number, but can be changed after importing the account.

Importing Accounting values from Individual Companies

Under the Imported values tab, the client’s imported balances are displayed. The parent company will show the current year, the previous year, and the year before that balance if applicable. Subsidiaries will only show the import of the current year’s trial balance.

The Chart of Accounts tab shows the company’s imported client account, reference account, and related group account according to the group chart of accounts, as well as the reference account for the group account. The relevant accounting line in the annual report is also displayed.

Group accounts in the group chart of accounts are editable in this view so that the user can reassign a different group account if desired.