Chart of accounts
In the clients chart of accounts, you can see which accounts that have been imported into Period & Year, and to which reference account it has been linked. You also set the VAT type and VAT percentage.
When adding a new account, the program will suggest the appropriate settings for the account after mapping it to a reference account.
If you wish to change the settings, click on the pen icon in the column Edit.
Alternate placement of accounts
Depending on whether they have a credit or a debit balance, certain accounts will be placed as either assets or liabilities in Year-end closing - Financial statements - Balance sheet.
Those of the company's accounts that are connected to any of the reference accounts listed below, will automatically get this alternate placement in the balance sheet by default.
You can update these settings under Maintenance - Chart of accounts by selecting the pen icon for the corresponding row, select the Alternative reference account checkbox and set the desired account.
| Account | Account name | Alternative reference account | Account name |
|---|---|---|---|
| 1920 | Bankinskudd | 2380 | Kassakreditt |
| 2510 | Betalbar skatt, fastsatt | 1576 | Fordring på skatt |
| 2740 | Oppgjørskonto merverdiavgift | 1579 | Tilgode mervediavgift |
| 2380 | Kassakreditt | 1920 | Bankinskudd |
| 1576 | Fordring på skatt | 2510 | Betalbar skatt, fastsatt |
| 1579 | Tilgode mervediavgift | 2740 | Oppgjørskonto merverdiavgift |
VAT settings for transaction analysis
| VAT type | Description | ||
|---|---|---|---|
| Creates output VAT | Accounts that generate output VAT (for example sales). When an account with this setting is in a journal entry, another account with setting Output VAT shall also be in the journal entry. The amount on the account with setting Output VAT shall be a certain percentage of the amount booked on the account with setting Creates output VAT. If 0% is entered, the account is handled as exempt from VAT. | ||
| Creates input VAT | Accounts that generate input VAT (for example purchases). When an account with this setting is in a journal entry, another account with setting Input VAT shall also be in the journal entry. The amount on the account with setting Input VAT shall be a certain percentage of the amount booked on the account with setting Creates input VAT. If 0% is entered, the account is handled as exempt from VAT. | ||
| Output VAT | Accounts defined as output VAT. | ||
| Input VAT | Accounts defined as input VAT. | ||
| VAT reconciliation | A journal entry that includes an account with this setting shall be ignored by the VAT check. When an account with this setting is included in a journal entry, it is not a sale or a purchase, but an accounting entry that always is recorded at the end of the reconciliation period. | ||
| No VAT | No VAT is used for accounts with one of the standard VAT types, that should not be included in the VAT check for a particular customer. When No VAT is selected, the VAT type is removed. |