Contact Information
VAT
Archiving
Locking
Default Settings for Accounting Exports
Others
Import of Accounting Transactions from Other Systems
Sections can be edited by pressing the Update button in the bottom right corner of the section.
Contact Information
Contact Information section defines the company's contact persons and their contact details. Contact information is used as informative data, for example, the accountant's details are retrieved for the financial statements. You can edit the contact information by clicking the update button.
VAT
VAT section defines the settings related to the handling of value-added tax.
VAT method selection allows you to determine whether the company's value-added tax treatment is gross, net, or tax-free.
- With the Gross method, vouchers are displayed on the general ledger with gross amounts, and value-added tax is recorded only in connection with VAT calculation. With the Gross selection, the sums of the export lines are always shown as gross, i.e., including tax. However, the total amounts of the vouchers can be entered either as gross amounts (in the Total field) or net amounts (in the Net field).
- With the Net method, vouchers are displayed on the general ledger with net amounts, and value-added tax is recorded immediately at the time of the original entry. The total amounts of the vouchers can be entered either as gross amounts (in the Total field) or net amounts (in the Net field).
- The VAT method None does not take VAT codes into account at all, even if they have been established in a common chart of accounts. If the activity is tax-exempt, this option should be selected.
VAT period selection determines whether the tax return for self-assessed taxes is submitted monthly (1 month), quarterly (3 months), or annually (12 months). The setting affects the formation of the tax period length information in the TYVI material. This setting can be used to establish accounting periods in accordance with the reporting periods, if desired.
VAT payment details
VAT payment reference is used as the reference data for the purchase invoice generated from self-assessed taxes. The reference is also printed on the VAT calculation report.
VAT account -field defines the account to which tax liabilities or receivables are recorded during the periodic closing of value-added tax.
Tax Administration IBAN -field defines the bank account to which the tax is paid. The bank account is provided in IBAN format. This account is used as the bank account for the purchase invoice created from value-added tax. The account number is also printed on the VAT calculation report.
Tax Administration BIC field is for entering the tax administration's bank account BIC code. The BIC information is used as the bank account BIC code for purchase invoices generated from periodic value-added tax calculations. The BIC code is also printed on the VAT calculation report.
VAT other settings
VAT voucher type -field allows you to select which voucher type will be used for the value-added tax entry.
VAT supplier number (Purchase Invoices) - With VAT calculation a purchase invoice can also be generated directly to Purchase Invoices for tax payments. The Tax Administration supplier number used in the Purchase Invoices is given as the supplier number.
Allow VAT code changes -setting defines whether the VAT code suggested from the accounting account can be changed while creating an accounting entry (Events - Open or Events - Own).
Allow VAT amount changes -setting defines whether the amount of value-added tax in the accounting entry (Events – Open or Events – Own) can be changed.
EU sales - to this section are selected the VAT codes for the VAT EU Recapitulative statement.
Archiving
Archive categories
Main category for reports -setting defines the main category of the Archive, under which all reports from accounting are recorded in the subcategories below, if the report printing has selected "copy to Archive and print PDF report." This setting applies to both the attachments generated in VAT calculation and the income statement, balance sheet, general and journal entries, invoice ledger reports, and archiving of bank statements. NOTE! Ensure that the main classification has at least one subcategory created; otherwise, saving will not work correctly. Also, clear the browser cache after saving the setting change so that the change is immediately available for saving reports.
Main category for tax returns - the setting determines to which main classification in the Archive income tax returns are stored in connection with submission or marking as sent.
Locking
Locking settings can be used to define the locking date. The accounting locking date is a mandatory piece of information, so that entries can be recorded. The locking date prevents entries from being recorded for the locking date and for earlier dates. If the locking date is e.g. 31.12.2018, you cannot record entries for the fiscal year 1.1.2018 – 31.12.2018 anymore.
The locking date of Sales Invoices affects transfers from Sales Invoices and the locking date of Purchase Invoices affects transfers from Purchase Invoices.
Entry preferences
Description copying - setting suggests using the same description text for transactions related to the same voucher.
Value suggestions - setting determines whether the amount with which the voucher balances is suggested on the next entry line.
Allow entries to selected period only -this setting can prevent the posting of transactions for voucher dates other than those corresponding to the selected period.
- No: the program provides a message "The entry does not target limited period" if a voucher date is entered that does not belong to the selected period, but this does not prevent the transaction from being saved.
- Yes: the program allows entries only for the selected period, meaning that entries for other periods are prohibited.
Note numbering settings can influence when the program suggests the next voucher number.
- Automatic: when the voucher is balanced, the software automatically suggests the next note number for the next entry.
- Manual: the software suggests the same receipt number until the user either changes the note type or enters a + (plus) sign in the Doc Type field.
Counter Entry settings define where the proposal for the counter account is retrieved in the transaction entry. If both options (From account and According to voucher type) are selected, the counter account proposal is first retrieved from the account, and if there is no counter account in the account, it is retrieved from the voucher type.
Default period settings define the default period for the Events - Open view.
Date Suggestion -setting defines what date the program suggests for the entry of the general ledger event (Events – Open). You can make a selection from the given options or choose not to specify a date proposal, allowing you to enter the date yourself during the entry of the event.
Account for periodic cost division -field specifies which account the amount to be accrued in the balance sheet is recorded to.
Other preferences
Features
Invoice ledger in use -setting defines whether the invoice ledger window opens automatically when entering a ledger transaction for an invoice ledger -type account.
Show account totals -with this setting, the program displays the balance of the accounting account used in the transaction entry under the Total field. The balance corresponds to the balance as of the given receipt date. The balance also takes into account any entries already entered, provided the accounting entry sum has already been entered in the Total field.
eReceipt in use -setting allows you to add an attachment from the eReceipt archive for accounting transactions. An attachment can be added in Events – Open, Events – Private or Transactions – All -views as well as in the bank statement postings. The attachment can be added either from the user's computer or from the eReceipt archive.
Bank statement handling
Bank statement handling - the setting defines how the bank statements are handled.
- With the None option, the program does not route the statement to the accounting at all.
- With the Automatic option, the program imports the statement retrieved by Finago Modular Link into the accounting system and completes the accounting entries for the transactions in the statement according to the statement definitions.
- Manual - the program imports the statement into the accounting system but does not complete the postings of the transactions. The user can separately initiate the posting of the statement. Both options (Automatic Tito and Manual) allow the user to edit the postings made by the program.
Bank statement booking level-setting can affect whether the next lower or upper level transaction appears when clicking the Next button in the account statement postings.
- Highest: the next -button navigates to the next high-level transaction on the bank statement.
- Lowest: the next -button searches for the next bank statement transaction, checks if it is multi-level, and navigates to the first transaction at the lowest level of the event.
Use of shared assets
Common Chart of Accounts -field specifies which model company's chart of accounts is used for this company. If no value is specified in the field, only the company's own accounts will be used. When entering transactions, the program first checks whether the account has been created in the company's own accounts and only afterwards retrieves information from the common chart of accounts.
Common VAT codes -field specifies which model company's value added tax codes are to be used for the given company. If nothing is specified in the field, the company's own VAT codes will be used. Unlike accounts, VAT codes are either used only from the model company or all are established in the own company's VAT codes. If common VAT codes are defined for use, the program does not consider any possible own VAT codes at all.
Common bank statement rules -field specifies, which model company's bank statement rules are applied for the specified company. If the field is not defined, the company's own bank statement rules are used. Unlike accounts, bank statement rules are used either from the model company or all necessary bank statement rules are established into the company’s own bank statement rules.
Extra languages
Three additional languages can be defined in the fields for reporting purposes if necessary. The additional language can be activated by clicking on the Add additional language item and entering the name of the language in the field (e.g., Dutch). In addition, the required headers for that language must be added to the report row specifications, as well as the names of the accounts in that language must be added behind the accounts. Note that reports are generally common to all companies in the Menu, it is recommended to use the same language in all companies in items 1, 2, or 3.
Importing accounting events from other systems
In this section are defined general settings for importing transactions from Purchase Invoices, Sales Invoices, eSalaries, and other systems.
Recalculate VAT in accounting - with the option No the VAT code included in the material is considered, meaning that in accounting VAT is calculated according to the VAT code of each transaction. With the option Yes , the VAT code of the transaction included in the transfer is not taken into account, but the VAT code behind the account in accounting is checked, and the final VAT is calculated according to the account's VAT code.
Bundle entries by invoices - With the selection No the program will create exports to Finago Modular Accounting as they are in Purchase Invoices, Sales Invoices or eSalaries, meaning that each accounting entry or accounting document will also have its own entry in accounting. With the selection Yes the program creates summary entries by invoice; if there are entries for the same account and the same accounting object on the same invoice, these entries will be combined into a single entry line in accounting.
Create missing dimensions - No - option will check that the cost units and other accounting objects used in the data are already established in Finago Modular Accounting before transfer. If attempts are made to transfer transactions from Purchase Invoices or Sales Invoices using an accounting object that cannot be found in Finago Modular Accounting, a message “Selected accounting object not found” will appear on the transfer report for Purchase Invoices and Sales Invoices, and the transfer will not succeed until the specified accounting object has been established in the accounting or another accounting object has been changed on the invoice in Purchase Invoices.
Yes–with this option, the program establishes the missing cost units and other accounting objects in Finago Modular Accounting. The identifier will be the identifier that appears in the material.
Create missing accounts - With the No option, the program checks that the accounts coming in the data are already established in Finago Modular Accounting before transfer. With the Yes option, the program will create the missing accounts in Finago Modular Accounting. The identifier will be based on the identifier coming in the data.
Voucher type for imported entries - You can choose how the document type for the imported material is determined: According to the material or based on your own choice.
Currencies in imports -setting allows you to set a currency other than the euro for the company's accounting. This feature utilizes fixed exchange rates for each currency when importing foreign currency purchase invoices from Purchase Invoices to accounting.
Exchange rates are set by selecting Yes in the section Use foreign currencies.
Accounting currency is set to the desired currency, for example, British Pound (GBP).
Rate to EUR - section provides a fixed exchange rate between the euro currency and the selected accounting currency. For example, EUR-GBP rate 0.89853 (July 18, 2019).
For other currencies, fixed rates can be provided if desired, which the program will use in the currency conversion when importing Purchase Invoices. This information is entered in the fields Currency and Exchange Rate. The addition is confirmed by pressing the Add button. If existing currency information needs to be modified, the currency data must first be removed using the Remove button, and then new information added.