Bank Accounts
VAT Codes
Voucher types
Financial years
Monitoring Objects
Chart of Accounts
The information in the Registers section will currently only be updated to Finago Modular Accounting. The settings for other applications must be completed on an application-specific basis.
All registers use the new table component. The view can be filtered or sorted by each column. At the right edge, there are buttons in the view for possible Actions, as well as Columns and Filters.
Bank Accounts
Bank Accounts view is used to set up the bank accounts whose bank statements you want to process in accounting. A bank account can be added using the Add button in the upper right corner.
Bank account number - if an account number is entered in this field, the bank account details will be printed on the statement when it is printed in pdf format.
Bank account name – field can be given a free-form name for the account. However, please note that the bank account name will also appear on the prints. Bank- field can have the official name of the bank, which will also print on the bank statement. Also Bank's contact details will print on the bank statement, press Enter to create a line break in the text where desired.
IBAN field is mandatory, the bank account number is saved in IBAN format (starts with the country code and two reference numbers, e.g. FI38).
Swift/BIC code corresponding to the bank account must be selected from the dropdown menu.
Bank Group-field information is primarily informative; this information is not printed on the bank statement. If the tito – bank statement is in use in Finago Modular Accounting, Bank Group information can be utilized by establishing tito specifications by bank group.
Currency field is used to select the account currency, which will also be printed on the bank statement.
The bank account settings have several fields that are currently not in use. These fields include Banking code, Account Owner, Purchase Invoices bookkeeping account, Voucher type for purchase invoices, new voucher type for purchase invoices, and valid from date field. The corresponding fields for reference payments are not available.
Bank Statement
Bank statement bookkeeping account and voucher type for bank statements - If bank statements are to be processed in accounting, it is essential that the bank statement bookkeeping account and voucher type are provided; the program will create bank statement entries for the specified receipt type and accounting account.
Each bank account must have its own voucher type established so that the receipt numbering is sequential for each bank account. Receipt types are created in the Settings – Receipt Types view. Read more here.
New voucher type for bank statements and new voucher type valid from - If in the bank statement processing you wish to start using a new document type from the beginning of each financial year and you want the program to ensure that the document numbering starts from the correct number series, you can enter the details of the document type and the date that the program will start using in the fields New voucher type for bank statements and New voucher type valid from.
This is an important setting to consider, especially if automatic accounting entry processing is in use and the company has multiple accounts with differing bank statement generation cycles (for example, daily bank statement and monthly bank statement). Once the fiscal year-end has passed, it is advisable to change the information in the New voucher type for bank statements field to the Voucher type for bank statments field, so that the next fiscal year-end corresponds with the desired receipt numbering.
VAT Codes
The VAT codes are displayed in their own tabs, VAT codes and Shared VAT codes.
VAT Codes -view allows the establishment of the VAT codes required in the company. However, VAT codes are usually used from the accounting model company. In this case, in the settings (Accounting Settings - Other preferences), it must be defined from which company the VAT codes will be used. The modification of these common VAT codes occurs through the Accounting model company. The common VAT codes are visible in the Shared VAT Codes -view.
Unlike accounts, VAT codes are used either from the model company or they are all created in the VAT codes of your own company. If common VAT codes have been defined for use, the program will not consider any possible own VAT codes at all, even if they are visible in the VAT codes view of the program.
The VAT codes must correspond to those in Purchase Invoices and Sales Invoices. In Finago Modular Accounting, the use of VAT codes is mandatory. An exception to this is tax-exempt activities; if the company's activities are tax-exempt, VAT codes are not taken into account.
VAT code and name - Enter the VAT code identifier and name (e.g., Domestic Purchases 25,5 %). The code may also include letters.
Percent% -field should contain the VAT percentage as a number, without the percent sign.
New percent% - When the VAT percentage changes, the same VAT code can be used. A new VAT percentage is entered in this field (e.g. 25.5).
Start date - When the VAT percentage changes, the same VAT code can be used. This field is used to enter the date from which the new VAT percentage will be applied with the VAT code.
Sales VAT account - Value Added Tax calculations record the VAT from sales to the account provided here. With domestic sales VAT codes add the account only to this field.
Purchases VAT account - The VAT accounting for purchases records the VAT of purchases in the account provided here. With domestic purchase VAT codes add the account only to this field.
With reverse VAT, both Sales VAT account and Purchase VAT account must be filled in.
Right of deduction % - If the VAT is only partially deductible, enter the percentage (without the percent sign) in the corresponding field, by which the VAT is deductible (e.g., 80).
Non-deductible share account - The non-deductible portion of value-added tax is recorded in this specified account if the VAT is only partially deductible.
Period tax from code - directs the transactions recorded with the VAT code in the periodic value-added tax return.
Marginal Tax - select this option if the VAT code is used for the marginal tax. Read more about the VAT codes for marginal tax functionality.
Voucher Types
Voucher Types are established in the accounting as needed. Voucher types can also be copied from the model company or another accounting company when setting up the company.
Code is a unique identifier for the document type. The identifier can contain both numbers and letters. The maximum length of the identifier is 10 characters.
Name -field provides the name of the voucher type. The voucher type name is suggested as the description for the entry, but the description can always be changed.
The next number field defines the number from which the running numbering will start when an event is created in Finago Modular Accounting. The system provides a running, next free document number by document types when creating a new event. When posting events to accounting, for example, Purchase Invoices will produce a document number along with the material, and the document type settings for Purchase Invoices and Sales Invoices are not yet in use.
Tax-free - If only tax-exempt entries are entered for the document type, the document type can be defined as tax-exempt. In this case, the event will not have a VAT code and VAT will not be calculated for it, even if it is a taxable account. For example, it is advisable to enter opening balances with a tax-exempt document type.
Class
- Normal - all types of documents except those that record depreciation, VAT, or internal transactions.
- Depreciation - allows for presenting depreciation separately in the balance sheet detail.
- VAT - The document type for VAT must be set as VAT. This allows for the addition and reduction of fixed assets to be shown without VAT in the balance sheet detail.
- Internal - An internal document type can be created for the recording of internal transactions by setting the document type to Internal. When printing reports or exporting transactions, you can choose whether to include these internal transactions or not.
Account - The program suggests an account in the transaction entry according to the accounting proposal defined for the voucher type. The account can still be changed in the transaction entry.
Contra account -The account defined here will be suggested as the counter account for exports in the transaction entry. The account can still be changed in the transaction entry. A counter account can also be defined behind the account, in which case the counter account will be suggested primarily from behind the account for entries. If no counter account is defined for the account, it will be suggested according to the voucher type.
Note: In order for the program to consider the counter account given for the voucher type in the event entry, it must be specified in the general accounting settings (under the Accounting settings tab) that the counter account is retrieved from the document type.
Accounting period – Not in use at the moment.
Note! If transactions are imported from Purchase Invoices and/or Sales Invoices into the accounting, the voucher types of the invoices and payments must be the same in Purchase Invoices, Sales Invoices, and Finago Modular Accounting.
Voucher types can also be imported into the accounting system from a csv file, read more here.
Financial years
When activating Finago Modular Accounting, the financial year information can be copied from the model company at the time of company establishment. If financial years have not yet been created at the time of establishment or if additional periods are desired to be created annually, they can also be set up directly in the Financial years view.
The Financial Years view displays on the left Financial Years and on the right Periods. A new financial year can be added with the Add year button and a new period with the Add period button in the upper right corner.
Accounting period - Define the financial year's end year.
Description - Name of the accounting period.
Start and End Dates - Define the length of the financial year.
Locked setting can allow and prevent the entry of transactions for the financial year as well as the modification of already entered transactions. If necessary, the lock on the financial year can be removed.
Setting up accunting periods - Decide whether to create periods at the same time as the financial year is established. It is advisable to create periods with the establishment of the financial year.
- According to months – the program creates each month as its own period.
- According to VAT tax return notice periods – the program creates periods based on what has been selected in the settings (Accounting settings – VAT) for the reporting period (monthly, quarterly or yearly).
- Do not create periods – the program does not create periods, which means they must be created manually.
You can edit the financial year by taking the mouse to the correct period and the editing button will appear.
Note! Especially if there is a desire to export data to, for example, Talgraf or Accuna, it is advisable to establish periods for the entire financial year even for the first financial year, or alternatively, to have one period covering the entire financial year. On the last day of that financial year, the opening balance (profit and loss statement and balance sheet) is entered into the accounting system, but in order for the necessary data to also transfer to Talgraf/Accuna, there must also be period information on the first day of that financial year.
Note! If the accounting period is modified after entries have already been recorded for that period, it may cause a situation where entries do not correspond to the modified accounting period. Instructions for updating entries back to the correct accounting period can be found here.
Monitoring Objects
Monitoring objects, such as cost units and projects, can be established for internal accounting purposes in Finago Modular Accounting at a total of 13 different levels. The actual monitoring object values at these 13 levels can be numerous.
In order for the monitoring object levels to be available, they must first be named according to their intended use in Settings - Dimension Settings, after which they can be established in the monitoring object register.
Code - Provide a unique number for the monitoring object (it can also include letters).
Description - Provide a description for the monitoring object. Note: The identifier of the accounting object must not contain special characters.
Valid from and valid until - A validity period can be assigned to each monitoring object. Only monitoring objects that are valid on the given receipt date are selectable when entering accounting transactions. The validity of the monitoring object is also checked during transfers. If validity dates are not specifically provided, the monitoring object is always considered valid. When printing reports, it is also possible to select monitoring objects for printing based on their validity by choosing either all, active, or active during the financial year.
Dimension - Select the monitoring object level to which the new accounting object will be attached.
Monitoring objects can be imported to accounting from a csv file as well, learn more here.
Chart of accounts
The program includes Account Charts for Liikekirjuri, Kiinteistökirjuri, and Yhdistyskirjuri. The accounts are ready in the accounting model companies added by Heeros experts while setting up the Heeros environment. The account charts of accounting products can be used in the Heeros environment as common account charts for all companies using accounting. Modifications to these common accounts are done through the accounting model company.
The company can also establish its own accounts. If an account number is found both in own and shared accounts, the program will retrieve the account and its name from the own accounts. It is recommended to use account groups according to the model companies, as the ready-made report settings are based on the chart of accounts of the Liikekirjuri, Kiinteistökirjuri and Yhdistyskirjuri.
If there are changes to the chart of accounts for Liikekirjuri, Kiinteistökirjuri or Yhdistyskirjuri, it will be communicated. Heeros does not make changes to the clients' own charts of accounts; rather, each client must make the necessary changes themselves.
The Chart of Accounts view displays the Chart of accounts, Shared accounts, and Own accounts as separate sections. If a common chart of accounts has been selected in the accounting settings, it will appear in the Shared accounts section. Any additional accounts can be added in the Own accounts section. The Chart of Accounts section shows the entire chart of accounts, including both own and shared accounts.
Own accounts - the company's own accounts can be set up if necessary by clicking the Add button in the upper right corner. It is recommended to use a common chart of accounts for different companies. Therefore, own accounts may not be needed. Own accounts are required if specific accounts or account definitions are needed for the company. If an account with the same account number exists in both own and shared accounts, the software will primarily retrieve the account from the personal accounts.
Account - Complete the account number
Account type - Select the account type, whether it is an income statement (result) or a balance sheet (assets/liabilities) account.
Name - Provide a name for the account. If necessary, also provide a Swedish and English name for the account.
VAT code - Specify the default VAT code for the account (if it is a taxable account). VAT codes must be established in the Settings – Registers - VAT codes view or alternatively, shared VAT codes should be used. In this case, it must be defined in the settings (Accounting settings - Other preferences) which company's VAT codes are to be used.
Entry Instructions - You can write internal instructions regarding the account's purpose here.
Counter entry account - Select a counter account that may be used for the account to be created. The account defined here will be suggested as the counter account in the transaction entry. The account can still be changed in the transaction entry if desired. Note: To ensure that the program takes the counter account given to the account into account in the transaction entries, it must be defined in the accounting settings (in the Entry preferences section) that the counter account is retrieved from the account.
Invoice ledger -You can define the account to be created as an invoice ledger account. If invoice ledger has been enabled in the settings, a window for invoice ledger will automatically open when entering transactions for invoice ledger accounts. In the invoice ledger window, you can enter the necessary details for the transaction. Net-selection allows the program to record the net amount of the entry to the taxable invoice ledger account (e.g., fixed asset account). Gross-selection allows the program to enter the recorded amount as is into the invoice ledger.
Balance sheet specification – this section allows you to define how the specified account is displayed in the balance sheet breakdown.
- With the No option, the account will not be printed in the balance sheet breakdown at all.
- With the Balance option, the balance of the specified account will be printed in the balance sheet breakdown.
- Open purchase accounts and Open sales ledgers – not in use for the time being. Print attachments separately from the accounts payable and accounts receivable.
- With the Open invoice ledgers option, the program will print the open report of the invoice ledger for that account.
- All events option, will first show the opening balance, then all transactions for the fiscal year, and finally the closing balance.
- Increases and deductions option, will show the opening balance, additions during the financial year, deductions during the financial year, remaining balance before depreciation, depreciations, and the closing balance.
Balance sheet specification description- You can provide additional information related to the balance sheet breakdown in this field. The given text will be printed after the specified account in the balance sheet breakdown. For example, for the accounts payable account, you can define to print only the balance in the balance sheet breakdown and in the additional information field the text “According to the attachment. Attachment 1”, and the open report will be printed separately from the accounts payable as an attachment to the balance sheet breakdown.