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Update of Accounting Reports, Business Accountant and Property Accountant

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Financial and Accounting Report Reform

Updated Financial Statement Template 2020
New Chart of Accounts and Related Actions
Implementation
Considerations for Chart of Accounts Implementation or Making Changes
Reports
Attachments

 

Updated Financial Statement Template 2020

The financial statement template has been clarified to include the requirements for necessary disclosures according to the Government Decree on the Presentation of Information in the Financial Statements of Small and Micro Enterprises (PMA). The required information for each disclosure point is provided with examples. By default, the template hides the sections that need to be specified only if there are deviations from the assumptions of the PMA in the accounting and financial statements. The list of accounting books and materials has been updated with the default voucher types for the Accounting Model Company and the description of digital storage of accounting materials has been modified.

The new Financial Statement Template 2020 report template can be used by selecting it as the template when creating a new financial statement in the menu Reports - Accounting - balance sheets/financial statements.

 

New Chart of Accounts and Related Actions

Here you can find the files Business Accountant 2020 changes compared to Business Accountant 2016 and Business Accountant 2020 changes compared to Business Accountant that list the changes in the new chart of accounts compared to the Model Company's accounts and VAT codes.

Compared to the Business Accountant 2016, one account has been removed and one number/usage has changed. Compared to the Business Accountant, several accounts have been removed and the usage and name of several accounts have changed. Both compared chart of accounts have several new accounts. Changes have also been made to the VAT codes.

The chart of accounts Business Accountant 2020 Finnish -attachment shows the accounts categorized under the headings of account groups, VAT codes, balance sheet item information, and additional information for balance sheet items, as well as information on whether the account has been designated as a ledger account in the Model Company.

The new Business Accountant 2020 chart of accounts will be automatically available to you. It will be added to your menu as a new company named 1. Business Accountant Model Company Business Accountant 2020. The Business Accountant Model Company Business Accountant 2016 and/or Business Accountant versions will still be available for use.

Alternatively, if you prefer, you can make the necessary changes yourself manually in your Business Accountant Model Company 2016 or Business Accountant accounts if you do not want to use the new model company in its entirety.

 

Implementation

Accounting

Chart of Accounts: In accounting, the new chart of accounts is implemented on a company-specific basis by changing the Joint Chart of Accounts to the new 1. Business Accountant Model Company Business Accountant 2020 in the menu Settings - General - Accounting Settings.

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VAT Codes: VAT codes 45 and 46 have been added. The VAT codes are related to two new import accounts.

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Before implementing the new common VAT codes, please verify their compatibility with the previously used common VAT codes.

If your company uses its own VAT codes in the accounting, you can switch to the new VAT codes by changing them to 1. Business Accountant Model Company Business Accountant 2020 in the menu Settings - General - Accounting Settings.

If your company uses its own VAT codes, the Common VAT Codes field in the Accounting Settings will be empty. In this case, you need to create the new VAT codes in your own VAT codes (Settings - VAT Codes) if you have a chart of accounts in the Sales Invoices, we recommend adding the necessary new sales accounts manually in the menu Settings - Accounts using the function Create New Account. When importing accounts into Sales Invoices, you can use a CSV file that contains the sales accounts and VAT codes. You can find the file here.

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Purchase Invoices

The accounts and VAT codes for purchase invoices must match those in the accounting. You can make the necessary additions or changes to the accounts either manually or by using CSV import. To add accounts manually, go to the menu Registers - Chart of Accounts and use the function New. CSV import is done in the same menu with the function Reg. Maintenance. We have prepared a CSV-formatted chart of accounts that can be used for importing the chart of accounts. The file can be found here. For more detailed instructions on importing accounts into Purchase Invoices, please refer to this article.

It is recommended to add the VAT codes manually in the menu Registers - VAT Codes.

 

Considerations for Chart of Accounts Implementation or Making Changes

  • Removed Accounts: If any removed account has been used and you still need to print reports that include the account, create the account in the 1. Business Accountant Model Company Business Accountant 2020 accounts or your own accounts.
  • Changed Account Number: If you have used an account whose account number has changed, for example, account 4126 Intermediary Triangular Purchase, transfer the balance to account 4119 without VAT code using a memo voucher. For periods for which VAT has not yet been recorded, you can modify the posting of transactions if desired.

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  • Changes to VAT Codes for Accounts: Changes have been made to the VAT codes for the accounts shown in the attachments. Please note that for periods from which VAT has not yet been recorded, the VAT for transactions needs to be recalculated using the Process Transactions button and the Calculate VAT function. For more detailed instructions on the Calculate VAT function, please refer to this article.

 

 

Reports - Business Accountant

The numbering and naming of reports have been standardized. Below is a list of new reports and the old report they are based on. The new reports are highlighted in bold. In the reports with the word 'official' in their name, the columns contain information for the current financial year up to the printing period and the corresponding information from the previous financial year.

  • Income Statements
    • 290 BA Income Statement official BA 2016 --> 010 BA2020 Income Statement official by account group
    • 291 BA Income Statement official by account BA 2016 --> 011 BA2020 Income Statement official by account
    • 292 BA Income Statement official Gross BA 2016 --> 012 BA2020 Income Statement official by account group gross
    • 293 BA Income Statement official gross by account BA 2016 --> 013 BA2020 Income Statement official by account gross
    • 293 BA Income Statement official gross by account BA 2016 --> 014 BA2020 Income Statement official by account group micro gross
    • 10 BA Income Statement period and cumulative comparison --> 000 BA2020 Income Statement (period and cum. comparison)
    • 171 BA (Income Statement sales and operating margin, GP%) --> 002 BA2020 Income Statement, sales and operating margin (GP%, period and cum. comparison)
      • It is recommended to print either reducing the font size by -1 or in landscape orientation
    • BA101 (Income Statement Period and Cumulative Comparison, GP%) --> 001 BA2020 Income Statement (GP%, period and cum. comparison) 
      • It is recommended to print either reducing the font size by -1 or in landscape orientation
  • Balance Sheets
    • 45 BA balance sheet official short --> 022 BA2020 Balance Sheet official by account group
    • 46 BA balance sheet official short, official (by group) --> 023 BA2020 Balance Sheet official by account
    • 45 BA balance sheet official short --> 021 BA2020 Balance Sheet by account group (period and corresponding period of the previous year)
    • 46 BA balance sheet official short, official (by group) --> 020 BA2020 Balance Sheet by account (period and corresponding period of the previous year)
    • Coming soon: 024 BA2020 Balance Sheet official by account group - micro
    • Coming soon: 025 BA2020 Opening Balance Sheet by account Opening Balance - change - end
  • Balance Sheet Detail
    • Use the account-specific balance sheet when printing the balance sheet detail.

Reports - Property Accountant 

  • Income Statements 
    • 031 PA2020 Income Statement by account (period and cum. comparison)
    • 032 PA2020 Income Statement by account (period and cum. comparison, budget comparison)
    • 033 PA2020 Income Statement (period, cum. comparison, difference, difference%, total budget and difference)
    • 034 PA2020 Income Statement official by account group
    • 035 PA2020 Income Statement official by account
    • 036 PA2020 Income Statement official by account group commercial property
    • 037 PA2020 Income Statement official by account commercial property
  • Balance Sheets
    • 041 PA2020 Balance Sheet by account (period - corresponding period of the previous year)
    • 042 PA2020 Balance Sheet official by account group
    • 043 PA2020 Balance Sheet official by account
    • 044 PA2020 Opening Balance Sheet by account

 

 

Attachments

 



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