Procountor uses a shortened version of the Finnish Basic Account Scheme. This page contains information about how the basic account scheme and other identifiers make accounting more efficient.
Benefits of standardization
- Accountancy work can be automated and made more efficient through standardization.
- With the help of standards, chains can be created from business transactions to official notifications and payments.
- Standards enable the efficient production of new added-value services, since data can be transferred automatically between different services.
- Standardization eliminates manual data processing, and automation expedites data processing and minimizes the incidence of error.
- Standards have been employed for several years in financial administration. The efficiency of Finnish payment transactions is based on standards.
- The bank transfer form, reference number, bank statement as a receipt, and bank bar codes on invoices are examples of standards that have been used for years.
- The e-invoice standard enables electronic invoicing and the automatic processing of purchase invoices.
- Reporting standards enable electronic reporting to authorities.
The basic account scheme as a part of standardization
- The basic account scheme enables the following procedures:
- Automatic entering of electronic TITO bank statements
- Automatic ledger processing of the payment of purchase and sales invoices
- Immediate entering of electronic invoices to accounting
- A high degree of automation in drawing up financial statements
- The transfer of information from the financial statements to authorities without detailed conversion tables or manual work
The use of identifiers with the basic account scheme
Procountor contains a great deal of other data that can be used to obtain detailed information on the company’s profit or loss and financial position.
- Sales reporting can be used to see how much any given customer has purchased in a period extending over several fiscal years.
- With the same report, sales can be categorized by customer group, individual customer, product group or individual product. In such cases, the sales does not necessarily need to be entered on different ledger accounts.
- With Purchase reporting, you can determine purchases by supplier and details such as the amount of mobile telephone expenses do not need to be checked from the ledger account; they can be determined by searching for the sum of invoices sent by the operator.
- On the same report, purchases can be grouped by supplier group, supplier, purchased product group or purchased item.
- In addition to the classifications generated by the other operations described above, you can classify business transactions with dimensions that are tracking tools for management accounting. A few examples of dimensions are Project, Person and Cost unit. The maximum amount of dimensions is six. The Procountor contract type determines the amount of available dimensions. An unlimited number of items can be created under each dimension.
- Two dimensions are named by default: Project and Person.
- Project dimension enables a possibility to link various project management services to Procountor.
- Person dimension enables the automation of various types of tracking by person; for example, the tracking of income and expenses of a specific person.
- Dimensions can be named freely to fit the purposes of the user company or organization. The default dimensions (Project and Person) can also be changed if needed.
Account scheme for associations, real estate companies and housing associations
- Instead of using the basic account scheme, you can also use account schemes for associations, real estate companies and housing associations.
- Using different chart of accounts has an effect on the accounting reports. However, the general ledger accounts in the balance sheet are identical for all entities with an accounting obligation.
- Read more about chart of accounts here.
Automatization of postings
- Procountor uses default accounts for entering sales, purchases, travel invoices, bills of charges, journals and bank statements on ledger accounts.
- The default accounts have been selected on the basis of the most common method of posting the information correctly.
- Your company can change the default accounts to suit your particular circumstances.