Procountor Solo was previously know as Finago Solo – the name has been changed from Finago Solo to Procountor Solo on 17.10.2020.
Procountor Solo is an efficient and user-friendly financial administration solution for small entrepreneurs. Procountor Solo is best suitable for private entrepreneurs and small limited liability companies. Procountor Solo is used with an accountant that uses Procountor.
With Procountor Solo, an entrepreneur can manage sales, receive and pay purchase invoices and photograph receipts. The initially processed material is then transferred to the accountant’s own Procountor environment. Accounting is done on cash basis with bank statements, reference payments and journal receipts.
The entrepreneur has a browser-based Solo interface and the accountant has the regular Procountor. Information is transferred automatically through the API-interface. Customer support is divided into Solo customer service with entrepreneurs and Procountor customer service with accountants.
An overview, benefits for entrepreneurs and accountants as well as videos about Procountor Solo can be found here (in Finnish). Information about the latest and future features of Procountor Solo can be found here (in Finnish).
To whom is Procountor Solo suitable for?
Procountor Solo is suitable for a company that is eligible to the cash basis accounting:
- A private entrepreneur
- A limited liability company (with revenue less than 500 000 euros)
More information about the cash basis VAT-processing can be found from the website of The Finnish Tax Administration (in Finnish).
Procountor Solo is not recommended to use with the following company or organization forms:
- General partnership
- Limited partnership
Using Procountor with the above-mentioned forms is not particularly prohibited, but the default settings, for example the chart of accounts, are designated specifically for private entrepreneurs and small limited liability companies.
Procountor Solo always requires a matching Procountor environment. This means that using Procountor Solo without Procountor is not possible.
Implementation of Procountor Solo is carried out in the following ways depending on the situation:
- The entrepreneur is in contact with his/her accounting office (if the accounting office is already using Procountor)
- The entrepreneur is in contact with the Accountor Finago Sales (if the accounting office is not yet using Procountor)
In the implementation of Procountor Solo, a new environment is created in Procountor with the information of the company that is using Procountor Solo. The contract type of the environment is Procountor Solo. The entrepreneur, the accountant and possible additional accountants and payroll accountants are then added as users in the Procountor Solo environment. The entrepreneur has no entry to Procountor, but he will be added as a user through Procountor so that he/she will be able to log in to Procountor Solo.
The entrepreneur will receive log in credentials and guide through e-mail and text message after the environment has been set up. The entrepreneur can then log in to the Solo-service. The accountant has the rights to use the corresponding Procountor environment.
If the company / entrepreneur already uses Procountor as the Financials- or Ledger-version, it is still needed to set up a new environment in order to use Procountor Solo and bring opening balances to the newly created Procountor Solo environment.
Compact checklist: The implementation of Procountor environment when taking Solo into use
- Choose the basic chart of accounts as the chart of accounts of the Procountor environment or copy a desired chart of accounts from another Solo environment.
- Choose either private entrepreneur or limited liability company as the basis for the product register.
- The entrepreneur is added to the environment as a user when the environment is set up. Create either a new user or add an existing Procountor user. It is possible to add only one entrepreneur in the environment.
- Change the accountant’s role to Accountant in the User rights. Add several accountants if needed. Payroll accountant role can be added to payroll accountants. By default, there are no rights for salary payments with either of the basic roles (Entrepreneur and Accountant). Rights to pay salaries must therefore be added in Payment transactions > Salary payments.
- The entrepreneur’s role will automatically be Procountor Solo. This role has the needed rights by default and therefore it shouldn’t be edited.
- If the accounting office has not been selected in the set up -stage, the accountant has to be added later in the environment with the role of Accountant.
- Create financial years with their tracking periods.
- Save the bank account to the Bank account information -view. The entrepreneur must also make bank connection authorization with his/her bank. More information about payments is found under the next heading.
- Add taxation information to the environment.
- If needed, save comparison data in the environment.
- The accounting and VAT proceeding is done in payment based method in Solo and all the settings have been automatically set to follow the payment based method. This means that the Payment based VAT setting in Procountor should not be selected separately from the environment because this setting is only meant for other Procountor versions in which the accounting is done in accrual bases.
The implementation of payments
Using Procountor Solo requires that the user’s bank account has been saved to the accountant’s corresponding Procountor environment. In order to use the bank account, the entrepreneur must make bank connection authorization with his/her bank. It is also important that the bank connection authorization includes all the payment methods that are important for the user.
The bank account must be defined as the default payment account in the Bank account information -view. Setting an account as a default payment account must be done even if there is only one bank account in use. The banking code must also be included in the information.
Detailed guide for the entrepreneur: implementation and use
The entrepreneur can log in to the Solo-service here.
More information about the entrepreneur’s version can be found here (in Finnish).
In order to approve payments, the entrepreneur must start to use Finago Key -application.
Detailed guide for the accountant: implementation and use
When a company uses Procountor Solo, the corresponding accountant uses Procountor’s Solo -version that has some differences to the Financials- and Ledger-versions.
When creating a Procountor Solo environment in Procountor, the accountant fills in the bank account information, financial years, tracking periods, information for the possible salary payments and other information that is needed. After this, the accountant does monthly accounting with the bank statements, reference payments and journal receipts as the entrepreneur provides the accounting material.
Transferring opening balances from another Procountor environment to the Solo environment can be done with the Ledger entry tool (new). In this case, the balances are fetched through accounting reports and copied then to Excel. The information can then be copied from Excel and added to the new environment with the Paste transactions -function of the Ledger entry tool (new). Information can be sought by transactions when choosing General journal and By transactions as the Presentation type.
The chosen product register forms automatically all the products seen in Product register of purchases. It is possible to edit the register by for example deleting and adding products. An already existing, edited product register in one existing Solo environment can be copied to another Solo environment when setting up a new environment. In this kind of situation, it should be noted that the chart of accounts must also be copied from the same environment.
The entrepreneur sees the same product register in his/her own Solo entrepreneur interface and can choose products for bank statement transactions. The product that the entrepreneur has chosen will determine accounting details seen on the bank statement when Update accounting button is clicked: for example, the bookkeeping account set for the corresponding product in Procountor's product register is then updated to the bank statement accounting page.
Salary accounting is possible for the accountant in Procountor as an additional service. When the salary accounting is done in Procountor, the accountant or payroll accountant is responsible for salary payments and reporting to the Incomes Register. The salary accounting is priced as follows: 4,99 € / payslip + sending fees (+VAT 24%). There is no monthly fee in the additional service of salary accounting.
It is not possible to form the VAT EU recapitulative statement in Solo product type. Inventory management, as well as other additional services, are also not available in Solo product type.
One dimension can be used in Procountor Solo environment. It is possible to use this dimension and items below it on bank statements, reference payments and journal receipts, just like with any other Procountor product version.
The accountant can create the annual income tax return and financial statements in Procountor regularly just like with any other Procountor product version.
The accountant can send documents to Solo entrepreneur and other way around by adding the document to Procountor's Documents view and the document can bee seen in Solo Documents view. Procountor's Documents functionality is included in the Solo product version by default.
The duties of the accountant in Procountor after the entrepreneur has marked his/her part as ready by sending the monthly accounting material:
- Checking and making needed accounting entries / fixes to bank statements and reference payments after the monthly material has been delivered.
- Checking and fixing the VAT-entries in the Accounting-view of bank statements and reference payments.
- Checking and fixing journal receipts and creating new ones if needed.
- After the checks and possible fixes, the accountant creates the VAT summary and the Tax return for self-assessed taxes. After this, the accountant sends the tax declaration to the tax authorities. When the accountant approves the Tax return for self-assessed taxes, a payment file of this tax return is transferred to the Solo interface for the entrepreneur to pay.
Note! The entrepreneur marks the month ready in Solo using the Ready button. After this, the entrepreneur can’t edit information anymore in Solo. Possible changes must then be done by the accountant in Procountor.
After the entrepreneur has pressed the Submit accounting material in Procountor Solo, the accountant has to press the Update accounting button in the Bank statements and reference payments view in Procountor to see the VAT information and other information that is included in the sent accounting material.
Please note that accounting entries made during the trial use and before opening the banking connections must be entered manually (in Finnish) to the system.
An advanced example: how does the accountant operate in Procountor?
After the entrepreneur has clicked the Submit accounting material in Procountor Solo, the accountant has to press the Update accounting button in the Bank statements and reference payments view in Procountor. This action will update the bank statement's accounting page with all of the information included in the material sent by the entrepreneur.
The accountant will receive pictures of invoices and receipts for the bank statement transactions. These pictures have been added to the transactions by the entrepreneur in his/her Solo platform.
With material sent before 22.2.2021 at 12:00 the bank statement accounting process is done by checking and possibly changing the product allocations on the bank statement. The product allocation firmly determines all VAT processing details as well as the bookkeeping account set for each purchase row on the bank statement when Update accounting is clicked.
However, with material sent after 22.2.2021 at 12:00, there is a new and more refined processing logic of the VAT information and other information included in the sent monthly material. The Bank statements and reference payments view has a new column labeled as Accounting defaults fetched:
This column indicates if the bank statement row in question includes any kind of accounting default material. In more detail, the fetched accounting defaults can be one or more of these possibilities:
- VAT percentage and row sum based on the technical invoice data of e-invoices paid through the Solo-entrepreneurs interface by the entrepreneur. If a e-invoice includes multiple VAT percentages, separate rows for these different percentages are automatically created.
- VAT percentage and row sum of credit card receipts based on the optical character recognition technology in Solo-entrepreneurs interface. If a receipt includes multiple VAT percentages, separate rows for these different percentages are automatically created.
- The expense type selection that the entrepreneur has made. The expense type will determine VAT status and bookkeeping account which are set in the corresponding product register product in Procountor.
Reference payments have the invoice image as an attachment. If a reference payment includes multiple VAT percentages, separate rows for these different percentages are automatically created. However, the VAT statuses of reference payments have to be defined manually.
It is possible to define default posting rules for bank statements as well as for reference payments. However, please note that if bank statement posting defaults are set, they will override any VAT information and other information included in the sent material – bank statement posting defaults are always the strongest, when Update accounting button is clicked with the bank statement and reference payment processing.
Changing Procountor Solo to another product versions
If the business grows and the company has to switch to accrual basis accounting, we recommend that Procountor Solo version is changed to Procountor Financials.