Business NXT documentation

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Accounting
The accounting functionality enables real-time visibility into financial health, enhances accuracy in financial reporting, and facilitates regulatory compliance. Relevant transactions for book keeping, such as payments, expenses and vouchers are automatically received from the services in the Visma.net platform.
Electronic VAT reporting - Denmark (new VAT structure)
You can use Business NXT for electronic VAT reporting automatically using the connected service Visma.net AutoReport.
Danish VAT rates in the Standard VAT code table
The Danish default data has been prepared with VAT rates according to the Danish standard.

Accounting
The accounting functionality enables real-time visibility into financial health, enhances accuracy in financial reporting, and facilitates regulatory compliance. Relevant transactions for book keeping, such as payments, expenses and vouchers are automatically received from the services in the Visma.net platform.
- Base data
  The tables in this section include base data for accounting.
- Budgeting
  You can create a single budget to be used during many years ahead, but you can also enter an unlimited number of budgets.
- Vouchers
  A voucher is an accounting document that serves as a record of a business transaction and verifies certain activities or expenses.
- Incoming documents and invoices
  Incoming documents and vouchers usually arrive from other systems. They can be, for example, new supplier invoices, expense claims or payroll vouchers.
- Customer ledger
  The customer ledger is a financial record that contains detailed information about transactions between a business and its customers.
- Supplier ledger
  The supplier ledger contains detailed information about purchases, payments made, outstanding balances, and any credits or adjustments related to the supplier.
- Payment transfer
- General ledger
  The general ledger is the central accounting record of a company.
- Bank reconciliation
  The purpose of bank reconciliation is to match accounting transactions with account statement transactions from the bank.
- Capital assets
  Capital assets are any kind of property for long-term use that belongs to a company.
- Electronic VAT reporting using Business NXT - Norway
  You can use Business NXT for electronic VAT reporting, either manually or automatically using the Visma.net AutoReport integration.
- Electronic VAT reporting - Denmark (new VAT structure)
  You can use Business NXT for electronic VAT reporting automatically using the connected service Visma.net AutoReport.
  - Important information before you start
    Before starting to work with the Danish VAT reporting, there are some important concepts that you need to grasp.
  - Setup in Business NXT
    This section describes the settings to be made in Business NXT for the VAT reporting.
  - Setup in Visma.net AutoReport
    The following settings are made for connection to Visma.net AutoReport.
  - Setup in Skat.dk
    A signature need to be registered in Skat.dk for uploading the VAT report for a VAT period to Skat.dk electronically via Visma.net AutoReport.
  - VAT codes
    The standard Danish VAT codes are mapped to the Business NXT VAT codes.
  - Important fields in the VAT code table
    The following fields in the VAT code table are most important.
  - Danish VAT rates in the Standard VAT code table
    The Danish default data has been prepared with VAT rates according to the Danish standard.
  - Reporting VAT
    This section describes the steps for reporting VAT to the Danish tax authorities.
  - Statuses in the Visma.net AutoReport archive
    Reports can assume the following statuses in the Visma.net AutoReport archive:
  - Troubleshooting
    The following tables, fields, processings and flags are relevant when troubleshooting the Visma.net AutoReport integration.
- Export of SIE files
  SIE files are used to exchange bookkeeping information between different systems, including the basis for financial statements.
- Import of SIE files
  SIE files are used to exchange bookkeeping information between different systems, including the basis for financial statements.

Danish VAT rates in the Standard VAT code table

The Danish default data has been prepared with VAT rates according to the Danish standard.

VAT rate number	Usage	Comment
1	Regular domestic sales and purchases	Booked using the gross amount method (VAT included) and with a gross VAT code
2	Net booking of sales and cost	The VAT amount is posted directly on the VAT balance account given in this VAT rate number. The reason why VAT rate number 1 can't be used, is that the standard Danish sheet of accounts says that all direct booked incoming VAT must be booked to general ledger account 7741 and not 7740.
3	Purchases of goods abroad
4	Services abroad
5	Domestic purchase of goods with reversed tax liability
6	Related to deviating Danish VAT rates for some special sales
7	Related to deviating Danish VAT rates for some special sales

Note:

It is important that correct general ledger VAT accounts are set in the right rows and fields, and always in accordance with the company’s general ledger sheet of accounts.