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.
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.
Handling of Visma.net Expense claims
This section describes the overall process flow for incoming expense claims to Business NXT.
Deducting VAT in Business NXT
The product prices received from Visma.net Expense are gross prices. SinceBusiness NXT uses net prices on orders by default, gross prices from Visma.net Expense are automatically altered to net prices to avoid double VAT on re-invoicing. In order to achieve this, the VAT rate needs to be applied to each product.

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.
  - Handling of incoming invoices
    Business NXT handles incoming invoices, received from Visma.net AutoInvoice. The invoices are processed in Business NXT, and then sent to managers for approval using Visma.net Approval. After the invoices are approved, they are booked into accounting.
  - Handling of Visma.net Expense claims
    This section describes the overall process flow for incoming expense claims to Business NXT.
    - Sending Visma.net Expense claims to re-invoicing
      This topic describes the re-invoicing flow of incoming accounting documents coming from Visma.net Expense. Re-invoicing expense claims can be done in Business NXT regardless of where the claims are being paid.
    - Creating vouchers from Visma.net Expense
      Incoming accounting documents from Visma.net Expense can be paid in Visma.net AutoPay, while the cost is booked in Business NXT.
    - Deducting VAT in Business NXT
      The product prices received from Visma.net Expense are gross prices. SinceBusiness NXT uses net prices on orders by default, gross prices from Visma.net Expense are automatically altered to net prices to avoid double VAT on re-invoicing. In order to achieve this, the VAT rate needs to be applied to each product.
  - Storage of accounting documents
    File Service is a Business NXT service that stores accounting documents, logos for invoices and SAF-T files in Azure blob storage.
- 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.
- 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.

Deducting VAT in Business NXT

The product prices received from Visma.net Expense are gross prices. SinceBusiness NXT uses net prices on orders by default, gross prices from Visma.net Expense are automatically altered to net prices to avoid double VAT on re-invoicing. In order to achieve this, the VAT rate needs to be applied to each product.

You can disable this behaviour, for example for mileage and daily allowances by selecting Do not deduct VAT from Expense price on orders in the Processing method in the Product table.

Flow in Business NXT

Verify in the Product table for the corresponding product whether the Do not deduct VAT from Expense price on orders flag in Proc. method 4 | Prices is enabled
- if enabled no VAT deduction will apply to the product and instead its gross price from the incoming document will be used as net price in Business NXT
- if not enabled continue the flow in order to find the corresponding VAT rate
Fetch from the Product table the corresponding VAT and accounting group value for each mapped product
See also: Delivery alternative
- if VAT and accounting group is empty then use the Default VAT and accounting group value from Company information table
Next, fetch from the VAT- and accounting information table the VAT code sales value which corresponds to the previously fetched VAT and accounting group or Default VAT and accounting group value
Next, fetch from the VAT code table the VAT no. value which corresponds to the previously fetched VAT code sales value
Finally, fetch from the VAT rate table the Rate value which corresponds to the previously fetched VAT no. value
- if Rate is empty then no VAT deduction will apply to the product and instead its gross price from the incoming document will be used
- if From date and New rate are both filled out and From date is also older than current date, then the New rate value will be applied instead

Error messages

If an error occurs, an error message is displayed, and the document Status in Accounting document table is set to Error in processing if:

The product has no corresponding value in VAT and accounting group in the Product table, in combination with no value in the Default VAT and accounting group field in the Company information table
The VAT code sales field in the VAT- and accounting information table is empty