Accounting

ForgeFlow Cloud categorizes accounts into five types:

• Assets: Company resources (cash, inventory, fixed assets).
• Liabilities: Financial obligations (loans, accounts payable).
• Equity: Net worth (investments, retained earnings).
• Income: Revenue from sales or services.
• Expenses: Operational costs (salaries, depreciation, cost of sales).

The Chart of Accounts can be created in three ways:

• From scratch: Custom-built to fit the organization’s structure.
• Importing: Transferred from a previous system for continuity.
• Localization packages: Predefined to meet national regulations.

To align your accounts with standard codes, use account tags. These tags help in generating reports and legal documents. You can update the “Tags” field in each account and either select an existing tag or create a new one.

By structuring and maintaining your Chart of Accounts properly, you ensure accurate financial reporting and compliance with regulations.

Access real-time insights with customized financial reports, including income statements and balance sheets.

Generates the annual report compatible with Accounting Basis.

Create and fill in company information automatically based on company name or CVR from Virk's official database.

Generates Intrastat declaration for shipments and arrivals. We provide generation and export of Intrastat reports in the right format to submit them in IDEP.

Use the country-specific standard account plan or use your own.

The FIK number contains information about an invoice and the bank.

When you create customer invoices, a FIK number is generated. The customer should include this code when making a bank transfer and this will help you facilitate the automatic reconciliation of the payment with the invoice when the bank statements are imported.

At the same time, when receiving invoices from creditors, The FIK number is included in the bill and will be used during the automated bank reconciliation.

Reconcile transactions automatically by syncing with your bank accounts to maintain up-to-date records.

Support for multiple payment methods, providers and gateways to streamline transactions and payment reconciliation.

Group several cheques before depositing them in a single batch to the bank. The total amount deposited will then appear as a single transaction on your bank statement.

Enable a seamless generation and submission of VAT returns to the Danish SKAT tax authority directly from the ERP system. By integrating with SKAT, the process becomes streamlined and compliant with Danish tax regulations.

• Automatically calculate VAT based on configured tax rates and transactions recorded in the system.
• Includes support for complex VAT scenarios like intra-EU transactions.
• Generates a pre-filled VAT return form using data from the system's accounting and tax modules.
• Ensures all required fields are populated, including sales, purchases, input VAT, and output VAT.
• Validates the VAT return data against SKAT's requirements to prevent submission errors.
• Highlights discrepancies or missing information before submission.
• Submits VAT returns directly to SKAT via an electronic gateway.
• Ensures all VAT returns comply with the Danish Digital Bookkeeping Act and other relevant regulations.
• Maintains a detailed log of VAT returns, submissions, and acknowledgments for compliance audits.
• Offers interfaces in Danish and English to accommodate diverse users.

The rules on EU sales without VAT are described in Council Directive 2006/112/EC on the common system of value

added tax and restated in Danish legislation by way of VAT Order no. 808 of 30 June 2015.

The general rule is that trading between enterprises registered for VAT in the EU must take

place exclusive of VAT, and the information on EU sales without VAT must be reported by the

enterprises and exchanged between the member countries, which serves two principal purposes:

The enterprises have the opportunity to get customers VAT numbers confirmed, and the member countries

have the opportunity to check that the VAT is paid in the country of consumption.

The AvaTax integration automates tax calculations and compliance processes. It automatically calculates the applicable taxes on transactions based on precise location and jurisdiction rules.

- Helps manage tax exemption certificates for eligible customers and ensures they are applied correctly to transactions

- Simplifies filing tax returns by preparing and submitting the necessary documents.

- Offers tools for remitting taxes to the appropriate jurisdictions.

El modelo 111 de la Agencia Estatal de Administración Tributaria (AEAT) en España es una declaración trimestral que deben presentar empresas y autónomos para liquidar las retenciones practicadas a trabajadores, profesionales o empresarios durante ese periodo.

Este modelo sirve para informar y pagar las cantidades retenidas en las facturas emitidas por profesionales autónomos y en las nóminas de los trabajadores.

El modelo 115 de la Agencia Estatal de Administración Tributaria (AEAT) en España es una declaración trimestral que deben presentar las empresas y autónomos para liquidar las retenciones practicadas en los alquileres de inmuebles urbanos que utilizan para desarrollar su actividad económica.

El modelo 303 de Hacienda debe ser presentado por las empresas y autónomos sujetos al Impuesto sobre el Valor Añadido (IVA). Su objetivo es realizar la declaración y autoliquidación del IVA, permitiendo a la Agencia Tributaria conocer las operaciones sujetas a este impuesto durante un periodo determinado (mensual o trimestral, dependiendo del régimen del declarante).

Easily manage accounts across currencies and units for global businesses with automatic currency conversion and consolidated financial views.

Automate communication between companies of invoices using globally recognized formats such as Factur-X, Peppol or CFDI, based on local compliance requirements. Both sending and receiving are supported.

In the manufacturing industry, people often receive the vendor bills before receiving their purchase, but they don't want to pay the bill until the goods have been delivered. A "release to pay" mechanism allows you to mark, for each vendor bill, whether it can be paid or not. As soon as all the quantities have been delivered, the bill can be paid. If there's a quantity between the received and the billed quantities, the bill cannot be paid, unless the accounting department explicitly releases the bill to pay.

Upload your scanned PDF or image format files and let Odoo encode them automatically, thanks to the AI-powered digitizing feature.