Accounting settings

Path in CC5: System settings - Contracts - Accounting settings

This description refers to additional functionality that must be activated explicitly in Complete Control Backoffice. Your single point of contact at House of Control AS can help you with this.

Before you can create IFRS 16 contracts, you must register the accounting settings for all companies that have IFRS 16 contracts.

Tip!
You can bulk edit accounting settings for several companies together. Simply tick the companies you want to assign the same values for, click Edit and do your changes.

  1. Go to System settings - Contracts and switch to the Accounting settings tab.

  1. Click Edit next to the company you want to edit.

  2. Enter the accounting information for this company:

    1. Start of accounting year: Fetched from System settings - General. The value can be changed.

    2. Year of IFRS 16 implementation: Enter the year you started with IFRS 16 reporting.

    3. Accounting currency: Enter you standard accounting currency.

    4. Chart of accounts: Select your chart of accounts from the list.

    5. Current lease liability calculation method: There are two variants: NPV of lease payments takes the current value as a basis. Sum of lease installments is based on the installment sum.

    6. Accrued amounts: Select if your allow to rectify monthly accrued amounts. Postings in the journal which correct monthly accrued amounts will then be added to the journal report (with Year to Date as selected report period).

    7. Locked report period: Select to select the latest closed period so that no-one can add initial assessments, change reassessments or change the contract itself for IFRS 16 functionality.

  3. Click Save.

You have now defined the accounting settings for IFRS 16.

The tax rates here are used to calculate deferred tax as a result of a difference between the accounting and tax value of the company's assets. Deferred tax is shown in the journal and group reports.

Enter 1 line per year and the applicable tax rate for deferred tax.

Note!
Each year that shall contain information about deferred tax in the journal and group report must be entered as a separate line.