Bookkeeping process for Swedish companies

We use Fortnox accounting software which is a complete and comprehensive accounting software that covers all areas such as invoicing, suppliers, taxes etc.

  • Invoicing: The client details are added to the system including but not limited to the clients’ name, VAT number, the VAT bracket (25%, EU VAT or exports) which the client falls under.

Once the client details are saved to the system, we proceed to create the invoice which will be sent to the customer directly from the application. Upon entering the required details, the invoice is posted. The invoice can be saved in case the details are incomplete and posted at a later time.

The details required for an invoice are:

  1. Invoice date
  2. Client name
  3. Invoice value incl/excl of VAT
  4. Currency type and exchange rate as on that date

Note: In case, corrections need to be made on a posted invoice a credit invoice needs to be created on the same day as the invoice.

  • Invoice payments: When an invoice payment is received, select the relevant invoice and click on “payment in”. For multiple payments on the same date, “payment in” on the invoicing page.
  • Supplier invoices: When a new client is added, basic details of a supplier are entered into the database such as name, address and payment information.
  • Retrieval of supplier details: Either enter the ‘CIN’ (Customer Identification Number) or ‘supplier name’ or choose the actual supplier from the suggested list. Posting details such as the BAS account number, VAT number and type of VAT are marked.

The bill/provision is then created with the following details:

  1. Date of the bill
  2. Name of supplier
  3. The total value of the bill (Input VAT will be automatically computed as per the rate marked at the time of adding the supplier)
  • Bill payments: When a payment is made towards a bill, the relevant bill is selected and the amount can be paid once the date of payment is entered. The bill will be automatically marked as paid.
  • Accounting/ journal entries: Other journal entries related to taxes, investments and others can be made under this section. Additionally, VAT reports and financial statements can be generated in Fortnox.

Contact us to find out how we can help you with your accounting requirements.