Business codes

Accounting as a Service's accounting is based on the concept of so called business codes. A business code is the combination of a legal entity and the relevant currency (e.g. DE/EUR, FR/EUR, UK/GBP). Accounting as a Service's month-end- / year-end-reporting is separated per business code and in single currencies to prevent currency conversion discrepancies.

Country: The country of registration. If you have different legal entities (e.g. country entities or different brand entities) we support this with individual business codes. It is not important where the order is placed, but which tax scheme has to be applied. Therefore the country depends on the registration of your business.

Currency: To make sure that the data is not influenced by currency conversions, reporting will be done based on the currency in which we have received the orders.

That means, if you e.g. have one legal entity which is selling goods in EUR and GBP, Accounting as a Service is set up with two business codes. If you have one entity which is selling goods e.g. in EUR in different countries, we will setup only one business code.

* Business Codes are available but will have to be set up by request. The setup is not included in the initial setup.