Multilevel, national, or double chart of accounts structure
The need for a multi-level structure occurs mainly in countries that require a legal chart of accounts (COA). Typically, in this scenario, an additional COA is required, for example, an analytical or corporate COA. Multiple account books are maintained in parallel for the multiple COAs. The legal chart might follow the secondary chart in the COA sequence, or vice versa.
Parallel currency accounting, also known as multi-base currencies or dual currencies, can include examples such as local GAAP, corporate reporting, and functional accounting. In this case, the base currencies are additional to the multiple transaction currencies. Any or all of these can be different for each of the base currencies: accounting calendar, chart of accounts, revaluation rules, and year-end adjustments.
Brazil specifics
Brazilian corporate taxpayers, who have operations in Brazil, are required to comply with Sistema Público de Escrituração Digital (SPED) or the Public Digital Bookkeeping System. SPED is a complex data requirement, which taxpayers file on an annual or monthly basis and not just for audit purposes. Taxpayers provide all account and tax information available based on standard uniform electronic layouts.
The Digital Bookkeeping (ECD) uses the same chart of accounts of the Fiscal Electronic Bookkeeping (ECF). The COA records include L100 and L300 for real profit, P100 and P150 for presumed profit, and U100 and U150 for immune and exempt entities.
How Infor meets this requirement
For account and chart of accounts setup for Global Ledger, see the Financials Setup and Administration Guide.