Multilevel, national, or double chart of accounts structure

The need for a multilevel 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.

Netherlands specifics

The Dutch chart of account, Chart of Bakker, contains nine classes:

Classes 1, 2, 3, and 7 represent balance sheet accounts

Class 1 represents financial accounts, short- and long-term assets and passives
Class 2 represents suspense accounts. These are used in specific cases to transfer amounts from one account to another. Amounts that are yet to be determined are also in this class.
Class 3 represents materials and goods. This class can be divided into supplies, primary resources, auxiliary materials, finished goods, etc.

Classes 4, 5, 6, 8, and 9 represent profit and loss accounts

Classes 4, 5, and 6 represent costs. But the 8 and 9 are only used in manufacturing companies.
Class 7 represents the amount of supplies and work in progress
Class 8 represents sales
Class 9 represents other results

How Infor meets this requirement

See the Global Ledger account setup and chart of accounts setup sections in the Financials Setup and Administration Guide.