Starting a business in Finland
The chart of accounts in Finnish accounting
The chart of accounts is a list of all accounts used by a company in its bookkeeping. The amount of accounts depends on how accurate the list of revenues and expenditures have to be. Accounts must be chosen at least so, that on the basis of them will be possible to compose income statement, balance sheet and report attachments for consolidated financial statement fulfillment as required by the regulation. In addition, a lot of data given in the financial statement enclosures require certain issues to be monitored in own separate accounts. In addition, when completing tax declaration and other official declarations you will need the information from bookkeeping which is most simply to follow in their own accounts so, that it will be easily found the interconnection of business transactions data to the declarations made. The list of accounts must be clear and sufficiently detailed and contain a description explaining its content. The chart of accounts is not standardized.
The list of accounts /the chart of accounts used during the financial year should be stored with the financial statement documents.
Raportointikoodisto/Financial reporting codes is a standard, which guides you to complete the chart of accounts so, that the company's reporting will be simple and under law. Raportointikoodisto or Financial reporting codes have an official structure of financial statement. The reporting codes can also be used as a chart of accounts. More information about reporting codes can be found here
More information in the section "Accounts. What is an account in accounting?"