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Steps to follow to set up your accounting in Belgium

Companies that do not prefer to outsource all of their accounting to an accountant must put it in place. This article discusses a detailed sheet on the steps to take to set up an accounting.

Process of setting up an accounting

The implementation of accounting involves many tasks such as the selection, installation or configuration of the accounting solution, the accounting record of the current actions of the year, the revision of accounts, the establishment annual accounts at the end of the financial year, the opening of another financial year, especially the resumption of the new ones.

– The choice and configuration of the accounting solution

The first step of setting up an accounting system is the selection of the accounting solution implemented by the company. Indeed, this may involve the installation of an accounting software on a network, a single computer, or simply an accounting alternative integrated and hosted remotely. This step requires the definition in advance of the needs of the entity in terms of functionalities or resources intended to fill the means available to the structure. These tools can include financial, human resources, etc. Once the accounting installed according to the needs of the company, one must then think about setting it.

Accounting setup begins with the adoption of an account strategy. Indeed, the chart of accounts must be established in perfect adequacy with the functioning of the company. It must also be consistent with the one contained in the general chart of accounts and contains detailed contents to record transactions according to accounting standards. In many cases, the account strategy needs to be personalized and presented according to the size of the company. Yet the GCA presents three kinds of account presentation system. As such, the company must choose either the developed system, the basic system or the abbreviated system.

– Opening and setting of auxiliary accounting books

Once the chart of accounts is well drawn up, it is necessary to open and set up the auxiliary accounting books. In principle, entities have the option of keeping all their accounting entries in a single accounting ledger. In practice, this technique seems totally inadvisable because it only increases the risk of erroneous error except for VSEs and SMEs. Auxiliary journals will be created depending on the nature of the work that it contains. In general, the accountant in Saint-Gilles classifies the salary journal, the newspaper of the various operations, the bank newspaper, the newspaper of purchases or the sales journal, etc.

– Construction and configuration of customer and supplier accounts

The advice seems the same as the one already formulated for books. Suppliers and customers can be gathered in traditional basic accounts. The chartered accountant in Saint-Gilles, Ixelles, Brussels uses the 401 and 411 accounts respectively. However, it is advisable to build other subdivision accounts or auxiliary accounts to be able to follow up all the transactions made with each third party.

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