Set up your accounting settings in Nordea Business Card

To ensure accurate and efficient accounting for transactions made with Nordea Business Card, it is important that your company's accounting settings are configured correctly.

You can find these settings under Accounting settings in Nordea Business Card.

The contra account is the accounting account used as the offsetting account when purchases made with Nordea Business Card are recorded.
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Use an account that suits your company's accounting setup. For easier reconciliation, it may be helpful to use a separate accounting account for Nordea Business Card transactions.

Voucher series are used to organize different types of accounting entries.
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Consider using a separate voucher series for Nordea Business Card transactions. This makes it easier to identify and track these transactions, particularly if your company has several different accounting flows.

The VAT account is used to record input VAT on company purchases.
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Make sure the correct VAT account is configured based on your company's accounting setup and the VAT codes used in your accounting system.

For certain purchases from abroad, the reverse charge mechanism may apply. In these cases, the correct accounts and VAT codes need to be configured in your accounting system.
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Check which accounts and VAT codes apply to your company and the relevant purchase. The accounts used may vary depending on the type of purchase and accounting system.

Fees related to Nordea Business Card may need to be recorded separately from your company's other expenses.
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Use an appropriate expense account for fees based on your company's chart of accounts and accounting procedures.

The export date determines which date is used when transactions are exported to the accounting system.
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Select the option that best suits your company's accounting procedures and provides the correct matching in your accounting system.

Dimensions are used to categorize and track expenses, for example by project, department, or cost center.
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Configure the relevant dimensions in your accounting system to categorize and track your company's expenses in greater detail.

Features for reimbursements, such as Out-of-pocket expenses, Mileage allowance, and Per diem, are included in the Add-on Package.

You can find the accounting settings for these features under:

Accounting settings → Reimbursements

Out-of-pocket expenses are used when an employee makes a business-related purchase using their own money and registers the expense in Nordea Business Card.
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Out-of-pocket expenses are recorded as a liability to the employee. Once the expense has been approved, it can be exported to the company's accounting system.

The actual reimbursement to the employee is handled outside Nordea Business Card, for example through the company's payroll system or by bank transfer.

Out-of-pocket expenses are included in the Add-on Package and need to be activated for the company.