VAT filing is a recurring activity that can be done faster and easier thanks to technological advancements. By linking with Digipoort, you can send VAT returns digitally via MKG with just one click. How this works is explained in this article.

For the execution of the Work-related Costs Scheme, MKG contains various WKR reports. These reports display a WKR overview per year, showing the free space, untaxed reimbursements, and specific exemptions. Additionally, an overview of journal entries per WKR type, general ledger account, and period is provided.

The standard report 'General Ledger Card Period Amounts' shows an overview of the transactions per general ledger account for the selected period in the currently chosen fiscal year. It displays the transaction document no., description (creditor), debit and credit amounts, and the balance after each transaction.

The standard report 'ICP declaration' shows the ICP declaration Belgium for the selected period. The report displays the total amounts of the transactions. The data is grouped by type: S or L.

The standard 'General Ledger Journal' report provides an overview of all financial transactions based on journal entries.

Internal Invoicing is a functionality that makes it possible to account for hours from one administration on a production order in another administration. This gives you insight into the actual costing of orders (hours actually worked). The administrative processing (invoicing) can be automated. This manual explains the design and operation in more detail.

A manual journal entry can refer to an accounting transaction that is not directly related to day-to-day operational activities, but rather is a 'memorandum' or recollection of a financial event. It can be used for non-regular or non-routine transactions.

A journal entry is a specific accounting registration within MKG that is used to record a financial transaction. It is a detailed accounting note that specifies the debit and credit entries to show the financial impact of a transaction on a company's general ledger accounts.

A financial transaction refers to any financial transaction or event that takes place within MKG. This can include any form of financial activity such as placing an order, receiving payment from a customer, paying suppliers, payroll and more.

The standard dashboard 'Inventory Progress' provides insight into the financial flow of inventory transactions. You use it to analyze how inventory is booked and unbooked, which inventory groups are affected, and what financial consequences these transactions have.

The standard dashboard 'Subadministrations' provides insight into the financial flows between subadministrations. It is used to analyze how financial amounts move through inventory, work in progress, cost price, and other subadministrations within the financial administration.

The standard dashboard 'Price Differences Analysis' provides insight into price differences between inventory valuation and financial processing. It is used to analyze discrepancies in material, machine, labor, and outsourcing costs, and to monitor the financial impact of price differences.

The standard dashboard 'General Ledger Account Analysis' is run per general ledger account and displays all journal entries that have occurred on the selected general ledger account based on the active fiscal year. This dashboard provides quick insight into the financial reconciliation of the general ledger account.

Example entry 'Doubtful Debts' in the 'Allowance for Doubtful Accounts' journal after the actions 'Provisioning Outstanding Item' and 'Finish Provisioned Outstanding Item'. Transaction type 22 Doubtful Debts.

Example entry 'Internal Invoicing' in the journals 'Hours', 'Sales', and 'Purchase' following the action 'Internal Invoicing of hours in the source administration'. Transaction types 07 Hours, 03 Sales Cost Price, 14 Manual Sales Invoice, and 09 Purchase Invoice.

Example entry 'Fixed Assets' in the 'Fixed Assets' journal after the action 'Process Fixed Assets'. Transaction type 18 Fixed Assets.

After all entries are recorded, they need to be reviewed. Evaluate the trial balance, check the VAT return, and close the VAT period. Once the entries in all journals are definitively processed, close the period. This is the seventh step in the period closure. »

MKG has manual and process-oriented journals. Entries from the sales, production, or purchasing process are made in the process journals. This article covers general matters about journals and some specific features of process-oriented journals.

MKG has three ways of furnishing: Basic, Basic+ and Customer-specific. Which set-up you have for your financial administration is chosen during the implementation process. This article shows the differences between the three setups.

Example entry 'Revenue without Suspense Account' in the 'Sales (process)' journal after executing the 'Invoice' action. Transaction type 02 Sales invoice.