As your business grows and expands into Denmark, the Denmark CSF helps to keep your Epicor Financials system compliant from day one to save time and expense. The CSF package contains the most used financial and operational functionalities in the country including:
It also supports the Danish language for the solutions included in the CSF.
Denmark CSF package supports several payment formats for domestic and international payments.
The objective of SEPA is to help ensure that payments within Europe are as simple and efficient as those that occur within a single country. The SEPA payments use the Euro currency. Almost all European countries support the SEPA payment format, even those where the domestic currency is not Euro.
The unified SEPA Credit Transfer payment method replaces the previously used local payment systems denominated in Euro in Europe, both for domestic and cross-border payments.
The SEPA Direct Debit is a pull-based payment method that allows a business to directly withdraw the payment from its customers bank account, for which a mandate needs to be signed by the customer. The debtor and the issuer of the invoice must each have an account with a Payment Service Provider (PSP) located in the SEPA area.
The unified SEPA Credit Transfer payment method replaces the previously used local payment systems denominated in Euro in Europe, both for domestic and cross-border payments.
The local payment file formats for domestic and cross-border payments in text format for the Danske Bank and Nordea banks in Denmark are also supported.
Banks send the companies a remittance file containing the payments made to their account by their customers. Companies can import these files and reconcile the payments from the customers to their invoices using payment reference numbers.
The Denmark CSF package supports such AR payment remittance files in a specific format OCRGiro.
Payment reference number is printed onto the AR invoices.
In order to establish a smooth payment reconciliation, the suppliers enable a unique payment reference numbers on their invoices where the invoice recipients make their payments by referencing this number.
Epicor Financials can generate the payment reference numbers for AR Invoices by using Modulo 10.
Besides AR Invoices, the payment reference numbers on invoices from suppliers can also be captured, validated and stored in AP invoices.
Payment method type code entries are available for company bank account entries.
Two-digit payment method type code options are available in bank account definitions for suppliers. These codes are used in generating payment output files. Bank Giro number and creditor number for the supplier bank account can also be entered.
Intrastat is the system used for collecting statistics on the trade and movement of goods between the member states of the EU. Organizations that are VAT registered and trade in goods with other EU member states are required to enable details of these transactions in formats including CSV, XML or IDEP.
EC (European Commission) Sales Lists are used to report the VAT on sales between the countries in the EU. The EC Sales List contains information on sales and transfers of goods and services to VAT registered businesses in other EU countries. EC Sales are reported by the calendar period and done on an accrual basis; therefore, the report is usually filed monthly or quarterly. The report contains trading party information, total value of goods and services supplied in the book currency, and country code of the trading party.