As your business grows and expands into Norway, the Norway 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:
The Norway CSF package supports several payment formats for domestic and international payments.
The objective of SEPA is to 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.
Banks in Norway prepare and send a remittance file to businesses, listing the payments made to the bank account.
Epicor Financials customers can import these files and reconcile the incoming payments with the AR invoices, using the payment reference numbers (KID).
The Norway CSF package supports the AR payment remittance files in a specific format “OCRGiro”.
The domestic and cross-border payments in the ISO20022 format are supported for the Danske Bank, Nordea and the SEB banks.
The local payment file format for domestic and cross- border payments for in Norway.
Epicor Financials is able to generate AR invoices as two separate files: a PDF and an XML file, if the customer expects AR invoices as e-invoices. Both files are stored as attachments in the invoice entry program in Epicor Financials.
The e-invoice XML file generated by the Norway CSF package complies with the format “PEPPOL BIS Billing 3.0”.
The Norway CSF package provides a solution to generate the SAF-T report as an XML file, which includes GL journal entries with the relevant tax and master data, such as tax types, rates, journal types, chart of accounts, customer and supplier details for the selected fiscal year and period.
The report has been developed using the Electronic Reports module.
KID stands for "Kunde Identifikasjon" in Norwegian, which means "customer identification". In order to establish a smooth payment reconciliation, suppliers in Norway provide a unique payment reference number on their invoices, and the invoice recipients can make their payments by using unique payment reference number.
Epicor Financials can generate the payment reference numbers for AR Invoices by using the calculation logic known as Modulo 10 or Modulo 11.
Besides the AR Invoices, the payment reference numbers on AP invoices from suppliers can also be captured, validated and stored in the AP invoice entry program.