Exact Globe

Product Update 422: Updates to Chart of Accounts for 2020 reporting onwards (Luxembourg legislation)

In line with updated Luxembourg legislations, the Chart of Accounts used for 2020 reporting and onwards have been updated in Exact Globe Next (EGN). To support this update, the following changes have been made:

• The automation and template used during the creation of a new company (with empty data) have been updated for the Luxembourg legislation. This enhancement will generate the required updated Chart of Accounts, Account Classes, relevant master data and relevant settings. To this effect, when creating a new company, the Luxembourg template can be used.
• Description of accounts can now be presented in three languages. This is specified at System ➔ General ➔ Settings in General settings under the Description in list boxes section. Description field 1, Description field 2, and Description field 3 must be filled as "FR", "DE", and "EN" respectively. This can then be utilised at System ➔ General ➔ User settings in the General tab under the Language section at the Description in list boxes field.

Since there are updates to the existing accounts structure as described above, the following will take place:

• Settings or default values of new accounts will need to be specified; this will be prompted by EGN for input if the field is mandatory.
• Existing settings or default values of deleted accounts will be set as blank.
• Existing settings or default values of other affected accounts may need to be assigned or reassigned; this will be prompted by EGN for input if the field is mandatory.