Create your own accounting plan
Based on the BAS Accounting Plan any company can create its own accounting plan adapted to its particular needs and wishes, such as corporate form, industry, size and business. Some Swedish industry organisations have produced their own industry adapted accounting plans that can form the basis of the company’s own accounting plan.
For the smallest companies it is often sufficient to use the accounts necessary to prepare an annual report or annual closing. For example only one account is needed for the Other external expenses item.
Companies that are slightly larger and companies that want more detailed information, for example for governance and management of the company, need an accounting plan at a more detailed level.
The most detailed level is reached by using sub-accounts. More information on main accounts and sub-accounts can be found below under the heading Framework and use of the Accounting Plan.
Regardless of the size of the company, it is appropriate to have special accounts to enable preparation of the company’s income tax return. Special accounts may be needed for costs that are not tax-deductible and income that is tax-exempt.
Some companies must report to Statistics Sweden (SCB). In that case there may be good reason to use special accounts to facilitate reporting.
Create your own account
The BAS Accounting Plan includes many accounts and there are appropriate accounts for most transactions. But if the company needs an account that is not found in the BAS Accounting Plan, a separate own account can be created. It can be a main account or a sub-account. More information on main accounts and sub-accounts can be found below under the heading Framework and use of the Accounting Plan.
If there is no room for a new account in the account group, the company can change the name of an existing account in the correct account group.
There are also unspecified account groups that can be used in accordance with the needs and wishes of the company, such as account group 48 for costs of goods, material and some purchased services and the account groups 66-67 for other external costs.
Important to use the right account group
It is important that an account created by the company is given a number in the right account group. This also applies if the company changes the name of an existing account. Otherwise what is recorded in the account may end up on the wrong line in the annual report or in the income tax or VAT return.
Consequently, the company needs to know what type of cost, income, asset or liability that needs a separate account. The costs for coffee, for example, could either be a personnel cost or a marketing cost, depending on whether the coffee is intended for the company’s customers or employees. In companies that sell coffee it is a cost of goods.