Setting up Regulatory Reporting Codes

The authorities of some countries, such as Sweden and Norway, can require specific regulatory reporting codes to be defined on the payment when performing cross-border and Treasury payments. The requirements for using reporting codes are stated by the authorities of the country. As an example, in Norway for all outgoing cross border and Treasury payments above the equivalent of 100.000 NOK, the finance institution must report the payment type together with a description of the purpose of the payment to the Norwegian Custom and Excise.

Managing Regulatory Reporting Codes

Payment management comes with a list of predefined regulatory reporting codes depending on the bank systems enabled in your Business Central. To access the list of available reporting codes, use the Search for page or report icon and search for Regulatory Reporting Codes, then select the related link. From this list you can define new reporting codes that comply to a given type of payment that is not met in the predefined list of reporting codes, or you can change the description of an existing code.

To define regulatory reporting codes on a vendor

  1. Use the Search for page or report icon and search for Vendors, then select the related link.
  2. Open the vendor card.
  3. On the vendor card in the action bar, select Process > Regulatory Reporting Codes.
  4. In the list, in the Regulatory Reporting Code column, use the dropdown arrow to choose a regulatory reporting code.
  5. Add the needed reporting codes to the list, and close the page.

When regulatory reporting codes have been defined on the vendor card, these codes will automatically be created on any future purchase documents created for the given vendor. Regulatory reporting codes can also be added directly on the purchase documents.