Setting up Regulatory Reporting Codes

  • 01/10/2021
  • 3 minutes to read

Certain countries, including Sweden and Norway, may have regulations that mandate the use of specific reporting codes for cross-border and Treasury payments.

For instance, in Norway, the financial institution must report any outgoing cross-border and Treasury payments exceeding the equivalent of 100,000 NOK. The report should include the payment type and a description of the payment's purpose, which is submitted to the Norwegian Customs and Excise.

To adhere to these reporting code guidelines and to ensure compliance with the regulations set forth by the authorities of each country involved, 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:

  1. Use the Search for page or report icon and search for Regulatory Reporting Codes, then select the related link.
  2. You can view the predefined reporting codes from the Regulatory Reporting Codes list, add a new reporting code or edit the description of an existing code.

You can add regulatory reporting codes to a vendor card for these codes to be automatically created on any future purchase documents created for the given vendor. Regulatory reporting codes can also be added directly to the purchase documents.

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 Home > 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.