CODA files are a dream for every entrepreneur who wants to streamline the accounts. And you free up extra time to focus on your core business. But what exactly is CODA and how does it benefit your company?
CODA-files are enCOded DAily statements of your Belgian corporate accounts, drawn up in accordance with the Febelfin bank standards. It means these digital versions of your account statements all have the same structure. This uniformity also means they can be simply and quickly uploaded in your accounting software. Much simpler than manually retyping paper bank statements.
Benefits of CODA files
- You win precious time
Integrate every account transaction electronically, directly and error-free in your accounting or ERP system. This gives you extra time to follow up your unpaid invoices for example.
- Less chance of errors
As CODA files are automatically integrated in your accounts, the error margin is drastically reduced. CODA files contain sufficient information for the correct and mostly automatic booking of your financial transactions by your accounting system..
- Your accounts are always up-to-date
If you check your CODA files in your accounts every day, you have an overview of your financial position and your unpaid invoices at all times. This simple method means increased efficiency.
CODA: how do you start on it?
1. Contact the supplier of your accounting or ERP system. He is in the best position to inform you of the integration possibilities.
2. Request electronic statements from your bank(s) for all your accounts. And to make things even easier, you can ask to receive them through your Isabel 6 contract.
3. If you want to receive the CODA files through Isabel 6, first activate the ‘Export of account information’ module.