Special data output and reports for the Icelandic tax authority
It's a legal requirement to send the tax authority a data file in a predefined format.
To generate the data file for the tax authorities, every account in the chart of accounts must be set up with the correct Internal Revenue Service (IRS) tax number as defined by the tax authority.
General ledger accounts are mapped to predefined government account codes and these codes are divided into groups and types. You need to add the relevant IRS numbers and then manually map general ledger accounts to these codes. You must also report the data to the tax authorities.