Introduction of VERA at HSH Nordbank (now HCOB)

HSH Nordbank (now HCOB) was the first customer for whom a new installation was carried out after completion of the VERA product. HSH's initial situation showed that no precise allocations were made when determining input tax and that input tax could only be deducted on the basis of the bank key determined. However, this procedure led to objections from the tax authorities.

In a first step, the technical requirements for VERA were created. This included the creation of new tax keys and the standardization of some business transactions in accounts payable and especially in asset accounting, as well as the definition of dates on which the controlling department has to carry out certain settlements. Further developments in VERA were required for certain business transactions, which were later also of benefit to other customers. The concept of making the software expandable for changes at any time thus proved its worth.

The project was completed at the end of November 2002 after an implementation period of around three months. The first eleven months of the year were subsequently analyzed at the start of production. The result achieved is reflected in an increased input tax deduction compared to previous years with exact documentation of all accounting transactions.