The rules for digital bookkeeping and document storage for businesses will soon come into force. But what does this storage of supporting documents for bookkeeping entail?

Responsibility for bookkeeping

It's your responsibility to ensure that your company's bookkeeping complies with applicable regulations. This means recording all transactions correctly and storing supporting documents securely with appropriate security measures against, for example, theft and fire.

Even if you've outsourced your bookkeeping to professionals such as bookkeepers or accountants, the responsibility still rests with you to ensure that all transactions and receipts are recorded correctly.

Requirements for digital storage of documents

In general, purchase and sales invoices should primarily be stored in a digital accounting system, for example as a PDF file or image.

These invoices typically relate to purchases or sales, such as an invoice for new office furniture or a sales invoice for a machine. For these documents to require digital storage, they must contain at least the following information:

  • Date of issue
  • Nature of the delivery
  • Amount of money
  • Sender and recipient, including name, address, and CVR number or SE number
  • Information about the amount of VAT
  • Payment details.

If a purchase or sales invoice does not contain all this information, it does not necessarily need to be stored digitally. However, it must be stored securely for 5 years.

However, it can be an advantage to store all receipts digitally, as it makes handling the receipts easier and ensures that you can always present your accounting material in the event of a tax inspection.

Exceptions

Certain purchase and sales invoices are exempt from the digital storage requirement. This includes:

  • Checkout strips from a sales registration system.
  • Receipts that only exist in physical form and are received in connection with the purchase or sale of goods and services abroad.

Keep your receipts for 5 years

It is required to keep all documents for at least 5 years from the end of the financial year to which they relate.

If you use a registered standard bookkeeping system, the provider will usually handle the storage of the vouchers for 5 years. This ensures compliance with the retention obligation under the Bookkeeping Act.

When switching accounting systems, it may be necessary to transfer all documents from the old to the new system, depending on your agreement with the current provider.

When using a customized accounting system, it's important to note that you are responsible for storing the receipts for 5 years.

Failure to comply with the storage obligation can lead to an increased fine.

Description of the accounting procedure

If your company is subject to the Annual Accounts Act or has had a net turnover of more than DKK 300,000 for two consecutive income years, you must prepare a description of your bookkeeping procedure.

This description should be kept with your accounting material and updated if your accounting procedure changes.

You do not need to send the description to the Danish Business Authority or other authorities. It should only be available in the event of a possible inspection of your business.

On virksomhedguiden.dk you can find a template for this.

 

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