The bookkeeping law of 19 May 2022
On 19 May 2022, the Folketing adopted a new bookkeeping act.
The new law requires companies to book digitally, which gives companies a significant time saving and strengthens efforts against fraud and errors in accounts, VAT and tax declarations.
When and whether the requirement for digital bookkeeping comes into force for the individual company depends on the type of company and turnover.
VK DATA ApS has been approved "VK DATA ODOO Enterprise" in a timely manner and we have received our registration certificate for: Accounting system name: VK DATA ODOO Enterprise
Registration number: fob675350
Provider: VK DATA ApS
CVR 28846703
Bønderbyvej 21
6270 Tønder
Denmark
The new bookkeeping law and Odoo
Here you can read more about how to get ready for the new accounting law, as well as what the new accounting law will mean for you and your company.
Overall, the new bookkeeping law is about digitizing accounting - but also about fighting possible fraud and tax evasion. With the new new accounting, companies are required to store registrations and attachments digitally.
A digital accounting system must be used by all companies that are required to prepare an annual report, later privately owned companies will also be covered by the new law.
The law will be fully implemented over the next few years.
All companies (except companies with a turnover of less than DKK 300,000) must follow the new accounting law.
Should I use a registered accounting system?
There is no requirement that you use a registered accounting system - however, it is your own responsibility that the system / solution you use complies with the new rules. This must be proven by inspection.
If, on the other hand, you use a registered accounting system, it is the system supplier's responsibility that the system / solution complies with all applicable regulations. However, you yourself are responsible for the accounting being carried out.
Is Odoo a registered accounting system?
VK DATA's solution "VK DATA ODOO Enterprise" meets the new rules for registered accounting systems. The solution is built on an Odoo Enterprise solution, hosted on VK DATA's hosting platform and with special modules that adapt Odoo to the requirements of the new accounting law. This includes specially approved 2-way bank integration and EDI solution, which can handle both standard requirements and other special solutions.
Our solution is of course also approved to handle electronic reporting to SKAT.
As of January 1, 2024, "VK DATA ODOO Enterprise" was an approved system based on Odoo Enterprise.
VK DATA ODOO Enterprise is much more than just accounting.
Odoo consists of Apps that all help ensure that registration takes place digitally
You can read more about it here
Get advice on the new bookkeeping law
See the main points of the new rules:
- Digital storage: All accounting materials and a backup copy must be stored digitally, in the cloud, with an approved third-party provider for at least five years, such as VK DATA.
- E-invoicing: Another requirement in the new accounting law is that digital accounting systems must be able to support the receipt and sending of e-invoices.
- Timestamping and references: All records must be dated and linked to a specific document, and regular backups are required.
- Traceability: Changes to registrations or documents must be documented in the system.
- Machine-readable format: Accounting data must be digitally retrievable in a machine-readable format.
- Control: The Danish Business Authority can carry out risk-based accounting controls, especially if a company has opted out of an audit or has not submitted an annual report.
- Expanded accounting material: Accounting material now also includes documentation for information in the management review in the annual report.
- Increased fines: Fines can now reach up to DKK 1.5 million if companies do not comply with the new requirements.
All documents for purchases/sales to companies must contain at least:
- Issue date
- Amount
- Product or Service
- Sender and recipient with:
- Name, address and CVR or SE number
- VAT amount
- Payment information
When did the new bookkeeping law come into effect?
When did the new bookkeeping law come into force? NOTE! The dates for digital accounting for companies subject to annual financial statements have been set. The date for the entry into force of the requirement fsva. companies not subject to annual financial statements, e.g. sole proprietorships, associations and financial institutions, etc. is set in 2025. The requirement for digital bookkeeping will apply from the first accounting or income period that starts after the requirement for digital accounting has come into force.
1. July
The law came into force with a requirement for digital storage of documents.
1. February
Providers could register their standard accounting system via Virk. Providers of new digital standard accounting systems should register the system before marketing begins.
31. October
Providers had a deadline to notify their accounting system to the Danish Business Authority if it is to be registered as a digital standard accounting system as of January 1, 2024.
1. November - 31. December
Notified systems was checked and registered by the Danish Business Authority. Registration took place if the notified system complied with the requirements for digital standard accounting systems.
1. January
The Danish Business Authority published a list of registered digital standard accounting systems that meet the requirements.
1. July
- Companies required to submit annual reports Annual Accounts Act, and who used a digital standard accounting system must book digitally.
- Applies to, for example, limited liability companies, partnerships (limited liability companies), private limited companies, commercial foundations and other companies with limited liability, as well as partnerships and limited partnerships (without the participation of natural persons as partners or general partners). Read more i Section 3(1) of the Danish Financial Statements Act.
1. January
Companies that are required to submit annual reports under the Danish Financial Statements Act and that use a specially developed digital accounting system must keep records digitally.
Gælder fx aktieselskaber, partnerselskaber (kommanditaktie selskaber), anpartsselskaber, erhvervsdrivende fonde og andre virksomheder med begrænset ansvar samt interessentskaber og kommanditselskaber (uden deltagelse af fysiske personer som interessent eller komplementar). Læs mere i Section 3(1) of the Danish Financial Statements Act.
1. January
Personally owned businesses where the business net turnover in each of the two most recent income years (2024 and 2025) was more than DKK 300,000 must book digitally.
Applies to sole proprietorships, companies covered by accounting rules in the legislation on financial companies, as well as partnerships and limited partnerships where at least one natural person participates as a partner or general partner.
