The new bookkeeping law – what does it mean for you?
The overriding rule in the new Bookkeeping Act is that bookkeeping must be digital. This means that both records and supporting documents must be available in digital form.
In addition, there are a number of specific technical requirements for the accounting system itself.
Therefore, you have two main options. You can either choose a publicly approved system, where the burden of responsibility for the technical requirements lies on the provider’s shoulders. Alternatively, you can choose a “non-approved system”, which in the new law is called a “customized system”. In this case, you are responsible for ensuring that the system meets all technical requirements.
What happens if you have an unapproved system?
To comply with the new Bookkeeping Act, it is not a requirement that you have one of the approved systems. You can use a “non-approved system” and then simply add the functionality you need to comply with the legislation, such as apps. You can also choose to upgrade to Business Central Cloud, which is one of the approved systems. Confused? – Want us to help you?
The requirements for digital bookkeeping systems
The requirements for the digital bookkeeping systems are set by the Danish Business Authority and include requirements such as digital registration and storage, standards for IT security and automatic backup, support for automation of administrative processes, e.g. automatic e-invoicing, and that posting must be done in accordance with a defined public chart of accounts. However, it will not be mandatory for companies to use the standard chart of accounts. Companies will still be able to use their own chart of accounts. The company’s own chart of accounts must simply be mapped to the standard chart of accounts.
The list of approved accounting systems
At the time of writing, the list of approved accounting systems has not yet been published. Business Central Cloud will be on the list of approved accounting systems. If you use Business Central Cloud today, the technical requirements will therefore be met. If you use solutions other than Business Central Cloud, you may need to add the missing functionality as apps to comply with the new accounting law.
