What will change with the new Danish Bookkeeping Act?
The new Danish Bookkeeping Act enters into force on 1 July 2022. This means that Danish companies will have to register and store vouchers digitally in a digital finance system. Also, there are now requirements that need to be met regarding keeping a digital backup of accounting material.
Companies that fit into reporting classes B, C, or D will have to meet the new requirements from 1 January 2024. For companies in reporting class A with a revenue of more than DKK 300,000, the date is 1 January 2026.
However, it is possible to store vouchers digitally cf. §10 para. 2 of the old Bookkeeping Act. You can therefore choose whether you want to keep your vouchers physically or digitally until 1 January 2024 or 2026.
Vouchers still need to be stored for five years
According to SKAT, you must still keep your vouchers securely for 5 years from the end of the financial year to which the material relates. The storage must be done in a way that it is possible to independently and unambiguously find the accounting material. This is where the advantage of digital storage comes into play. After all, five years’ worth of vouchers take up a lot more space in physical binders than they do on a server – and it is much easier and faster to search for the individual voucher!
There is no reason not to start digitizing your expense management today.
Digital vouchers are also eligible as documentation when you need to have your expenses covered by your employer – for example after you get home from a business trip. Travel expense reporting is also something that can easily be digitized. You can read more about that here.
Acubiz helps you to comply with the law
If you use a digital solution, like Acubiz, to manage your expenses, vouchers will be stored digitally in accordance with the existing and new laws.
Want to know more about how you can manage employee-related costs digitally?