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.
TL;DRThe new Danish Bookkeeping Act, entering into force on 1 July 2022, requires companies in reporting classes B, C, and D to store vouchers digitally from 1 January 2024. Acubiz explains that digital storage has been legally valid for years, that vouchers must still be retained for five years from the end of the financial year, and that a solution like Acubiz already ensures full compliance with both the old and new requirements.
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.
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.
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Frequently Asked Questions
When does the new Danish Bookkeeping Act require digital voucher storage?
Companies in reporting classes B, C, and D must comply from 1 January 2024. For companies in reporting class A with a revenue above DKK 300,000, the deadline is 1 January 2026. The act entered into force on 1 July 2022, but transitional deadlines give companies time to adapt their processes and systems.
How long do I need to keep receipts and expense vouchers in Denmark?
According to SKAT, vouchers must be stored securely for five years from the end of the financial year to which the material relates. Digital storage satisfies this requirement and makes retrieval significantly faster than physical binders, especially when auditors need to locate a specific document.
Are digital receipts legally valid for expense documentation in Denmark?
Yes. Danish law has permitted digital storage of accounting material for several years, and a 2015 amendment made it possible to store digital assets abroad without dispensation. A photo of a receipt taken through a compliant expense management app like Acubiz is fully valid as documentation.
Does using Acubiz make my company compliant with the new Bookkeeping Act?
Yes. Acubiz stores all expense vouchers digitally in accordance with both the existing and new requirements. Receipts are captured via OCR, stored in the cloud with the correct metadata, and retained for the required five-year period. Finance teams can search and retrieve any voucher independently and unambiguously, as required by law.