How to deal with the new Bookkeeping Act
You and the new Bookkeeping Act
You and the new Bookkeeping Act
What to do if you use NAV, Business Central On Premise or Business Central Cloud.
The new Bookkeeping Act requires that in the future, you both carry out your bookkeeping and store your receipts digitally. This can be done either by using a standard system approved by the Danish Business Authority, which ensures that the systems are updated in accordance with the Authority's requirements, or by using your own system, where the company itself continuously complies with the requirements. Below, we provide an overview of what to do if you use either NAV, Business Central On Premise, or Business Central Cloud.
WHAT DOES THE NEW BOOKKEEPING ACT MEAN FOR YOU WHO USE BUSINESS CENTRAL CLOUD?
WHAT DOES THE NEW BOOKKEEPING ACT MEAN FOR YOU WHO USE BUSINESS CENTRAL CLOUD?
We expect Business Central Cloud to be approved by the Danish Business Authority on January 1, 2024, as a standard system that meets the requirements of the new legislation. This means that if you use Business Central Cloud, you are well covered in relation to requirements for digital bookkeeping and storage of data, IT security, and automation of the bookkeeping process. Contact twoday twoday RelateIT if you are in doubt about anything or if you want to hear about your options for upgrading to Business Central Cloud.
WHAT DOES THE NEW BOOKKEEPING ACT MEAN FOR YOU WHO USE BUSINESS CENTRAL ON PREMISE?
WHAT DOES THE NEW BOOKKEEPING ACT MEAN FOR YOU WHO USE BUSINESS CENTRAL ON PREMISE?
For you who use Business Central On Premise, there is a need to review your current set-up in relation to the legal requirements. The Danish Bookkeeping Act puts focus on digital bookkeeping and storage of data, and here it requires that your system has the right extensions, such as Continia's modules for digital invoice and document management. In addition, there are five requirements that you must ensure are met in your system:
- Standardization of accounting through the public standard chart of accounts
- Support for the use of the international standard file format SAF-T
- Receipt of e-invoice
- Support for VAT reporting
- Connection to NEMhandel
You can read much more about the 5 points on the Danish Business Authority's website, and if you are in doubt whether your current Business Central contains all elements, you are very welcome to contact us for advice.
WHAT DOES THE NEW BOOKKEEPING ACT MEAN FOR YOU WHO USE NAV?
WHAT DOES THE NEW BOOKKEEPING ACT MEAN FOR YOU WHO USE NAV?
For you who use NAV, the situation is the same as on Business Central On Premise, as NAV is not expected to be approved as a standard system in relation to the requirements of the Danish Business Authority. This means that you must either make sure to attach the right customizations and modules, such as Continia's modules for invoice and document management, to your NAV - or you must consider whether it is time to upgrade to Business Central Cloud, where you ensure that the system meets all requirements and that the half-yearly releases ensure that you are constantly at the forefront of legislation. Right now, Microsoft is running a promotion where you can get 40% off switching to BC Cloud, so if you're looking to upgrade, we'll be happy to help you get started.