The Accounting 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.
The new accounting 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 accounting 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 first part of the new law has been adopted and will be 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?
Odoo will fully comply with the new rules coming to registered accounting systems - even before the rules finally come into force.
In fact, Odoo already meets most of the requirements - you can read more about it here