Accounting in ApS

When conducting accounting for a Danish limited liability company (ApS), all financial transactions need to be systematically recorded. Many entrepreneurs do their bookkeeping themselves, using online accounting software such as Billy, Dinero, Uniconta, e-conomic and Dynaccount. Another option is to use the services of a professional accountant or auditor to help with the regular accounting of income, expenses, as well as assets and liabilities.

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Denmark has specific ApS bookkeeping regulations that set out the rules for recording financial transactions. Here are the four main points of these regulations:

1. Transactions should be recorded as soon as possible after they have been made – this keeps everything in chronological order and makes it easier to control finances. Prompt recording also prevents situations such as documents being forgotten or old receipts being lost.
2. Each registration must be supported by documentation, such as an invoice, receipt or bill. Both paper and electronic forms are acceptable.
3. Records relating to the keeping of the accounts must not be destroyed or disposed of.
4. Records must be retained for a period of 5 years and be available on request to public authorities.

Each attachment to a recorded transaction is given a sequential number to ensure completeness. The basic information that should be included in an attachment is:
– invoice number,
– date,
– the tax identification number (TIN),
– the VAT identification number and its proportion of the amount (if VAT-registered),
– the seller,
In addition, the attachments must meet the requirements of accounting law.

Afstemning, or compliance checking, is an important element of ApS accounting control. It is advisable to carry it out regularly, rather than leaving this duty to the end of the year. With this practice, there is no need to review a full year’s account statements to ensure that they agree with the company’s accounting. Regular afstemning also facilitates the quick and hassle-free preparation of the annual report.

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