Master Your Business's Year-End Financial Wrap-Up in Norway

Step-by-Step Guide:

1. Check the Accounts:

   • Start by ensuring the opening balance is correct.

   • Verify that all customer invoices have been issued and all bills and expenses have been recorded.

   • Make sure all sections of the ledger are fully registered.

2. VAT and Bank Reconciliations:

   • Properly close all VAT periods.

   • Carry out bank reconciliations to ensure the balance on December 31 matches the bank statement.

3. Lock the Accounting Year:

   • When you are certain all figures are correct, lock the accounting year in your system to prevent changes.

4. Year-End Adjustments:

   • Perform the necessary postings that mark the end of the accounting year.

5. Tax Return and Business Statement:

   • Remember to submit the tax return and business statement within the deadline, typically by May 31.

6. Submission of Annual Accounts:

   • The annual accounts must be approved by the general assembly within six months after the end of the fiscal year and submitted to the Business Register within one month after approval.

Extra Tips for the Annual Settlement:

• Seek Expertise: The annual settlement can vary greatly depending on the size and type of business. Do not hesitate to seek help from a qualified accountant if you feel uncertain.

• Use the Right Tool: There are several accounting programs that can simplify the process. Find the one that suits your needs the best.

• Stay Updated: Accounting and tax regulations change over time. Stay informed to ensure that the annual settlement complies with current regulations.

Conclusion:

The annual settlement doesn't have to be a source of stress. By following these carefully selected steps and keeping our extra tips in mind, you can navigate the annual settlement process more confidently and efficiently. And remember, at RegnskapsRom AS, we're here to assist with all your accounting needs – from annual settlements to daily bookkeeping. Let us make accounting simpler for you.