Bookkeeping can be defined as the updating of account specifications (general ledger) and customer and/or supplier specifications (subsidiary ledger). In practice, this means that bookkeeping consists of debit/credit posting.

According to the Bookkeeping Act, ‘documentation’ means:

  • Documentation of posted information. This may involve vouchers, invoices, consignment notes, agreements or electronic documents.
  • Accounting system documentation. You must have an overview of how the accounting system is structured and works.
  • Balance sheet documentation. You must have documentation as of the year-end, which documents that the balance sheet items are correct.

Cost-coding of vouchers
Decide the account codes in the accounts under which each purchase and sale is to be registered, and add this to the documentation.

Determine the period under which purchases and sales are to be registered. Goods which you sell and deliver before the new year this year, but do not invoice until after the new year, must be included in the accounts for this year. Accrual under the VAT rules may differ from that under the rules for tax and accounts (ask your consultant).

Authorised accountant
Accountants who undertake to keep accounts for others must be authorised by the Financial Supervisory Authority of Norway.