Annual Accounts

Hi,

I have a limited company here in Norway and I must send my annual accounts to the accounting register. I am doing this myself using Manager as my accounting system, as my accounting is not complicated. I understand that Manager is compatible with the Norwegian accounting system.

However, I am not sure how to do this.

Is there an appropriate report I can make from Manager that will display my annual accounts in the required method that is compatible with Norwegian standards, for example. Or must I use an alternative system?

Is it simply the Profit and Loss report with some additional editing, for example?

Manager is primarily an accounting system, not a national reporting or tax filing system. There are only a few country-specific report transformations at the present time, none for Norway. So you will need to take whatever information Norwegian authorities require from available reports and put it into whatever format they request.

Whether one of Manager’s built-in reports satisfies the requirements depends on what the requirements are as well as whether you have designed your accounting structure to match. A qualified local accountant should be able to answer these questions for you.

Thanks Tut.

Hi Tut,

Further to my question above, I am filling out the forms for annual account reporting and I have been given three options regarding ‘Accounting Policies’ and ‘accounting rules for small enterprises’.

I have three options where I must state the accounting rules.

  1. General rules of the Norwegian Accounting Act.
  2. IFRS
  3. Simplified IFRS

“Most entities follow the Norwegian Accounting Act, and this must be selected here. If the company accounts have been compiled in accordance with the international standard IFRS, this must be stated. The exemption rules for small enterprises may not be applied in such cases”.

Which one should I be choosing using Manager for my accounting?

Or is this related to the ‘reporting system’ you refer to above rather than the ‘accounting system’.

As this is my first attempt at annual accounts reporting, I am a little unsure here.

The accounting standards has nothing to do with which software you’re using. Obviously, if you’re a small business looking to make use of the exemptions, then you shouldn’t apply full IFRS.

In case you’re unsure which set of standards to apply, you should hire an accountant to do it for you.

Hi again,

So following on from my query and advice above.

I have contacted an accountant and they are asking for specific information from the system, “account-specified balance”, they also send an example of the type of information they are looking for, I attach this for reference and their text.

Hei.

*Nei, dessverre. Kanskje du skal kontakte support i systemet for å spørre dem ? *
Jeg kjenner dessverre ikke til systemet ditt.
Sender med deler av et eksempel fra et annet program som viser kontospesifisert balanse.

Hører fra deg.

I am wondering how I can make a report which shows this information for the accountant. Any help would be appreciated.

Think about

  • the information you currently use to generate your current reports

  • the quantities you calculate

  • construct a chart of accounts to support the above

  • enter some data

  • have a look at Manager’s reports to see if you can readily get the information you require for tax submissions and to run your business

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Go to reports tab and then to general ledger section where you should find general ledger summary report. That’s the one.

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Exactly


Thank you chaps, this looks like the information I need.

Hi again,

Then I just received this reply from the accountant here in Norway, which I have translated into English. I dont know what they are missing now, except perhaps they accept the General Ledger for 2019 I have sent them.

"Hello.

Unfortunately, we cannot use what has been sent to us by documentation up to now.
Which accounts are in use must be stated in the balance sheet and this is the one we must have.
In addition to the account-specified balance sheet, we must have a general ledger for 2019.
That is, all accounts that are in use in the accounts that show all vouchers that are booked in 2019."

Original Norwegian message.
“Det som er sendt oss av dokumentasjon frem til nå kan vi dessverre ikke bruke.
Hvilke kontoer som er i bruk må fremgå av balansen og det er denne vi må ha.
I tillegg til kontospesifisert saldobalanse så må vi ha hovedbok for 2019.
Det vil si alle kontoer som er i bruk i regnskapet som viser alle bilag som er bokført i 2019.”

They say the balance sheet must show “which account are in use”. Now I am assuming that I must make a custom report showing ‘account-specified balance sheet’, although I dont know how I can do this. Any help would be grateful and any help from any Norwegians here would also be very useful.

Many thanks,

A solution depends on what your accountant means by “which accounts are in use.” The accounts listed in the report are those you have included in your chart of accounts. They might have movement during an accounting period. Or, they might not. Accounts with zero balances can be suppressed or they can be displayed.

Possibly, the accountant means the accounts must have code numbers. These can be added. See the Guide: https://www.manager.io/guides/7128.

This might be satisfied by a General Ledger Transactions report.

I doubt a custom report is required.

The easiest way to understand what your accountant wants would be for the accountant to provide a sample with definitions of what is required. The screen shot you included with your accountant’s first email is satisfied by Manager’s General Ledger Summary report. If your accountant wants something different, they need to say what they want.

Hi Tut, thanks for that.

I think I need to spend a little time looking at the various report options.

I wonder if there are any Norwegian members here who are familiar with this topic. I know that here in Norway the market leader system is called Visma.

Hi again,

Then the main problem was that I had not given the accounts standard codes according to Standard kontoplan NS 4102.

Fair enough, as I was not aware of this. Not a big problem as I dont have that many accounts and I can do this manually, obviously for an accountant this was a pain.

I still have a question regarding the General Ledger Transactions. The accountant still wants to see all movements for all accounts. The General Ledger transactions does not show this. It only shows the totals movements for an account. Not all movements in and out for an account.

What is the best way to create a report that shows this information, I guess somewhat like a bank statement?

Many thanks,

You may want to try setting the report as 1 January 2019 for “From” and 31 December 2019 for “Until,” then leave the “Account” blank, as such;


This should produce a report showing every transaction in every account for 2019.

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For what you want, the report to use is General Ledger Transactions, not General Ledger Summary. This is what I wrote in post #12 above.

Thanks p4unger.

The obvious are sometimes the ones that go a-miss, simply leaving the account blank does the job.