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How to get started with your accounting (English)

This help article covers the most common tasks you need to think about when getting started with your accounting.

Should you have any questions, please do not hesitate to contact us in the chat. We speak both Norwegian and English!

Get an accounting system

If you started a business here in Norway, one of the first things you should do is decide on an accounting software. There are lots of options - both Norwegian and foreign softwares.

If your company is Norwegian you should select a Norwegian accounting software. Why? Because foreign accounting softwares are not accomodated to Norwegian law and tax reporting, while Norwegian accounting softwares are built specifically to help you out with this. In addition, with Norwegian customer support we will be able to point you in the right direction should you have any questions regarding VAT and other taxes.

Don’t speak Norwegian that well yet? Select an accounting system that can help you in both Norwegian and English - like us! Our accounting system is build for Norwegian businesses, but we understand that not all company owners in Norway are fluent in Norwegian. That’s why we’ve translated our whole accounting system into English.

Want to test our accounting solution before getting started for real? Create a test company! Explore without worrying about it having any impact on your company’s real accounts.

Chat with us and see if our accounting system can fit the needs of your company.

Have you already decided on our accounting system? Thanks! Continue to read the article to see what you need to do next!

Bank accounts

One of the first things you should do is register any bank accounts the company is going to use. Bank accounts must be in place before registering the opening balance, sending customer invoices, etc. If you do not have a business account yet, we recommend that you register one as soon as possible. You can register a business bank account with most banks in Norway.

Once you have your business bank account, you can register it in our accounting system under “Bank accounts”.

It’s a good idea to get started with the bank reconciliation soon after you’ve registered your company and you’ve started racking up some income or bills. A rule of thumb is to do this once a month. Adjust how frequently you do it based on how many transactions you have. If you have very few transactions, you can do it less often.

Regardless of whether you have an AS or ENK, we recommend creating a business account for your company. You will save time and money by keeping all the income and expenses associated with a business bank account rather than a personal bank account.

Opening balance

It’s required you register an opening balance if you have a new AS (“Aksjeselskap”) or want to switch from another accounting software. The opening balance shows the company’s equity, assets and liabilities at the accounting start date in our accounting system.

  • Read more about the opening balance for newly established AS here: Opening balance for limited companies (AS)
  • Read more about the opening balance for companies that switch from old accounting software to our accounting system here: Transition from another accounting program
  • Newly established sole proprietorships (Enkeltpersonforetak “ENK”) usually do not need to enter an opening balance.
  • If you are unsure about what applies to you, contact us in the chat.

VAT (“Mva”) settings

(Only relevant for companies that are registered in the VAT registry.)

By default, we have activated the most common VAT codes for you when you register your company. Edit the VAT settings if you can’t find the VAT code you need when registering a sale/purchase

  1. Go to Settings > VAT
  2. Here you can view and edit the VAT settings for purchases and sales. You can also change how often you have to deliver VAT.

Customer invoice number

You can choose which invoice number you want to start with, the first time you send a customer invoice.

  1. Create a new customer invoice
  2. Just before you send it, you will be asked to select the invoice number. Only numbers are allowed.
  3. When the invoice is sent, this invoice will receive this invoice number.
Once the invoice number is selected, it cannot be changed. Therefore, make sure the invoice number you choose is correct!

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