How often and how should you submit invoices to your accountant?
There are a few different ways to submit your invoices for booking. We always recommend scanning your invoices and submitting them directly to your accounting system, either by using an app, uploading from your desktop or by mailing them directly to the accounting system.
How often and how should you submit invoices to your accountant?
In this blog, we discuss how often and how should you submit invoices to your accountant.
In Denmark, the legislation requires that accounting is done correctly and as fast as possible after a transaction has taken place.
Furthermore, the accounting and all reconsiliations should be done for a period latest when the VAT for that period is reported to the Danish Tax Agency.
The accounting should be conducted with respect to the complexity, amount of transactions and the size of the transactions.
We recommend scanning your invoices and submitting them directly to your accounting system on a weekly basis.
That way we can keep your accounting updated ongoing.
There are many ways to submit invoices to accounting systems depending on what system is being used for your accounting.
Here we have listed the most common ones:
Mail your invoices to e-conomic
If you use e-conomic it is possible to forward all your invoices to e-conomic.
When you click the inbox inside e-conomic you will see a mail address in the lower left corner of the webpage.
You can send invoices and receipts as PDF or JPG using this mail address.
NB: Invoices as text, Word or Excel cannot be sent to e-conomic on mail. You will need to save these as PDF before sending.
Upload invoices from your computer
If you find it more convenient to store your invoices locally on your computer, and then we recommend making two folders:
Invoices not yet uploaded
Invoices uploaded
Save the invoices you receive during the week in the folder named “Invoices not yet uploaded”.
Then, once per week, upload all the saved invoices to your accounting system and move the files to the folder “Invoices uploaded”.
That will give you a simple system to avoid uploading duplicate invoices twice.
NB: Invoices as text, Word or Excel cannot be uploaded to e-conomic either. You will need to save these as PDF before uploading.
Use an app to submit your invoices directly to your accounting system
e-conomic
e-conomic offers an app where you can take a picture of your invoices with your phone and then submit them via their app directly into the accounting system:
Download app in App Store
Download app in Google Play
You can see our guide here on how to upload to e-conomic using the e-conomic app
Dinero
Dinero offers an app where you can take a picture of your invoices with your phone and then submit them via their app directly into the accounting system:
Billy
Billy offers an app where you can take a picture of your invoices with your phone and then submit them via their app directly into the accounting system:
How often do you need to submit invoices for booking?
Normally our clients send their invoices to us every month.
Some of the very small clients (with only a few invoices every month) submit their invoices every three months, but we do prefer, that you send your invoices every month.
It helps us avoiding working overtime, when there is deadlines for VAT.
Larger clients submit invoices daily, weekly or as we agree.
Which invoices and documents should be sent for booking?
What invoices and documents you need to submit for booking, depend on your business type.
But in general everyone should send:
– Sales invoices (if not issued from the accounting system);
– Supplier invoices;
– Receipts for smaller purchases;
– Bank statement.
Some clients also will need to send:
– Cash report;
– List of driven kilometers in private car;
– Stock count.
Sales invoices
If you have made your sales invoices using an accounting system, for example; e-conomic, Dinero or Billy, then you do not need to submit the sales invoices to us, since we already have access to these inside the accounting system.
If, on the other hand, you do not invoice your sales in an accounting system, then we need to have the sales invoices sent as PDFs as well. If the sales invoices are made in Word or Excel, they must be saved as PDF-files first, and then submitted to us, so we can book them manually in the accounting system.
Also, if sales are made in an ecommerce solution which is not integrated with the accounting system we will need the sales invoices.
Supplier invoices
You need to submit all your supplier invoices. It is the costs where the supplier has issued an invoice. As a rule, you always need to have an invoice issued. The invoice must always be issued to your company and not to your own name.
Receipts for smaller purchases
You need to submit all your receipts as well. These are all the smaller purchases you have had from stores and gas stations, etc., and where you have not received a supplier invoice. As a rule, you always need to get an invoice issued for all costs, but the Danish Tax Agency usually accepts receipts, as long as the amounts are relatively small.
Our experience is that receipts of up to 700 DKK per purchase usually is accepted by the Danish Tax Agency.
The law states that you must have invoices for all costs issued in the company name.
However, if you have tried to ask the cashier down in the supermarket to make an invoice, you also know, that in the real world, it is not possible every time.
But at least make the payment for your purchase with a company creditcard, so you can see the payment on the bank statement.
It makes it far easier to convince the Danish Tax Agency, that it’s actually you who paid for it, and that it’s not just a receipt you’ve found somewhere, and added to the costs.
Bank statement
Integrate your bank account with the accounting software
Your accounting software will often have an option to integrate your bank account with your accounting software.
This allows for automatic daily transfers of bank transactions to the accounting software.
We recommend setting up this integration.
Send bank statement on mail
You can also send the bank statement on mail.
In this case, we prefer to receive the bank statement as a comma separated file (CSV) or as an Excel file.
This is because with a file, we are able to import all the entries for your accounting system.
It saves us time, and saves you money.
You can save a CSV or Excel file on virtually all online banking systems.
Simply print a statement on the screen, and look for a “save as” button (or whatever it will be called in your online banking system).
The CSV-file should be mailed directly to your accountant or to: invoices@daniaaccounting.com
Cash report
Clients with cash transactions include those, who run restaurants or shops, where their customers pays with cash.
The difference between companies receiving cash, and those who do not, is that you are required to make a daily cash report when you receive cash from your clients.
Therefore, you should also send a cash report to us, if you receive cash from your own clients.
A cash report shows how much money you had in the morning in your cash register at opening hours, and how much money was left in the cash register at closing hours. It shows how much money went in and out of the cash register during the day.
You can find a template for your cash report here on the website in the “download” section. Even though you need to prepare a daily cash report by law, depending on your business type, you can choose a slightly longer time interval.
As long as the cash transactions can be properly documented. But most companies make their cash reports daily, especially shop owners. If you should get a tax inspection someday, and if SKAT suspects that you have “forgotten” to report some sales, they may refuse to accept your entire accounting, if you have not prepared a cash report and instead made an estimate of your sales.
So the consequences of not preparing a cash report can be quite serious. Especially if SKAT estimates that your sales have been much higher, than it actually has been. Without a cash report, it can be very difficult to object to such a decision. Also for your accountant.
Read more here about how to make a cash report
List of driven kilometers in private car
If you use your private car to drive for the business, then also send a list of driven kilometers.
Learn more about what you can deduct when driving in your personal car here
Stock count
If you have a store with stock we need to receive a stock counts at least in end of the year.
The stock count should inform us how much the purchase value of the stock is.
We recommend to do a monthly or quarterly stock count to obtain a more precise result in the financial reports.
(This blog was updated last time: 2.4.2024)