Skip to content
English
Back to the main page
  • There are no suggestions because the search field is empty.

What are the bookkeeping requirements in Norway (Bokføringsloven)?

This article explains the bookkeeping framework in Norway, focusing on the Bookkeeping Act (Bokføringsloven) and the related regulations governing how companies must record and store financial information. In Norway, bookkeeping obligations apply to most businesses and are closely linked to accounting and tax reporting requirements.

The Norwegian Bookkeeping Act (Bokføringsloven)

The Bookkeeping Act (Bokføringsloven) sets out how companies must:

  • Record business transactions
  • Document income and expenses
  • Store accounting records
  • Ensure traceability and auditability

It applies to all businesses subject to bookkeeping obligations under the Accounting Act (Regnskapsloven), as well as many companies with tax reporting obligations (including sole proprietorships).

The Act is supplemented by the Bookkeeping Regulation (Bokføringsforskriften), which contains more detailed requirements.

Who must comply with the regulations?

Bookkeeping obligations generally apply to:

  • Private limited companies (AS) and public limited companies (ASA)
  • Sole proprietorships (Enkeltpersonforetak)
  • Partnerships (ANS/DA)
  • Norwegian-registered branches of foreign companies (NUF)

In practice, any business with bookkeeping or VAT obligations in Norway must comply with these rules.

Core bookkeeping requirements

1. Ongoing and accurate bookkeeping

Companies must:

  • Record all business transactions continuously and without unreasonable delay
  • Ensure that entries are complete, accurate, and verifiable

Cash transactions, in particular, must be recorded daily.

2. Documentation of transactions (supporting documents)

Every business transaction must be supported by appropriate documentation, such as:

  • Invoices
  • Receipts
  • Contracts
  • Bank statements

The documentation must include:

  • Date
  • Amount
  • Parties involved
  • Description of the transaction

Electronic documentation is widely accepted and commonly used.

3. Traceability (audit trail)

The bookkeeping system must ensure a clear audit trail, meaning:

  • Transactions must be traceable from the original document → bookkeeping records → annual financial statements, and vice versa
  • Changes or corrections must be documented and may not overwrite original entries

4. Requirements for bookkeeping systems

Companies must use a bookkeeping system that:

  • Ensures secure and orderly recordkeeping
  • Prevents changes or deletions without traceability
  • Allows reporting in accordance with Norwegian requirements

Digital accounting systems are standard and strongly recommended.

5. Retention requirements

Accounting records must generally be retained for at least 5 years.

This includes:

  • Bookkeeping records
  • Supporting documents (invoices, receipts, etc.)
  • System documentation

Records must be:

  • Stored securely
  • Accessible to authorities
  • Generally stored in Norway or within the EEA (subject to certain conditions)

6. Language and currency

  • Bookkeeping is generally carried out in Norwegian, although English, Danish, or Swedish may also be accepted
  • Transactions are usually recorded in NOK, although foreign currencies may be used if properly documented

Special requirements

VAT-registered businesses

Companies registered for VAT (MVA) must:

  • Maintain bookkeeping that supports VAT reporting
  • Clearly specify VAT amounts in the records
  • Retain documentation for tax inspections

Cash register systems

Businesses handling cash transactions may be required to:

  • Use a certified cash register system
  • Issue receipts for all sales
  • Perform daily cash reconciliations

Deadlines and ongoing updates

  • Bookkeeping must be kept continuously up to date
  • Delays are only permitted within what is considered reasonable for the size and nature of the business

Penalties for non-compliance

Violations of bookkeeping obligations may result in:

  • Fines or administrative penalties
  • Increased scrutiny by tax authorities

  • Rejection of financial statements or tax deductions

  • In serious cases, criminal liability

Notes

1. Outsourcing bookkeeping

Companies may outsource bookkeeping tasks; however, the legal responsibility remains with the company’s management.

2. Connection to accounting regulations

Bookkeeping forms the basis for financial reporting under the Accounting Act (Regnskapsloven).

3. Digitalisation

Norway is highly digitalised, and most companies use cloud-based accounting systems, often integrated with platforms such as Altinn.