The Easypeasy guide
Do your own ENK accounting – a practical checklist
Want to do your own ENK accounting? Establish a routine for documents, invoices, bank reconciliation and checks before submitting VAT and tax returns.
Can you do your own ENK accounting?
Yes, you can do your own bookkeeping. What matters most is understanding what to record, having documentation and completing checks before reporting. Software helps with the work, but you still need to assess whether the details are correct.
Altinn recommends considering an accountant if you are unfamiliar with the rules. You can also get help establishing a good routine.
Start by collecting documents in one place and separating business payments from personal payments. If you have switched software, opening balances and outstanding invoices must be correct. See what to bring when switching accounting software.
A routine you can repeat
Use this list when you sit down to do your accounts. Work through one type of task at a time and note anything you need to investigate.
- Collect new documents. Find invoices and receipts from emails, online shops and card purchases. Ask the supplier for a copy if documentation is missing.
- Check your sales. Have all completed jobs been invoiced? Are the date, customer, amount and any VAT correct? Have you created a credit note if a sale needed correcting?
- Review your purchases. What is the expense for, and is the entire purchase for the business? Review the bookkeeping suggestion and check that the document has not already been recorded.
- Follow up on payments. Match incoming and outgoing payments to the correct invoices. Investigate overdue invoices and payments from unknown senders.
- Reconcile your bank account. Compare the balance and transactions with your accounts. Find the cause of any differences before continuing.
- Review the results. Investigate figures that look unexpected. Is a major expense missing, or has a payment been recorded as income twice?
Example: The customer has paid
You see a payment of NOK 5,000. Find the invoice the customer is paying and link the payment to it. If the invoice is already recorded as a sale, do not create a new sale for NOK 5,000.
With Inbox in Easypeasy you can retrieve documents from email. Check the content and suggestion before recording them.
Check this before reporting
Before your VAT return: Review the period's sales and purchases, VAT treatment and missing documents. Clarify your registration status and whether your sales are subject to VAT. The Norwegian Tax Administration's guide to the VAT Register explains who must register.
Before your tax return: Check that the year is complete, bank balances and outstanding items are correct, and any inventory, equipment and debt are handled properly. The tax return is a separate task, even if you submitted VAT returns throughout the year. See how ENK businesses submit tax returns.
Keep your documents and make sure you can retrieve them, even if you switch software. Read about retaining accounting records.
When should you ask for help?
Clarify questions you cannot answer before approving an entry. Purchases from abroad, mixed personal and business use, employees, major equipment purchases and unresolved opening balances are examples of issues that may require extra consideration.
Make the question specific: “Here is the invoice, here is the payment, and this is what the purchase is used for.” This makes it easier for an accountant or customer support to understand the situation.
To understand the full picture first, read the main guide to accounting for ENK.
See how accounting can be simpler
Try Easypeasy with example data, or get started with your own sole proprietorship.