It is almost time - soon you can throw away your receipts
The new Swedish receipt law will take effect on July 1, 2024. The modernization of the accounting law means that when the paper originals of receipts and invoices have been digitized, they can now be discarded and do not need to be saved for three years in the Accounting anymore. However, at Accountor we recommend our customers to save all receipts and invoices even though they have been digitized. This should be done at least until the fiscal year has been closed with a determined annual report/financial statement. This requires that we have ensured that all receipts for the fiscal year have been properly accounted for in the accounting. A digital copy can be lost, and you might also believe that you have submitted it and forgot. Therefore, it is good to have your receipts in place so you can submit it again.
In the fall the Swedish Accounting Board will put forward a proposal that describes the organizational prerequisites and the technical solutions required to be able to throw away the original reciepts. So let’s put a damper on the joy of throwing away the receipts until the Accounting Board has gotten back with their take in this matter.
Below you will get an overview of the changes and what they mean for your company. First of all, it means a long-awaited simplification for many companies. According to a calculation that forms the basis for the proposal, it will result in a saving for all companies of a total of 3.9 billion kronor per year.
The new accounting law: Streamlining for Entrepreneurs
The new receipt management means a modernization of the Swedish accounting law and makes it easier for companies to handle their accounting in a more efficient way. A much-awaited change is the possibility to electronically transfer receipts and then throw away the physical copies, which will save companies both time and money.
What do the changes in receipt management mean?
A major change with the updated accounting law is that the requirement to retain accounting information in its original form is removed. Instead of saving all paper receipts, companies should securely transfer the information in electronic form and can then throw away the physical copies of the receipts. This will make it easier for companies to reduce paper handling and they can modernize their accounting process.
The transfer rule in the accounting law
The change also means a clarification of the transfer rule in the accounting law. According to the new accounting law, companies can destroy physical or electronic documents when the accounting information has been securely transferred to another form. This is provided that the transfer is carried out in a secure manner, which means that the risk of change or loss of information is minimized. There are several solutions for this, one solution is Accountor Expense, which can help you with this.
The importance of good accounting practice
The concept of good accounting practice refers both to the ongoing accounting according to BFL (Swedish Accounting Act) and to valuation and periodization issues according to ÅRL (Swedish Annual Accounts Act). Good accounting practice is not a fixed rule but an established practice followed by companies and organizations that are accounting liable.
The Swedish Accounting Board is the authority responsible for developing good accounting practice. By issuing recommendations and statements, the Board contributes to clarifying the good accounting practice and helps companies adapt their accounting. So updated recommendations/statements are expected to come with the proposed legislative changes.
The role of the payroll and accounting consultants
The update in the Swedish Accounting Act regarding physical receipts will play an important role for both payroll consultants and accounting consultants. Their expertise can help companies set up efficient routines to ensure correct transfer of accounting information and secure compliance with legal requirements.
When does the new receipt law take effect?
The changes will take effect on July 1, 2024.
