As of July 1, 2024, Denmark’s new Bookkeeping Act mandates the digitization of accounting processes for medium and large enterprises. This significant regulatory change requires businesses to adopt certified digital bookkeeping software approved by the Danish Business Authority or develop custom solutions compliant with the law.
A key component of this transition is the obligatory use of B2B e-invoicing. Companies must utilize either the public NemHandel platform or the Peppol network, ensuring invoices comply with the Peppol BIS 3.0 (EN16931-compliant) standard or the local OIOUBL format. While the local format’s 3.0 update is delayed by six months, it is designed to meet EN16931 compliance.
The implementation of the Bookkeeping Act is phased. The first phase, effective from July 1, 2024, targets medium and large enterprises required to submit an annual report under the Annual Accounts Act. These companies must fully digitize their accounting processes, including invoicing, starting from the first day of their next financial year.
The phases of the act are as follows:
- January 1, 2025: It applies to companies required to submit an annual report under the Annual Accounts Act that use self-developed software.
- January 1, 2026: The Act will include personally owned companies with an annual net turnover exceeding DKK 300,000 for two consecutive years (e.g., 2024 and 2025).
