Deviating accounting year
For seasonal businesses, you have the option in Period & Year to prepare annual report with deviating financial years. For example, it could be a ski resort where you want to have the winter season in its entirety in a financial year. The financial year can then, for example, be the period from 1 July to 30 June.
Annual report entities that are branches of, or subsidiaries in Norway of, a foreign enterprise that uses a different financial year than the calendar year, can choose to use deviating financial years in order to have the same financial year as the foreign enterprise.
Period & Year supports the import of clients with deviating accounting years from Total, Finale and Altinn.
All areas should be reviewed after conversion to Period & Year, and we point out that certain elements under the following areas must be filled in manually/checked:
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Trial balance; check alternative links
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Various information - State aid, relevant public support is added manually
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Property, check calculated wealth values from the Tax Agency
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Financial products, check that financial products are displayed under the right tab and tick the exemption method if relevant
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Taxi and cargo transport businesses; taximeter type is added manually
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Accommodation and public house; any sales revenue in cash and cash register type are added manually
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Group contributions, attachment and treatment rule must be entered manually
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Wealth, overridden values from RF-1028 Tax declaration must be added to the field Other wealth from commercial activities
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Salary and pension costs, relevant additional lines for correction of reconciliation are added manually
When importing to a new deviating accounting year, it may happen that the client has a balance on the reference account 2500 “Betalbar skatt, ikke fastsatt”. This balance may apply to the previous deviating accounting year's allocated payable tax that has not yet been paid. If that is the case, the relevant balance must be reposted from the reference account 2500 “Betalbar skatt, ikke fastsatt” to reference account 2510 “Betalbar skatt, fastsatt”. This is to avoid errors in this year's taxable cost.
After reposting, you must go to Wealth and correct the relevant amount in the manual field on the row 'Code 2510 Payable tax, determined'. This is to avoid the amount being erroneously included in the company's wealth.
Procedure in Period & Year
Import of accounting data that spans two calendar years will interpret Period & Year as deviating financial year and this is displayed under Settings in the heading of imported data where the relevant period is displayed, for example 2023/2024.
On the Start page, you enter the deviating financial year in the same way as when preparing an ordinary year-end closing. When you enter the period Year-end closing, please note that constants and other amount limits apply to the income year in which the deviating financial year expires. This is because it is the tax rules for the income year/calendar year in which the deviating financial year expires that must be used. This applies, for example, to depreciation rates and other rates/amount limits that are important for determining the tax base.
Prepare the year-end closing and submit the Annual report as soon as this has been completed and determined. When the next year-end closing version is ready in Period & Year, you can submit the Tax return when it opens up for submission to Altinn. Please note that there may have been changes to the program in connection with the new year-end closing version, which means that some data will have to be changed in order to match the previously submitted annual report and the determination of the tax return.
After the tax return has been submitted for the previous year-end closing period, you can import the following year's deviating financial year and begin the preparation of the year-end closing and submission of the annual report.
Read more about Client with deviating fiscal year..