Documentation of the balance (reconciliation)

Purpose of reconciliation

Reconciliation helps ensure the accuracy of the accounting records. You must be able to document what lies behind each individual balance in the balance accounts. This will help ensure that the information given in the financial statements is accurate.

Examples of reconciliation:

• The balance in the accounting item for bank must correspond with the balance shown on the account statement from the bank
• The balance in the accounting item for outstanding employer's National Insurance contributions must correspond with what you actually owe in accordance with submitted a-meldings
• The balance in the accounting item for outstanding VAT must correspond with the unpaid VAT for the last period
• The accounting item for cash must correspond with the actual amount in the cash register
• The accounting item for stock must correspond with the goods that are actually in stock. This is documented through stocktaking lists.

Storing documentation

Stocktaking lists and everything you have used to document your balance sheet entries form part of your accounting documentation. You must retain these documents for 5 years.

Norwegian Accounting Standards Board- NBS 5 - Documentation of the balance sheet (in Norwegian only)

Bookkeeping Act on documentation of the balance sheet (in Norwegian only)

Bookkeeping Regulation on documentation of the balance sheet (in Norwegian)