What is årsafslutning (year-end close)?

In short

Årsafslutning is the work of closing the financial year: every account is reconciled, adjusting entries are made, and the numbers are prepared for the annual report and taxes.

In practice

Typical tasks are bank reconciliation, depreciation, accruals, stocktaking and reconciling VAT and payroll. Once the close is done, the annual report can be filed with the Business Authority and the tax return with the Tax Agency.

Go deeper: Annual report for an ApS: deadlines, requirements and price

Related terms

• Årsrapport (annual report)
• Efterpostering (adjusting entry)
• Saldobalance (trial balance)
• See every term in the dictionary

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