From 1st of January 2020, all companies that have bookkeeping obligations are required to submit accounting data to the public authorities in a standard XML format, named SAF-T (Standard Audit File – Tax). The main purpose of SAF-T is to simplify and streamline bookkeeping and filing, and to standardize data exchange between different financial systems in order to analyze accounting information efficiently. Is your company ready for SAF-T?
Every company takes its own responsibility to ensure the ability to deliver a SAF-T file. In practice, it means that the chart of accounts (CoA) need to be correctly mapped to the Norwegian standard CoA, VAT codes need to be correctly mapped to the standard VAT codes, and the company needs to be able to convert files to XML format. To prepare yourself for SAF-T, we recommend you first to contact your system vendor. It is important for accounting managers to know whether the system has the functionality to generate files in the correct data format and what requirements that need to be fulfilled from the accounting perspective. The functionality of generating XML files might vary in different systems.
BDO provides services that will assist you to become compliant with the new requirements in the SAF-T regulation:
- Mapping CoA and VAT codes
- Convert requested accounting information to XML format
- Validation of SAF-T file
Contact us here.