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Year-End Closing

With 24SevenOffice, you get accounting and year-end closing in one unified system. The year-end module makes submitting your tax return simple and hassle-free.

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The Year-End Add-On Includes:

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    Tax return with business specification


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    Annual accounts for LTDs and branch offices (AS and NUF)


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    Shareholder register statement*

    *To be launched in 2025

Key Benefits

  • Accounting and year-end closing in one integrated system

  • Automates large parts of the process

  • Adapts to your company’s structure and needs

  • Significantly reduces time spent on reporting

  • Covers most standard requirements

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Features Included in the Year-End Module


  • Prepare and submit tax returns, business specifications, and annual accounts for AS and NUF — all in one module.

  • Downloading a draft is required to validate and submit the tax return. The draft includes shares and securities (registered in the shareholder register or VPS), as well as any carryforward losses from previous years.

  • Not all accounting setups use the latest chart of accounts from the Tax Administration. In our module, you can easily update the mappings to the standard chart of accounts in the business specification by dragging and dropping accounts from your own ledger.

  • View your income statement and balance sheet, including all updated year-end entries, just like in the system reports — so you can review everything before submitting to the Tax Administration.

  • Report all company-owned shares and securities, including asset value, dividends, and any gains or losses.

  • Common items are automatically retrieved from the trial balance using the standard account mapping, but you can easily adjust the source accounts and save your custom setup for future reporting.

  • Balance groups, as well as linearly depreciated and non-depreciable fixed assets, are pulled from the previous year’s tax return, the asset register, or can be entered manually.

  • A tax-related intermediary account used to record gains and losses from the disposal of certain fixed assets, allowing taxation to be spread over several years. Retrieved from last year’s tax return or created as needed.

  • Report the value of year-end inventory for resale or production purposes, including any differences between tax and accounting valuation.

  • Report accounts receivable with tax value calculation, including the possibility of applying a standard deduction for recognized bad debt.

  • Track and register differences between accounting and tax values that lead to increased or reduced taxable income.

  • Reports all registered employee benefits, matching the data submitted via the Norwegian A-melding throughout the year.

  • Automatic calculation of taxable income and tax expense for the year.

  • Define dividends with system-generated calculations of the maximum permitted amount, and allocate the remaining result to equity.

  • Control and report the company’s booked equity with a full overview of changes made during the year.

  • Report rented commercial real estate, using data from the property register and calculating asset value based on reported rental income.

Frequently Asked Questions (FAQ)

  • All limited companies (AS) in Norway are required to submit the new tax return with business specification through an approved accounting system. This requirement applies from the 2023 financial year.

  • You must submit your tax return to the Tax Administration by May 31.
    Companies with statutory accounting obligations must also prepare annual accounts to be approved by the general meeting before June 30 and submitted no later than July 31.
    If you anticipate challenges meeting the deadline for the tax return, you can apply for a 30-day extension.

  • No, you don't need to be an expert. The module is designed to be user-friendly and guides you step by step with clear instructions and automatic data population wherever possible.

  • Year-end closing is the process of preparing and submitting the tax return and annual accounts along with the required documentation.

    A sole proprietorship (ENK) typically only needs to submit a tax return, while a limited company (AS) usually has to submit both a tax return and annual accounts.

     

  • The tax return with business specification, also known as the tax return, is the company’s income statement submitted to calculate tax liability and report financial and structural information to the Norwegian Tax Administration.

Want to learn more about year-end closing?

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If you’d like to learn more about the year-end add-on module in 24SevenOffice, simply fill out the form.

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