Accounting your Business in Norway

For now, there are only a few notes on this topic. It should grow to a usable document over time. Norwegian terms are emphasized.

How to show the results for a period

Resultat is the difference between income (inntekter) and expenses (kostnader). At the end of an accounting period (når du avslutter regnskapet), this difference is to be transferred to the equity account (egenkapital). I skip setting up an account for the result, which you would do when accounting manually, and instead transfer from the income and expense accounts directly to the equity account. This way, the result appears in the running balance. The amounts to be transferred are equal to the running balance in the account in question, but opposit in sign so that the running balance in the income or expense is back at 0 after the transaction. A corresponding transaction should be done for money that you have taken out of your business (privatkonto), but this is not part of resultatet. So this approach has a flaw. To show the result, make a transaction report with the following options:

1. Accounts tab
   • Report Accounts

     Only select Egenkapital.

2. Display tab

   Select only the following:

   • Date
   • Description
   • Other Account Name
   • Use Full Other Account Name
   • Other Account Code
   • Amount: Double
   • Totals
   • Sign Reverses: Credit Accounts

3. General tab
   • Report name: Resultat
   • Stylesheet: Technicolor
   • From: ...
   • To: ...
   • Style: Single