What is a receipt, and when is it good enough?
The tax authority requires documentation for every entry. Here is what counts, what doesn't, and what to do when the receipt is gone.
A receipt (bilag) is the proof that an entry in the books actually happened. No receipt, no documentation; no documentation, no deduction, and in the worst case an estimated tax assessment.
What a receipt must contain
For a receipt to support a VAT deduction it must show at least: the seller's name and CVR number, the date, what was bought, the amount and the VAT amount. An ordinary invoice meets that. A till receipt from a shop usually does too. A bank statement alone does not; it shows that money moved, not what it was spent on.
What people think are receipts, but aren't
- An order confirmation (nothing has been bought yet).
- A screenshot of an online-banking transfer.
- A text message from a tradesperson: "Paid, thanks".
- A card slip without item lines, when the purchase contains VAT you want to deduct.
When the receipt is gone
It happens. Ask the seller for a copy; most can send an invoice by e-mail. If you cannot get a receipt, the expense can still be booked, but without VAT deduction, and you must be able to substantiate it (bank statement plus a note on what it was). Make it the exception, not the rule.
Digital receipts and retention
Receipts must be kept for five years from the end of the financial year they relate to. Photos and PDFs are fine when they are legible and linked to the entry. The Bookkeeping Act requires the books and receipts to live in a digital system; a folder on the desktop is not a system.
What LegaSum does
Send the receipt as a photo or e-mail, or let LegaSum fetch it from suppliers who send e-invoices. LegaSum reads amount, date and VAT, links the receipt to the bank transaction and keeps it for the five years. If a payment lacks a receipt, it appears as one question: "What was this?", not as a red figure you discover in March.