The Swedish Bookkeeping Act explained

Ongoing bookkeeping in two orders

Chapter 5, sections 1–2

All business transactions must be recorded so that they can be presented both in chronological order (the journal, grundbok) and in systematic order (the general ledger, huvudbok).

Cash receipts and payments must be recorded no later than the next working day. Other transactions must be recorded as soon as possible. The Accounting Standards Board's guidance explains how much later non-cash transactions may be recorded.

A voucher for every transaction

Chapter 5, sections 6–7

Every entry must have a voucher (verifikation). The voucher must show when it was compiled, when the transaction took place, what it concerns, the amount, the counterparty and a voucher number or other identifier linking it to the books.

Receipts, invoices and contracts are the supporting documents – it is the link to a numbered voucher that makes them part of the accounting records.

Corrections must not erase the original

Chapter 5, section 5

An error is corrected with a new voucher or a correction that clearly shows what was changed, when and by whom. Original entries must not be deleted or overwritten so that they can no longer be read.

System documentation and processing history

Chapter 5, section 11

The business must be able to show how its bookkeeping is organised: which chart of accounts and systems are used, how documents are handled and how data moves between systems. It must also be possible to trace how an entry has been processed from voucher to report.

Closing the financial year

Chapter 6

The bookkeeping must be closed with an annual closing or an annual report. Limited companies always prepare an annual report (årsredovisning). Smaller sole traders may prepare a simplified annual closing.

Archiving for seven years

Chapter 7

Accounting records must be kept for seven years after the end of the calendar year in which the financial year ended. They must be durable, easily accessible and readable.

Since the modernised archiving rules of 2024, paper documents may generally be destroyed once they have been transferred to digital form in a secure way.

The company's responsibility

• Provide complete and correct documents on time.
• Make sure the accounting records are archived correctly for seven years.
• Check that the bookkeeping is actually done and that the result is reasonable.

The accountant's responsibility

• The engagement agreement: The accountant is responsible to the client for performing the agreed work professionally and may be liable for damages in case of errors. A clear engagement agreement describing who does what is therefore important for both parties.
• Criminal law: The bookkeeping offence (bokföringsbrott, chapter 11 section 5 of the Swedish Criminal Code) is aimed at the person required to keep books, but an accountant who knowingly contributes to incorrect bookkeeping can be convicted of complicity.
• Anti-money laundering: Anyone who professionally provides bookkeeping services is covered by the Swedish Anti-Money Laundering Act (2017:630). This means requirements for customer due diligence, risk assessment and reporting suspicious transactions to the Financial Intelligence Unit. Supervision is carried out by the County Administrative Board (länsstyrelsen).
• Industry standard: Many firms work according to REKO, the Swedish standard for accounting services, which describes how engagements are planned, performed and documented.

Who is responsible for the bookkeeping if an accounting firm does it?

The responsibility under the Bookkeeping Act always stays with the company – in a limited company the board and managing director, in a sole trader business the owner. The company can outsource the work, but not the responsibility. The accountant is responsible to the client under the engagement agreement.

How long must accounting records be kept in Sweden?

Accounting records must be kept for seven years after the end of the calendar year in which the financial year ended.

Can I delete an incorrect voucher?

No. Errors are corrected with a correction or a new voucher, and it must be clear when the correction was made and by whom. The original must still be readable.

What is bokföringsbrott?

Bokföringsbrott (bookkeeping offence) means that a person required to keep books fails to do so, fails to keep accounting records or provides incorrect information, so that the business's course of events, financial result or position cannot be assessed. It is regulated in chapter 11 section 5 of the Swedish Criminal Code and can lead to imprisonment.

Can I keep my Swedish books in English?

The bookkeeping must follow Swedish rules, but you can work in an English-language system. UNIKBOK can be used in English while following the BAS chart of accounts and Swedish reporting formats.