Glossary
Financial year
The financial year is the period the result is made up for. It often follows the calendar year, but need not: a financial year can run from 1 July to 30 June, and a new company's first financial year can be shorter or longer than twelve months. In Danish it is the regnskabsår.
Updated 21 October 2026
What is a financial year?
At the end of the financial year the result is made up: revenue minus costs. The income statement's accounts start again in the new year, while the balance sheet's accounts continue, so the year's closing balance becomes next year's opening balance. The annual report covers exactly one financial year, and the year's end date decides the deadline for filing it with the Danish Business Authority.
A company founded on 15 March may let its first financial year end on 31 December the same year or make it longer, up to 18 months at most. Once the year is finished and the report filed, the year is closed, so no entry can change the figures backwards.
Financial year in Veneti
In Veneti the financial years are set up under Accounting years, the first from the details in the CVR register. A year is open or closed, and a closed year refuses new entries, so what you have filed stays as it is. Under Filings, Annual report shows a financial year's booked figures in the Danish Business Authority's form, and Last year shows the financial year before for comparison.
The plans' vouchers are pooled over the financial year: Free includes 5 vouchers per month, that is 60 in a twelve-month year, so a quiet month lends to a busy one. What has to happen at the end of the year in an ApS: Guide to the annual report.
Related terms
- Annual report: the report a financial year ends in.
- Opening and closing balance: the balance at the start and end of the year.
- Accrual: how every expense lands in the right year.