Outsourced Bookkeeping for Estonian OÜs

You receive a balanced trial balance in PDF or Merit Aktiva export format by the 10th of each month. The trial balance shows every account’s opening balance, total debits, total credits, and closing balance for the month. For KMD purposes, you also need the VAT ledger – a breakdown of output VAT by tax code and input VAT by tax code, which we provide as part of the trial balance package. With this data, you can complete the KMD in the EMTA e-Tax portal by the 20th. We also provide a general ledger export on request, showing every individual transaction for the period. If you want us to review your draft KMD before filing, we offer this as a one-time consultation at €120/hour.

If a bank transaction cannot be matched to an invoice or receipt, we flag it to you before finalising the month-end close. We send a query list of unidentified transactions – typically a short email listing the bank reference, date, amount, and counterparty. You provide the explanation or missing document. If the original document is unavailable, a replacement should be obtained from the supplier where possible. Any internally prepared source document must itself contain sufficient information to substantiate the occurrence, economic substance and amount of the transaction; an explanatory note alone does not automatically make an unsupported expense compliant. We do not post undocumented transactions to expense accounts without flagging – that would violate the Raamatupidamise seadus source document requirement and create audit risk.

Yes – we handle invoices in any language. For bookkeeping purposes, the key fields we need are: supplier name, date, amount (gross and net, or VAT-inclusive total), currency, and whether VAT is charged and at what rate. These are usually clear from any invoice format regardless of language. For Estonian-specific transactions (EMTA, töötamise register, bank payments to Estonian counterparties), we work directly with the Estonian documentation. The only situation where we may need your clarification is if an invoice description is ambiguous and affects how we classify the expense – for example, a subscription that could be software (deductible operating expense) or a membership fee (may have different treatment). We flag these to you when they arise.

Yes – Merit Aktiva is a cloud platform and your data belongs to you. You grant us bookkeeper access to your existing Merit Aktiva company account (using the user access settings in Merit Aktiva). We can then see and continue your existing bookkeeping from where you left off. We review your prior period entries for any corrections needed, confirm the chart of accounts is correctly structured, and take over posting from the agreed start date. Your historical data remains in the same Merit Aktiva account – nothing is migrated or recreated. If you prefer to start fresh in a new Merit Aktiva account with opening balances transferred, we can do that instead. The choice depends on whether you want a clean break or continuity of history in one place.

No – the annual report (majandusaasta aruanne) is not included in the bookkeeping-only service. We maintain the general ledger throughout the year, which is the input for the annual report. Preparing and filing the annual report – including the financial statements, notes and any management report required for the company’s reporting category. A micro-undertaking applying the Estonian Financial Reporting Standard may qualify for an annual report without a separate management report. – is available as a separate one-off service from €400 (for a simple micro-entity). For an OÜ on a bookkeeping-only plan, we recommend adding the annual report service at the end of the financial year. Because we maintained the bookkeeping all year, the annual report preparation is faster and cleaner than if a third party had to review the books. We contact you in April each year to initiate the annual report process for the prior financial year.