Have you ever opened your sports club’s accounts and wondered why they look so different from an ordinary company’s accounts? The answer lies in the sports chart of accounts (idrettskontoplanen) – a purpose-built chart of accounts that the Norwegian Confederation of Sports (NIF) has developed to cover the unique needs of sports clubs and associations.
In this article, we explain what the sports chart of accounts is, why it matters and how to use it in practice.
What is the sports chart of accounts?
The sports chart of accounts is an adapted version of the Norwegian Standard Chart of Accounts (NS 4102), in which the selection and names of accounts are tailored to the needs of sport. It was developed by NIF and contains accounts for typical sports income such as training fees, membership fees, income from volunteer work (dugnad) and grants – something you will not find in an ordinary business chart of accounts.
The chart of accounts follows the same structure as NS 4102, with account classes from 1 to 8, but with adapted account names and groupings that make it easier to categorise income and expenses as they actually arise in a sports club.
Why does it matter?
According to NIF’s accounting and auditing rules, all sports clubs must keep accounts using accounts detailed in line with the Norwegian Standard Chart of Accounts. In practice, this means you must use a chart of accounts that follows this standard – and the sports chart of accounts is NIF’s own answer to this requirement.
The right chart of accounts brings several benefits:
- A correct basis for VAT compensation. When costs are recorded in the right accounts, you get the right amount in your application.
- Easier year-end closing. The auditor or accountant spends less time when everything is correctly categorised.
- A better basis for decisions. The board can more easily see where the money goes and where there is potential for savings.
- Comparability. When all sports clubs use the same structure, you can compare your finances with similar clubs.
How the chart of accounts is structured
The sports chart of accounts follows the traditional Norwegian chart of accounts structure with eight account classes. Here is a simplified overview adapted for sports clubs:
- Class 1 – Assets: Bank deposits, receivables, inventory (e.g. club merchandise for sale)
- Class 2 – Liabilities and equity: Trade payables, accrued expenses, equity
- Class 3 – Sales revenue: Training fees, membership fees, ticket revenue, events
- Class 4 – Cost of goods: Purchase of equipment, kits, prizes
- Class 5 – Salaries and personnel costs: Coach salaries, referee fees, employer’s National Insurance contributions
- Class 6 – Other operating expenses: Hall rental, travel, transport, events
- Class 7 – Other operating expenses: Office costs, insurance, marketing
- Class 8 – Financial items and grants: Interest income, public grants, VAT compensation
Common challenges with the chart of accounts
Many sports clubs struggle to use the chart of accounts correctly. The most common challenges are:
Everything ends up in one account. Without knowledge of the chart of accounts, many end up recording most things under “miscellaneous”. This produces accounts that tell the board nothing useful, and that cause problems when you apply for VAT compensation.
Wrong accounts for sport-specific income. Training fees, income from volunteer work (dugnad) and grants have their own accounts in the sports chart of accounts. If you record them in the wrong account, you get a false picture of your finances.
An accountant without sports expertise. An ordinary accountant may not know the sports chart of accounts and may set up the accounts as if the club were an ordinary limited company. That is exactly why it is important to have an accounting system and an accounting partner that understand sport.
How Rubic makes the sports chart of accounts easier to use
With Rubic Regnskap, the sports chart of accounts is already built in. When you record a training fee, a referee payment or income from volunteer work (dugnad), it ends up in the right account – without you having to think about it. The integration with Catacloud ensures that account coding runs smoothly, and the accounting experts at ECIT check that everything is correct.
The result? Accounts that NIF, the auditor and the board can all rely on – and that give you the right basis for VAT compensation.
Read our complete guide to accounting for sports clubs and associations →