Document Requirements for Bookkeeping

Introduction to Bookkeeping

Bookkeeping is the practice of recording and tracking the financial transactions of a business. Bookkeepers periodically summarize this activity into reports showing how the business is doing. They can also perform broader tasks such as invoicing, paying bills, preparing tax returns, monitoring key performance indicators, and providing strategic advice.

Required Record for Bookkeeping

Your company must keep its accounting records and supporting documents.

Your company must keep proper records of its financial transactions and keep source documents, accounting records and schedules, bank statements and any other records of transactions relating to your company.

Bookkeeping Record Checklist

Check out the Bookkeeping Record Checklist for a summary of the different types of records required for bookkeeping.

INCOME RECORDS (Records of each sales transaction)

1. Serially numbered receipts issued or cash register tapes or invoices issued

2. Tax invoice/simplified tax invoice issued

3. Rental Agreement signed by both landlord and tenant

4. Books to record goods taken for private usage

5. Credit notes for returned goods

6. Documents relating to exports

7. Evidence that payment have been received (e.g. bank statement)

BUSINESS EXPENSE RECORDS (Records of each business expense transaction)

1. Invoice received or Receipt received

2. Payment made to individuals/companies for services rendered and the relevant contracts/agreements on the provision of services

3. Payment vouchers for staff remuneration

4. Employer’s CPF contributions

5. Payment evidence (e.g. bank statement)

PURCHASE RECORDS (Records of each purchase transaction)

1. Tax invoices received, Invoices received or Receipt received

2. Documents relating to imports

3. Payment evidence (e.g. bank statement)

OTHER RECORDS (FOR GST PURPOSES)

1. Business goods which were put to non-business use

2. Disposals of business goods, whether or not for a consideration

3. Removal of goods from customs-licensed warehouse

ACCOUNTING RECORDS AND SCHEDULES

1. Stock List

2. Sales Record Book/ Sales Listing

3. Purchase Record Book/ Purchase Listing

4. General Ledgers

5. Balance Sheet, Profit and Loss Statement

6. GST account summary of input and output tax, including GST refunded to tourists

BANK STATEMENT

1. Bank statements; with separate bank accounts for personal and business purposes

The following are records that the businesses are advised to keep as good practices, and these should be available, or able to reproduce upon request by the Comptroller of Income Tax or / GST.

ACCOUNTING RECORDS AND SCHEDULES

1. Detailed schedules of Public Transport expenses

2. Detailed schedules of Travelling expenses

3. Detailed schedules of Entertainment expenses

4. Fixed asset Schedules

5. Records of Capital Allowances

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