Maintaining Accounting Records

The maintenance of accounting records is based on source documents provided by the company, which includes the following:

• Fixed Assets Ledger

  – includes a detailing of company’s fixed assets such as equipment, machinery, and real estate

• General Ledger and Cash Book

  – this is the main accounting record of a company and is used to sort and store balance sheets and income statement transactions

• Accounts Receivable and Payable Ledger

  – this is an account of money owed to a company, as well as the money it owes to lenders

• Bank Reconciliation Statement

  – a summary of banking and business activity that reconciles a company’s bank account with its financial records; it outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period.

Learn more about how we help businesses maintain their accounting records through our accounting and bookkeeping services.

• Analysis of financial performance on the monthly or quarterly basis

• Preparation of cash flow statement, profit, and loss statement, and balance sheet

  – this is important as it indicates how investing, operating and financing activities of a company can be synergised for optimum cash flow

There are also a few accounting functions such as GST computation and conversion of financial statements to XBRL (extensible business language) format, that are unique to Singapore.