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.
Keep your accounting records up-to-date and avoid penalties
Engage the services of a registered filing agent to file your annual returns and avoid unnecessary penalties. Be ACRA compliant always!