{"id":1511,"date":"2024-01-18T08:31:26","date_gmt":"2024-01-18T08:31:26","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/?post_type=faq&p=1511"},"modified":"2024-01-22T10:57:49","modified_gmt":"2024-01-22T10:57:49","slug":"accounting","status":"publish","type":"faq","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/faq\/accounting\/","title":{"rendered":"Accounting"},"content":{"rendered":"\t\t
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Accounting<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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How often do I need to maintain my books?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

It is a best practice to account for the operations of the business on a monthly basis. However, it is our view that frequency of accounting work performed should justify the volume of transactions specific to the company to ensure cost efficiency.<\/p>

If you are a GST registered trader, you should update your accounting records at least once every 3 months to ensure that your quarterly GST submission is true and accurate.<\/p>

You should account for the results of your business operations every year to ensure information submitted to ACRA<\/a> <\/strong>and IRAS<\/a> <\/strong>are true and accurate for the financial period submitted.<\/p><\/div>\n\t\t\t\t\t<\/div>

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What are the financial reports required for submission every year?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

If you are running a private limited company, you will be required to submit a set of audited financial statements to ACRA for annual return filing and IRAS for tax filing.<\/p>

If you are running an exempt private limited company, you will be required to submit a declaration of solvency to ACRA if your company is solvent. If your company is insolvent, you will need to submit a set of unaudited financial statements to ACRA. In both cases, you will need to submit a set of unaudited financial statements to IRAS for tax filing.<\/p>

If you are in a partnership, there is no requirement to prepare a full set of financial statements. However, if your business turnover is more than S$500,000, you will need to prepare a certified statement of accounts to IRAS for tax filing.<\/p>

If you are a sole proprietor with business turnover of more than S$500,000, you will need to prepare a certified statement of accounts to IRAS for tax filing.<\/p>

You may wish to consider the accounting services<\/a><\/strong> offered by ContactOne to assist you in the preparation of financial documents.<\/p><\/div>\n\t\t\t\t\t<\/div>

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What is XBRL and how does it concern me?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

XBRL stands for extensible business reporting language. XBRL filing is mandatory for all companies with some exceptions including:<\/p>