{"id":106478,"date":"2023-12-27T08:47:24","date_gmt":"2023-12-27T00:47:24","guid":{"rendered":"https:\/\/premiatnc.com\/sg\/?p=106478"},"modified":"2024-09-16T15:24:02","modified_gmt":"2024-09-16T07:24:02","slug":"how-long-to-keep-accounting-records-in-singapore","status":"publish","type":"post","link":"https:\/\/premiatnc.com\/sg\/blog\/how-long-to-keep-accounting-records-in-singapore\/","title":{"rendered":"Keeping Accounting Records in Singapore: What You Need to Know"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"597\" src=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/How-Long-To-Keep-Accounting-Records-In-Singapore-1024x597.jpg\" alt=\"How Long To Keep Accounting Records In Singapore\" class=\"wp-image-107022\" srcset=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/How-Long-To-Keep-Accounting-Records-In-Singapore-1024x597.jpg 1024w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/How-Long-To-Keep-Accounting-Records-In-Singapore-300x175.jpg 300w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/How-Long-To-Keep-Accounting-Records-In-Singapore-768x448.jpg 768w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/How-Long-To-Keep-Accounting-Records-In-Singapore.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/api.whatsapp.com\/send\/?phone=85256281754&amp;text&amp;app_absent=0\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"148\" src=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1024x148.png\" alt=\"\" class=\"wp-image-103420\" srcset=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1024x148.png 1024w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-300x43.png 300w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-768x111.png 768w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1536x222.png 1536w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Is the company having doubts about how long to keep accounting records in Singapore? Then, this article will clarify particular qualms of Singapore firms. We all know that, anywhere in the world, accounting records exist as primary sources of data and proof used in preparing, verifying, and auditing financial statements.&nbsp;<\/p>\n\n\n\n<p>They also include papers that prove ownership of assets for liability creation and proof of all transactions. Thus,&nbsp;good business records are crucial, from handling costs for tax, legal, or regulatory reasons to merely managing and growing a business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-singapore-companies-act\" style=\"font-size:25px\">Why Keep Accounting Records?<\/h2>\n\n\n\n<p>All firms are aware that knowing how long to keep accounting records in Singapore is the basis for the accounting foundation. In Singapore, firms must&nbsp;keep records and books of business transactions&nbsp;properly. The main reasons for this requirement are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To describe the financial position and transactions of the firm; and,&nbsp;<\/li>\n\n\n\n<li>To make possible the preparation of&nbsp;<a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">fair and trustworthy company financial reports<\/a>.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Other benefits of doing proper keeping of accounting records are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To facilitate the good handling of company finances, aside from allowing the management team to always stay abreast of the financial status of the business;<\/li>\n\n\n\n<li>To safeguard that the firm obeys its tax burdens; and,<\/li>\n\n\n\n<li>To ward off embezzlement or double-dealing.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"#footer-form\" style=\"background-color:#f04e23\">Book Your Free Accounting Advisory Now!<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-conducting-company-meetings\" style=\"font-size:25px\">What Records Must Companies Keep?<\/h2>\n\n\n\n<p>Before diving into how long to keep accounting records in Singapore, you must first know what records your company is expected to keep. The IRAS or Inland Revenue Authority of Singapore requires companies to maintain proper accounts and records of business dealings, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Accounting books, schedules, and registers that specify expenses, receipts, payables, resources, gains, and losses of a business;<\/li>\n\n\n\n<li>Any other proof of transactions on paper concerning the business; and,<\/li>\n\n\n\n<li>Source documents logging all company dealings, like bank statements, receipts, bills, vouchers, and other allied documents given to and taken from customers.<\/li>\n<\/ul>\n\n\n\n<p>Irrespective of the business being&nbsp;GST-registered&nbsp;or otherwise, records are kept as a rule. Note that a GST-registered firm is&nbsp;<a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">mandated to keep tax invoices<\/a>&nbsp;released for income reasons and forms of business goods disposal. In contrast, maintaining these records remains optional for non-GST listed companies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">Required Period to Keep Records<\/h2>\n\n\n\n<p>Before the accounting period end of January 1, 2007, the bare minimum period for how long to keep accounting records in Singapore is seven years. Starting January 1, 2007, however, all firms in Singapore can keep their accounting records for&nbsp;<a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">a minimum of five years<\/a>.<\/p>\n\n\n\n<p>For example, if the company\u2019s financial year ends on December 31, its 2021 accounting records are kept until December 31, 2026. Note that the Assessment year for the 2021 financial year is 2022. If the company\u2019s financial year ends other than December 31, the same prescribed period for record-keeping applies.<\/p>\n\n\n\n<p>For struck-off companies, meaning dissolved, the company officer must immediately before dissolution ensure that the papers and books of the business are kept for five years or more after the company\u2019s dissolution date. The same rule applies to companies being wound up. In this case, the company liquidator is responsible for maintaining the required prescribed period for&nbsp;record keeping of the business.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"#footer-form\" style=\"background-color:#f04e23\">Get Started Without Hidden Expenses!<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">Impact of Non-Compliance<\/h2>\n\n\n\n<p>Company records are poorly kept when the&nbsp;mandatory accounting records&nbsp;are neglected or destroyed, not maintained for five years or more, or stored improperly or out of place. If accounting books and records are improperly kept, the business and its relevant officer can pay a fine not exceeding SGD 5,000 or imprisonment for up to 6 months.<\/p>\n\n\n\n<p>On top of that, there, too, is a&nbsp;Companies Act&nbsp;default fine that requires settlement. Overall, improper record-keeping constitutes an income tax wrongdoing that brings about the IRAS to disallow the company\u2019s capital allowances and expense claims.<\/p>\n\n\n\n<p>Persons found responsible for the incorrect keeping of records related to income tax may likewise be fined SGD 1,000 or less, if not jailed for half a year or less for nonpayment as stated in the Income Tax Act.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">Where and How Long to Keep Accounting Records in Singapore<\/h2>\n\n\n\n<p>If you\u2019re wondering how long to keep accounting records in Singapore, companies are mandated to keep their records for five years or more from the financial year\u2019s end, where the relevant transactions took place. Thus, this means keeping them at the registered business office or anywhere the company directors think is appropriate.&nbsp;<\/p>\n\n\n\n<p>The important point, though, is that these records are always open for review by the Board of Directors. Therefore, the more essential papers must be stored in a fireproof file cabinet, safe-deposit box, or vault. Tight spaces, therefore, must be decluttered.<\/p>\n\n\n\n<p>Another option is for management to consider&nbsp;electronic storage&nbsp;for some financial records. After all, business documents online or scanned are convertible to an electronic form. So, technically speaking, any of the two techniques can be used, even simultaneously.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Physical storing<\/strong><\/h3>\n\n\n\n<p>Also called the paper method, this is perfect for companies loyal to&nbsp;customary accounting.&nbsp;In this case, it is highly suggested that photocopies of records are also kept as a reserve. However, note that this technique requires considerable storage space, installation of security measures, and a lot of record organization. On top of that, paper records are more prone to incidents like coffee spills and loss of documents.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Electronic storing<\/strong><\/h3>\n\n\n\n<p>In this digital age, the well-organized storing method is digital storage or&nbsp;software. Still, security arrangements are required to ensure that records are stored safely to prevent tampering. This system frees the company from maintaining physical source paper copies that confirm business transactions at tax seasons.&nbsp;<\/p>\n\n\n\n<p>Electronic records have various forms, with scanned receipts and invoices as the most common forms. Scanning invoices, payables, and other accounting records save plenty of hours, paper, and storage space. It also reduces clutter in the office while facilitating almost instantaneous processing of financial data.<\/p>\n<\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/premiatnc.channel.io\/home?utm_source=seo&amp;utm_medium=channel.io&amp;utm_campaign=premiatnc\" style=\"background-color:#f04e23\" target=\"_blank\" rel=\"noreferrer noopener\">Your Hassle-Free Accounting Solution!<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions\" style=\"font-size:25px\">Conclusion<\/h2>\n\n\n\n<p>So, it is now clear that practicing good keeping of accounting records is&nbsp;<a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">beneficial for business operations and compliance with Singapore\u2019s legal requirements.<\/a>&nbsp;For those considering engaging professional support on record-keeping in Singapore, check out Premia TNC.&nbsp;<\/p>\n\n\n\n<p>It is a company secretarial and accounting firm in Singapore that provides services to free business owners from mundane and dull work at a reasonable cost. With&nbsp;Premia TNC,&nbsp;companies will stop worrying over how long to keep accounting records in Singapore!<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/api.whatsapp.com\/send\/?phone=85256281754&amp;text&amp;app_absent=0\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"148\" src=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1024x148.png\" alt=\"\" class=\"wp-image-103420\" srcset=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1024x148.png 1024w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-300x43.png 300w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-768x111.png 768w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1536x222.png 1536w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\"><\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>Is the company having doubts about how long to keep accounting records in Singapore? Then, this article will clarify particular qualms of Singapore firms. We all know that, anywhere in the world, accounting records exist as primary sources of data and proof used in preparing, verifying, and auditing financial statements.\u00a0<\/p>\n","protected":false},"author":2,"featured_media":107022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[122,94],"tags":[],"class_list":["post-106478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-blog"],"featured_image_src":"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/How-Long-To-Keep-Accounting-Records-In-Singapore.jpg","author_info":{"display_name":"premiatnc","author_link":"https:\/\/premiatnc.com\/sg\/author\/premiatnc\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Long To Keep Accounting Records In Singapore | Easy Guide<\/title>\n<meta name=\"description\" content=\"How long to keep accounting records in Singapore? Good records are fundamental in managing and growing a business, as well as in handling costs for tax or legal purposes. Appoint Us as Your Accounting Agent Today!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/premiatnc.com\/sg\/blog\/how-long-to-keep-accounting-records-in-singapore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Long To Keep Accounting Records In Singapore | Easy Guide\" \/>\n<meta property=\"og:description\" content=\"How long to keep accounting records in Singapore? Good records are fundamental in managing and growing a business, as well as in handling costs for tax or legal purposes. 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