Business Records That Companies Must Keep

Companies are required to keep proper records and accounts of business transactions. Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business.

 

Companies are required to keep proper records and accounts of business transactions. Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business.

Duration for Records and Accounts Keeping

For accounting records and supporting documents relating to Year of Assessment (YA) 2008 and subsequent YAs, your company must retain the records for a period of five years from the relevant YA. Failure to do so may result in:

  • Expenses claimed being disallowed; or/and
  • Penalties

 

Examples:

Companies with December financial year end

YA

Records for period

To keep up to

2013

1 Jan 2012 to 31 Dec 2012

31 Dec 2017

2017 1 Jan 2016 to 31 Dec 201631 Dec 2021

Companies with non-December financial year end, e.g. Jun, Sep

YA

Records for period

To keep up to

2013

1 Oct 2011 to 30 Sep 2012

31 Dec 2017

20171 Oct 2015 to 30 Sep 201631 Dec 2021

 

Guides on Record Keeping

GST-registered Businesses 

For companies that are GST-registered, please refer to the Guide "Record Keeping Guide for GST-registered Businesses (278KB)" for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems.

Non-GST-registered Businesses 

For companies that are not GST-registered, please refer to the Guide "Record Keeping Guide for Non GST-registered Businesses (334KB)" for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems.

Please refer to the “Record Keeping Checklist”, which provides a summary of the different types of records required.

Record Keeping Self-Assessment Toolkit


IRAS has created a self-assessment tool kit to help businesses perform a self-review of their existing record keeping standards and to better understand the possible areas for improvement.

For non-GST registered businesses, please download the toolkit

For GST-registered businesses, please download the toolkit.

 

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