Accounts receivables ageing report

When preparing the monthly financial statements, other than the regular monthly Profit & Loss and Balance Sheet statements, one other report that is vital to the business owner is the Accounts Receivables report. This report tells you about the status of the outstanding debts that your customers have not paid for the goods and services that you have already rendered to them.

It is important to monitor the amount and the period of each outstanding customer’s account. This is because some customers may not be paying you in time or in sufficient amounts that can justify you to continue supplying goods or rendering services to them. If you are not careful, before long, your business resources may run low and you may also potentially face the very dangerous situation of having difficulty paying off the creditors.

Therefore, you need to make sure that your customers are paying you on time or if not, in sufficient amounts so you can avoid the debt from becoming bad. So it is good practice for you to generate and review regularly your business’ Accounts Receivable report.

For more details or enquiries, consult with a professional accounting agency in Singapore


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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