Account payable ageing report

The Account Payable Ageing report provides a quick snapshot of the amount that your business owes to other companies for the supplies of goods and services received. The report should reflect a relatively current amount if the business has been paying its creditors promptly. This means the business is in a healthy cash flow situation and has no problem paying what it owes.


Otherwise, old amounts such as 90 days overdue that show up in the report may indicate disputes with creditors or the inability to pay due to cash flow issues.


This report will come in handy when you want to control your business cash flow. Sometimes you may want to take advantage of the trade credit so you can deploy your cash to seize on business opportunities that may come your way. By being aware of the situation, you can take the necessary steps to expand your business successfully. For any queries, you can also engage a bookkeeper in Singapore who can help you to create appropriate financial reports.

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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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