Clients with Bookkeeping Template

ContactOne – Policies and Guidelines for Clients with Financial Statements Compilation and/or Tax Preparation Services

Please find below guidelines and policies for any services involving Compilation of Financial Statements and/or Tax Filing (without bookkeeping services)

Kindly take time to review the illustrated guidelines and policies to ensure that our services to you can be carried out smoothly, efficiently and without dispute.

This set of policies and guidelines shall be deemed as read upon successful delivery to the contact email provided by our client. Contact Email may be an email specified by the Client or the email that the Client has used to secure the FS & Tax Services.


Compilation of Financial Statements and Tax Filing Service (“FS & Tax”) is achievable only if:

GENERAL GUIDE: THE BOOKKEEPER, that is, the person maintaining and recording the transactions must be adequately proficient in preparing the data records for your Company. Please do not attempt to record your transactions if you are unsure of how to go about doing it in the correct manner. In any cases, you may wish to consider our Full Bookkeeping Services to ensure that your Accounts are not Compromised and therefore have a peace of mind over your accounting and compliance obligations.


For Clients adopting Excel Bookkeeping Template provided by ContactOne

1. You are aware that the provided template is not an accounting software.

2. You are aware that the template is only applicable for use if your company only has very simple company transactions.

3. You are aware that the template is only suitable for companies with cash based or “Cash on Delivery” transactions.

4. You are aware that you will need to ensure that all transactions in your bank statements during the relevant financial periods need to be recorded in this template.

5. You are aware that you will need to be fairly proficient in providing the correct accounting classification corresponding to the transactions recorded.

6. You are aware that the template provided does not support company with the following types of activities:

A) Transactions involving 2 or more currencies / 2 or more banks with different currency balances

B) You have trade and/or non-trade Receivables and/or Payables at year end.

C) You have inventories at year end

D) You are GST-Registered at any point in time.

E) You have unique expenses uncommon in other industries or project based/ completion based revenue recognition policies.

F) You are an investment holding company (ie companies owning properties)

G) You have a bank loan or Hire Purchase arrangement

7. Due to the several limitations of the template, you should plan in advance prior to using the template as your recording tool. If you are aware that you will meet any of the activities listed in (6), please do not take up this option as it will involve higher costs and more time to be taken to re-enter your figures into an accounting system or secure an outsource bookkeeper to maintain your records.

8. The client is aware that ContactOne can reject grossly inaccurate / incomplete / irreconcilable errors and request for a revised copy, which may lead to a delay in your filing obligations.


Additional Documents To Be Submitted in Specific Cases

In some instances, additional supporting documents may be requested by ContactOne to ensure your figures are fully supported. The documents may be called up by IRAS for review if requested documents are labelled “for Tax Purposes” below. Please note that in the event that you are unable to furnish the requested documents to ContactOne, your timeline towards meeting your filing obligations as well as your eligibility for tax grants (e.g. PIC claims, Renovation claims) may be compromised.

1. For Companies purchasing Properties – Full Set of Developer issued invoices, Bank Loan Agreement, S&P Agreement, Option to Purchase Documents and Interest/Principal Repayment Statements from Bank

2. Loan Agreements or Hire Purchase Agreements if any.

3. Renovation and Refurbishment Invoices (For Tax Purposes).

3. Invoices relating to Purchase of Motor Vehicles (For Tax Purposes)

4. Invoices relating to Purchase of PIC Qualifying Assets/Expenses (For Tax Purposes)

5. Monthly Bank statements for Financial Period covered (When Requested)

6. PIC Cash Payout Claim Form (Please provide even if not requested if you have submitted one during the year as we will not be able to detect if you have submitted any claim forms)

7. For First Time Clients with prior years completed by a former service providers or was previously self-managed, please furnish your prior year financial statements, general ledger, tax computation and supported schedules, fixed asset listings and IRAS correspondences for our takeover process.

8. If you are a GST Registered Company, please ensure your Turnover reconcile to your GST Filing figures. Please provide us with your GST Returns for the financial period covered.



Please provide your completed records and send us an email within the first month immediately after your financial year end date to ensure that your ECI* filing due date is not compromised as we will require time to review your transactions, draft your accounts and complete your tax computation.

If you submit your information to us within the second month immediately after your financial year end, we may be able to file your ECI based on an estimated figure, depending on the completeness and accuracy of the furnished information.

In the event that you are only able to provide us with your records at a later date, please note that we will not be able to file for your ECI.

*You must file for ECI if your turnover exceeds $1M

*You must file for ECI if your turnover does not exceed $1M but has chargeable income (Chargeable Income = Net Profit / Loss adjusted for Tax adjustment items (Non-deductibles, Donations, Section 14Q, Capital Allowances, Business Losses)

*You need not file ECI if your turnover is less than S$1M and has no chargeable income



On completion of your Financial Statements, usually accompanied with your company tax computation and relevant tax schedules, we will require the Director(s) to sign off on the following documents:

1. Financial Statements (minimum 2 x copies) [Requires signing on 2 pages per Report]

2. Tax Computation Report (To confirm your acceptance and agreement to the tax computation report)

3. Tax Filing Authorization Letter (To confirm and authorize ContactOne to proceed with the tax filing via e-filing anytime during the corporate tax e-filing window (usually in the period from May – Dec of every year)



1. You are not sure why your balance sheet does not “balance”

2. You are having trouble trying to understand expense classifications.

3. You are having trouble trying to differentiate between Cost of Sale and operating expenses.

4. You are having trouble appreciating the relationship between your invoices and receipts, your cash balance and your accounting reports.

5. You are having trouble recording loan instalments (Instalment = principal repayment + interest)

6. You are not having sufficient time to record your transactions for the last 2 months.

7. You are having trouble understanding how to use an accounting software.

8. You are 6 months into your business but you have yet to do any data entry.



Thank you for choosing ContactOne and we look forward to assisting you in the best possible way.