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Invoice regulations

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Pablito
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Invoice regulations

Postby Pablito » Tue, 17 Nov 2009 1:39 pm

Sole Proprietor fulfilled part of his task and wants to have some money.
S.P. is a big specialist in his field, but he knows very little about Invoice demands.
Where to find regulations how to prepare Invoice, what kind of information should be there, and what - shouldn't.
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sundaymorningstaple
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Re: Invoice regulations

Postby sundaymorningstaple » Tue, 17 Nov 2009 2:00 pm

Pablito wrote:Sole Proprietor fulfilled part of his task and wants to have some money.
S.P. is a big specialist in his field, but he knows very little about Invoice demands.
Where to find regulations how to prepare Invoice, what kind of information should be there, and what - shouldn't.


I'm not sure how you make your money. Big in his field and claiming to know all about "Office" weapons? Just go to Excel and click new, on your computer, spreadsheet solutions, Sales Invoice. Eureka! A sales invoice template. Add your company information at the top. If you are GST registered add your GST registration number as well (as a SP I doubt you are earning over 1M/year in gross revenues - so you are not required to be GST registered). Fill out the Client's data and the details of the invoice and Bob's your uncle! :-|

No different here than in any other part of the world. Actually, even your accounting package usually has a template for invoices as well. I assume you have an accounting package? MYOB, Excel based? Peachtree?

You've entered the war zone, brought your WEAPONS and left all your ammunition in your home country? :o

sms
Last edited by sundaymorningstaple on Tue, 17 Nov 2009 2:10 pm, edited 1 time in total.

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Strong Eagle
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Re: Invoice regulations

Postby Strong Eagle » Tue, 17 Nov 2009 2:09 pm

sundaymorningstaple wrote:No different here than in any other part of the world.

sms


Except that you must have your business or company registration number on the invoice and if you are collecting GST it must be a 'Tax Invoice'.

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Postby sundaymorningstaple » Tue, 17 Nov 2009 2:17 pm

I believe, when you get your business license it tells you that ALL documents must contain your company registration number. I already mentioned the fact about GST registration but it would be doubtful that he would be GST registered as it's a brand new company. I was assuming he has registered his company........

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Pablito
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Postby Pablito » Wed, 18 Nov 2009 12:56 pm

Thank you for you answers.

Yes, I should know ABC of accounting before I rush into "battlefield" tinkling with my ammo.

Besides, I am no more "Office Weapon", I have more friendly name now.

Should I consider to register for GST? Where to put this question officially - to the Revenue House staff?
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Postby Strong Eagle » Wed, 18 Nov 2009 1:29 pm

Do not register for GST unless you expect a gross turnover of S$ 1 million in the next year. Then you are required to register.

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Postby sundaymorningstaple » Wed, 18 Nov 2009 1:48 pm

Start here for information on GST registration:

http://www.iras.gov.sg/irasHome/page01.aspx?id=2454

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Pablito
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Postby Pablito » Wed, 18 Nov 2009 4:15 pm

Oh no, I don't expect 1 000 000 $. Though sounds good.

My start-up capital is about zero, so my chances to compete with Google and Microsoft are not too high.
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Postby mrswkn » Tue, 24 Nov 2009 4:29 pm

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Postby sundaymorningstaple » Tue, 24 Nov 2009 6:23 pm

And boy is it bloatware!

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Postby freeman.vu » Sun, 14 Feb 2010 7:02 pm

I have other questions related to the invoice, please help me

1. My company is providing consultancy for a company oversea, how would they pay us when we invoice them? I mean usually do they transfer money to our company account? or by what other means like telegraph, western union, check or...?
2. If transfer money through company acc, in case the company acc is not yet ready (due to some delay in activation and so on), should we make an invoice and request them to transfer the money to another account (my personal acc) and then I put this money back to the company acc? Is this legally possible to do so?


thank you.




sundaymorningstaple wrote:And boy is it bloatware!

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Postby jpatokal » Mon, 15 Feb 2010 12:21 pm

freeman.vu wrote:1. My company is providing consultancy for a company oversea, how would they pay us when we invoice them? I mean usually do they transfer money to our company account? or by what other means like telegraph, western union, check or...?

Yes, international (= "telegraphic"*) transfer is the norm.

* I wonder why they still use this term in Singapore...

2. If transfer money through company acc, in case the company acc is not yet ready (due to some delay in activation and so on), should we make an invoice and request them to transfer the money to another account (my personal acc) and then I put this money back to the company acc? Is this legally possible to do so?

Sounds a bit hypothetical, as the company account should be ready the minute you open it, but yes, nothing "illegal" about you receiving money in your account and transferring it to the company account. It's only the opposite, having your company "lend" you money personally, that makes accountants have heart attacks.

One additional point for invoices in Singapore: you'll probably want to explicitly specify payment terms and the interest rate for late payments, or otherwise you'll have a hard time claiming any in court if the poop hits the air-conditioner.
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