Before your company's financial year end (FYE), the priority is to get the accounting records complete and reconciled. That means collecting missing invoices and statements, checking receivables and payables, reconciling bank and payment accounts, recording payroll and CPF correctly, reviewing fixed assets and stock, and resolving unusual transactions while the information is still easy to retrieve.
The FYE closes the accounting period. It does not mean every ACRA and IRAS filing is due on that date. For example, Estimated Chargeable Income (ECI), where required, is due within three months after FYE. AGM and Annual Return deadlines follow later and depend on the company and its circumstances.
A clean year-end close makes the next steps much easier. Your accountant can prepare the management accounts and financial statements from reliable records, tax adjustments can be identified properly, and directors have better information to review before approving the accounts.
What should you prepare before FYE?
You do not need to wait until the last day of the financial year. Start by checking whether the records for the year are complete and whether the balances in your accounting system can be supported.
| Area | What to prepare or check | Why it matters |
|---|---|---|
| Bank and cash | Bank statements, corporate-card statements, payment-gateway reports and cash records | Balances should reconcile to the accounting records and unexplained differences should be cleared. |
| Sales and receivables | Sales invoices, credit notes, customer balances and amounts that may be doubtful or uncollectible | Revenue and outstanding receivables need to be recorded in the correct period. |
| Purchases and payables | Supplier invoices, bills, expense claims and unpaid supplier balances | Expenses and liabilities should not be omitted simply because an invoice was paid after FYE. |
| Payroll | Salary records, bonuses, director remuneration, CPF records and employee claims | Payroll costs and related liabilities need to agree with the company's records. |
| Fixed assets | Asset purchases, disposals, financing documents and the fixed-asset register | Your accountant needs this information for accounting depreciation and tax-capital-allowance review. |
| Inventory | Year-end stock count and records of obsolete, damaged or slow-moving items, where relevant | Closing inventory affects cost of sales and profit. |
| Loans and financing | Loan statements, hire-purchase schedules, shareholder/director loan movements and interest records | Principal, interest and year-end balances need to be classified and reconciled correctly. |
| Tax-sensitive items | Donations, private or non-business expenses, fines, foreign income, related-party transactions and other unusual items | Accounting treatment and tax treatment are not always the same. |
A practical year-end closing checklist
1. Collect the year's supporting documents
Make sure the accounting file has the documents behind the transactions recorded during the year. Depending on the business, this may include invoices, receipts, contracts, bank statements, card statements, CPF records, payroll reports, loan statements and payment-platform reports.
IRAS requires companies to keep proper business records and retain the relevant records for at least five years from the applicable Year of Assessment. See the IRAS record-keeping requirements.
2. Bring bookkeeping up to date
Enter transactions that are still missing and investigate entries sitting in suspense, uncategorised or clearing accounts. If you use Stripe, PayPal, Shopify or another payment platform, reconcile the gross sales, fees, refunds and actual bank settlements rather than recording only the net amount received.
The objective is not merely to make the bank balance match. The ledgers should reflect what actually happened during the financial year.
3. Reconcile key balances
At minimum, review bank accounts, corporate cards, payment gateways, trade receivables, trade payables, loans and amounts due to or from directors or shareholders. Differences should be investigated before the accounts are finalised.
If a customer balance is unlikely to be collected, or a supplier balance is disputed or no longer payable, flag it for your accountant instead of deleting it without an audit trail.
4. Check that income and expenses belong to the correct period
Year-end accounting is based on the relevant accounting framework, not simply the date money entered or left the bank. Some amounts may need to be accrued, deferred or recognised in a different period.
Common examples include work completed but not yet invoiced, supplier costs incurred before FYE but billed later, prepaid insurance or software subscriptions, and deposits that are not yet revenue.
5. Review assets, inventory and financing
Tell your accountant about assets bought, sold or scrapped during the year. If your business carries inventory, arrange the year-end stock count and identify damaged or obsolete items. For loans and hire-purchase arrangements, provide the year-end statements or repayment schedules so the outstanding balance and interest can be checked.
6. Identify unusual transactions before the accounts are finalised
Transactions involving directors, shareholders or related companies deserve a deliberate review. The same applies to large one-off purchases, grants, foreign income, disposals, donations and expenses that may have a private or non-business element.
Flagging these early gives your accountant time to determine the correct accounting and tax treatment instead of discovering them during tax preparation.
What happens after FYE?
Once the books are closed, the accounting work feeds into several separate compliance processes. These should not be treated as one filing with one deadline.
| Requirement | Current timing | What the year-end accounts are used for |
|---|---|---|
| ECI | Within 3 months after FYE, unless the company qualifies for the filing waiver or is specifically not required to file | Provides the basis for estimating taxable income for the relevant YA. |
| Financial statements | Prepared according to the company's applicable reporting and statutory requirements | Used for shareholder reporting and, where required, ACRA filing. |
| AGM | For a non-listed company, within 6 months after FYE when an AGM is required | Financial statements are presented to members. Private companies may be exempt or may dispense with the AGM where the statutory conditions are met. |
| Annual Return | For most non-listed companies, within 7 months after FYE | Updates ACRA's annual company record and includes financial-statement information where applicable. |
| Corporate Income Tax Return | 30 November each year | Reports the company's actual taxable income for the relevant YA through the applicable Form C-S, Form C-S (Lite) or Form C. |
For the broader statutory calendar, see our Singapore company annual compliance guide. If you only need the ECI rules, our ECI guide covers the filing deadline and waiver separately.
Do not treat five months after FYE as a universal deadline for preparing financial statements. The five-month rule is relevant to a private company's AGM exemption where financial statements are sent to members within five months after FYE. The company's actual reporting, AGM, audit and Annual Return position must be assessed separately.
Do all Singapore companies need audited financial statements?
No. Audit exemption and financial-statement preparation are different questions. Singapore-incorporated companies must prepare financial statements unless an applicable exemption, such as the dormant relevant company exemption, applies. A company that qualifies for audit exemption may still need to prepare financial statements.
If audit applies, year-end preparation should start early enough for the accounts and supporting schedules to be ready for the auditor. Do not wait for the AGM or Annual Return deadline before organising the accounting records.
When should you start preparing for year end?
If the bookkeeping is current, a review in the final month or two before FYE is usually enough to identify missing records and unusual items. If the books have not been maintained during the year, start earlier. Reconstructing twelve months of bank, sales, payroll and expense activity after FYE can delay every downstream task.
The most useful habit is simple: keep the books current throughout the year, then use the FYE as a controlled closing exercise rather than an annual clean-up project.
Need help closing the year properly?
We can help bring the accounts up to date, prepare the year-end financial statements and coordinate the related ACRA and IRAS compliance work. If your FYE is approaching and you are unsure whether the books are ready, see our accounting and compliance service or contact us. We will be happy to review where the records stand and what still needs to be completed.
