You are required to retain records and be able to explain ALL sales transactions. The records of sales include:
(a) Cash register tapes
(b) Sales record book
(c) Receipts issued
(d) Invoices issued
(e) Books to record goods taken for private usage
(f) Credit notes for returned goods
(g) Documents relating to your imports and exports
(h) Sales listing for GST registered businesses (refer to paragraph 3.8)
Cash Register Tapes
A cash register, which has an internal tape, can be used to record all your cash sales. You must ensure that all cash sales are put through the cash register and the internal tape is retained as a source document. At the end of the day, you must record the total amount of receipts in a record book manually or electronically.
Sales Record Book
In the absence of a cash register, you should maintain a sales book to record your daily sales. Refer to the sample “Daily Gross Sales Record” at Appendices 1A and 1B.
If sales takings are used to pay for your purchases or operating expenses, you must properly record the sales takings used and include these in your net sales. Please note that gross sales takings are to be reported in your income tax returns as “turnover”. If your business is GST registered, the gross sales takings from “standard-rated supplies1” and/ or “zero-rated supplies” made are to be reported in your GST returns.
Receipts Issued
You are required to issue serially numbered receipts for all sales transactions and retain a duplicate for each receipt2. Even if you had been granted a waiver for issuing receipts, you must still issue receipts to customers if they so request.
Invoices Issued
If you do not issue receipts to capture your sales, sales invoices should be issued to record all your sales. You may design your own invoices and get them printed or you can buy pre-printed invoices from stationery suppliers.
If you issue a sales invoice, the sales invoice should contain the following information:
(a) Business name, address, telephone number and business registration number
(b) Invoice number
(c) Invoice date
(d) Customer’s name & address
(e) Description of goods, quantity and price
(f) Any cash discount offered
(g) Total price
If your business is registered for GST, you must issue tax invoices as required under the GST legislation instead of sales invoices. Please refer to the sample “Tax Invoice” at Appendix 2. Tax invoices must be issued even if you had been granted waiver for issuing receipts.
The tax invoice must include the following details in addition to those listed under paragraph 3.4.2:
(h) GST registration number
(i) The words “tax invoice” in a prominent place
(j) The type of supply, if you are making more than one type of supply to the same customer
Note:
1GST registered businesses are required to report their gross sales takings (exclusive of GST) in their GST returns.
2If gross receipts in the preceding year exceed $18,000 from the sale of goods or $12,000 from the performance of services.
(k) The total amount payable excluding GST, the rate of GST and the total GST chargeable shown separately
(l) The total amount payable, including GST
Books for Goods Taken for Private Usage
If you take stock from your business for your own private consumption, you should show this in your business records. The sales price of the stock taken for private use should be added to sales.
Credit Notes for Returned Goods
Goods which have been sold but later returned due to incorrect quantities, defects, damaged or incorrect invoicing etc need to be recorded because they reduce the corresponding sales figures. It is recommended that you supply your customer with a credit note, which can then form the basis of the adjustment to your sales records. Refer to the sample “credit note” at Appendices 3A and 3B.
Documents Relating to Imports and Exports
If your business involves importation and exportation of goods, you are required to maintain import and export permits, bill of lading/ air waybill/ IESGP permit, invoice, purchase order, packing list/ delivery note, insurance documents and evidence of payment. For more details, you may refer to GST e-Tax guide “A Guide on Exports”.
Sales Listing
For GST registered businesses, please retain a sales listing as shown in the table below.
| Invoice date | Invoice number | Name of customer | Description | Invoice amount excluding GST ($) | GST ($), if applicable | Destination of goods (for exports) |
The above listing should preferably be prepared in Microsoft Excel format.