IRAS Approved Accounting Software
What Accounting Software is considered an Approved IRAS Accounting Software? In order to be registered as a qualifying IRAS Accounting Software, these general conditions must be met:
- The Accounting Software should provide a reporting facility for the generation of information necessary to prepare income tax and GST returns;
- It is accompanied by comprehensive documentation to assist auditors and users to understand how the software operates;
- It incorporates adequate internal controls to ensure reliability of the data being processed;
- It creates adequate audit trails to assist auditors in the understanding of the flow of events and reconstructing of the events;
- It has put in place archival as well as restoration of archived data mechanisms which ensure the integrity and readability of electronic records after an extended period;
- It captures key data elements necessary for the generation of an IRAS Audit File. IRAS Audit File is designed by IRAS with certain format and content, taking into consideration the accounting information commonly requested from businesses during an audit; and
- It allows automatic production of an IRAS Audit File by a user with no assistance required from the software developer or other IT specialist.
Online Accounting Software Registered with IRAS
Of all the Cloud Online Accounting Software featured in our website, Quickbooks Online is the only one that is registered with IRAS as at 31 December 2017. Xero Accounting Software (Cloud Version) has not registered with IRAS as at 31 December 2017.
Issuing of Invoices
For sales invoices, you can select one of the templates offered by Quickbooks Online Accounting Software. The Colour and Logo of the company can be customized. You can also add notes and footer to the invoices. Quickbooks allows more customization for invoices than Wave Accounting Software. For example, you can select the template which is “Window Envelope Compatible” or show “Billable Hours and Rate” of employee in relation to the invoice.
Recurring invoices can be easily duplicated from the original invoice and scheduling of recurring invoices can be easily performed. Mobile apps allow you to send your fee estimates and invoices directly from your mobile devices.