GST Tracking for SMEs: A Simple Weekly Checklist

For many Singapore SMEs, GST compliance becomes stressful only because it’s handled reactively — at filing time. But with a simple, consistent weekly GST checklist, staying compliant and audit-ready can be effortless. By keeping tabs on GST-eligible transactions regularly, you prevent last-minute scrambles, missed claims, and discrepancies in your quarterly submission.

Here’s a practical guide to running a 15-minute weekly GST review, made even simpler with ccMonet’s automated tracking and reconciliation tools.

1. Confirm That Every Invoice Has the Right GST Treatment

Every week, make sure all invoices issued and received are correctly tagged:

• ✅ Output tax (collected): GST charged on customer invoices.
• ✅ Input tax (claimed): GST paid on supplier bills or expenses.
• ⚠️ Exempt/zero-rated supplies: Identify invoices that should not include GST.

With ccMonet, this step is automatic — uploaded bills and invoices are AI-scanned and correctly classified, ensuring GST status accuracy from day one.

2. Match GST on Invoices and Payments

GST only counts when money actually changes hands. Check that:

• Customer payments match their corresponding GST invoices.
• Supplier payments align with GST amounts on bills.
• Partial payments are prorated correctly for GST reporting.

ccMonet’s AI Bank Reconciliation does this automatically, linking every invoice or bill to the exact bank transaction — even when the payment is partial or split.

3. Track Input vs. Output GST Balance

Each week, review your running totals:

• Output GST (collected) → what you owe IRAS.
• Input GST (paid) → what you can claim back.
• Net GST position → whether you’re due a refund or a payment.

AI Insights in ccMonet keeps a real-time summary of both sides, ensuring you always know your current standing before filing.

4. Watch Out for Common GST Mistakes

Avoid these common pitfalls early:

• Recording supplier invoices without GST numbers.
• Claiming input tax on non-business or non-allowable expenses.
• Forgetting to post credit notes or refunds that change GST amounts.
• Failing to update GST when exchange rates change for overseas transactions.

ccMonet flags these automatically during entry and review, saving you from last-minute corrections.

5. Check Filing Readiness Weekly

Even if your GST filing is quarterly, prepare weekly so you never fall behind:

• Ensure all invoices are uploaded and categorised.
• Verify that each GST amount ties to a valid document.
• Note any transactions needing follow-up (missing bills, pending payments).

By the end of the quarter, your records are already complete — submission becomes a simple click, not a cleanup project.

6. Keep Your Audit Trail Intact

Auditors and IRAS reviewers love traceability. With ccMonet, every GST record links directly to its source document — invoice, receipt, or bill — making retrieval instant and error-free. You’ll never have to dig through folders or emails again.

Build GST Confidence, Week by Week

Staying GST-compliant doesn’t require complex tools — just the right rhythm.
With ccMonet, your invoices, bills, and bank data stay synced automatically, giving you a complete and accurate GST view anytime you check.

Simplify your GST routine. Stay ready all year.
Visit ccMonet to see how AI keeps Singapore SMEs audit-proof and stress-free.

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