The Credit Note Policy serves as a crucial document for businesses operating in Singapore, establishing standardized procedures for managing billing adjustments and refunds. This policy ensures compliance with Singapore's GST regulations, accounting standards, and IRAS requirements while maintaining internal controls over credit note issuance. It addresses key aspects such as authorization levels, documentation requirements, GST treatment, and record retention periods, providing clear guidance for staff involved in the credit note process.
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1. Purpose and Scope: Defines the objective of the policy and its application scope within the organization
2. Definitions: Key terms used throughout the policy including credit note, debit note, GST, and other relevant terminology
3. Credit Note Requirements: Conditions and circumstances under which credit notes must be issued, including GST requirements
4. Process and Procedures: Step-by-step process for issuing, approving, and managing credit notes
5. Documentation Requirements: Mandatory information and format requirements for credit notes as per Singapore regulations
6. Record Keeping: Requirements for maintaining credit note records in compliance with Singapore law
7. Compliance and Review: Procedures for ensuring compliance with relevant legislation and periodic policy review
1. Electronic Credit Notes: Specific procedures and requirements for digital credit notes when using electronic systems
2. Foreign Currency Transactions: Special provisions and conversion requirements for credit notes involving foreign currencies
3. Internal Controls: Additional control measures for high-value transactions and special circumstances
4. Dispute Resolution: Procedures for handling disputes related to credit notes
1. Credit Note Template: Standard format and template for credit notes including all mandatory fields
2. Approval Matrix: Authorization levels and approval requirements for different credit note values
3. GST Requirements Checklist: Comprehensive checklist ensuring compliance with GST regulations for credit notes
4. Record Retention Schedule: Detailed timeline for maintaining different types of credit note records
5. Regulatory Reference Guide: Summary of relevant Singapore legislation and IRAS requirements affecting credit notes
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Credit Note Policy
An internal policy document governing credit note issuance procedures under Singapore law and IRAS guidelines.
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