An unidentified bank receipt should remain identifiable while the finance team investigates its source. Keep the bank reference, compare likely remittances and assign an owner. Guessing a customer because the amount looks familiar can make one account appear settled while leaving the actual payer’s account unresolved.
Capture the complete bank reference
Record the receiving account, date, amount, currency and available payer narrative. Use a transaction identifier rather than an amount alone. Check whether the entry is a new receipt, a reversal, interest, a transfer or an imported duplicate. Each possibility needs different supporting evidence.
Keep the working log in an approved finance folder. Share only the information necessary to investigate. A bank screenshot may contain unrelated transactions, so avoid circulating an entire statement to sales staff merely to ask whether they recognise one payment.
Compare evidence systematically
Search open invoices, recent remittance advice and expected deposits. Ask the commercial owner to contact likely customers through known channels. The match should explain the payer, amount and purpose. A common round amount such as S$5,000 is weak evidence by itself.
Check whether another company in the same group made the payment. If so, obtain a clear explanation of which entity’s liability it settles. Do not use a group name as a substitute for identifying the legal customer and the intended invoice.
Example: two possible customers
Two customers each owe S$2,400 and the bank narrative is truncated. Allocating the receipt to the oldest invoice may produce a neat aged-debt report but does not establish the payer. Keep both invoices open pending evidence and ask the accountant about the temporary entry needed to reconcile the bank.
Keep the unresolved amount reviewable
Record enquiries made, replies received and the next action date. A temporary suspense treatment should have a named reviewer and should not become a permanent dumping ground. Do not recognise the money as revenue merely because an internal follow-up date has passed.
Close the investigation with support
When the evidence establishes the source, link the receipt to the correct transaction and retain the explanation. Check the customer statement or related account after allocation. The record should allow a colleague to reproduce the decision later, consistent with IRAS’s requirement for records that explain business transactions.
Related practical guidance
For the surrounding work, see bookkeeping basics, bookkeeping and accounting, company records to keep.
Official guidance: IRAS company recordkeeping requirements.
Help with your company records
For accounting, bookkeeping and related compliance support, contact Raffles Corporate Services at [email protected] or WhatsApp +65 8501 7133. Tell us which records or process need attention so we can discuss the relevant next steps.
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