Company card personal items should be identified separately before the statement is posted as business expenditure. Obtain the receipts, identify the purchaser and record the accountant’s approved treatment of any private amount. The fact that the company paid the card bill does not make every line a business expense or a deductible cost.
Match each statement line
Collect the supplier document and explanation for each transaction. Use the statement reference and receipt number to avoid attaching one receipt to several lines. Mark missing support as an exception rather than assigning a convenient expense code.
For mixed purchases, preserve the complete original receipt and identify the business and private components in a separate schedule. Cropping out an inconvenient item can remove context the reviewer needs.
Keep approval and recovery distinct
Ask the authorised reviewer to assess which amounts the company should bear. Where someone owes the company a private amount, let the accountant determine the appropriate account and documentation. Do not call every private charge salary, a dividend or a director’s loan without reviewing the facts and any required approvals.
Example: office supplies and a private purchase
The company card statement shows S$250, comprising S$180 of supported office supplies and S$70 of private goods. The schedule should keep those components identifiable. If the person later repays S$70, match the repayment to the private balance rather than recording it as another sale.
Check taxes separately
IRAS business-expense guidance distinguishes business costs from private expenditure and other disallowed items. GST input tax has separate requirements. An approved reimbursement or a GST amount on a receipt does not settle either tax question automatically.
Close with a reconciled statement
Check that the statement is recorded once, the card payment clears the appropriate balance and any private recovery remains traceable. Retain receipts, approvals, exceptions and repayment evidence together. Review repeated private spending through the company’s internal card policy without changing signed records or inventing a tax treatment merely to clear the ledger.
Related practical guidance
For the surrounding records and responsibilities, see bookkeeping basics, company records to keep, bookkeeping and accounting.
Official guidance: IRAS official guidance.
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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