A first supplier account for a new company should identify the company as the intended customer, rather than automatically continue the founder’s personal customer number. Check the application particulars, purchase authority and invoice details before the first order. A familiar relationship with the supplier does not, by itself, establish which entity is buying.
Prepare the company particulars
Use the accepted company name, UEN and approved business contact details. Ask the supplier which information it needs for the account. Keep personal identifiers and bank information within an authorised secure process; do not attach a full incorporation pack to a general mailing list merely because some details are requested.
Identify the person authorised to place orders and the person who approves spending. A supplier account form may also contain credit terms, guarantees or other commitments. Directors should understand and approve those terms through the appropriate process before anyone signs.
Separate the customer numbers
If the founder has an existing personal account, ask the supplier how the company account will be distinguished. Record the new reference and its start date. Do not rename the personal account in a way that makes historical private purchases appear to have been made by the company.
Example: the first invoice uses the founder’s name
The company orders office supplies, but the supplier issues the invoice under the founder’s old personal customer number. Ask for the appropriate correction and retain the correspondence. Give the bookkeeper the original and corrected documents so that the same purchase is not recorded twice.
Establish the document route
Agree where orders, delivery notes, invoices and statements will be sent. Use a company-controlled contact where appropriate and name the person responsible for passing records to finance. Confirm the invoice customer independently from the person who happens to pay.
Review the first transaction
Before the account becomes routine, compare the approved particulars, first order, supplier invoice and payment evidence. Resolve inconsistencies early. IRAS recordkeeping guidance requires records that explain transactions; a clear company account reference makes that task easier without confusing the founder’s earlier personal dealings with the company’s purchases.
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 corporate secretarial and company administration 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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