Is your MCST software listed in the IRAS Accounting software Register

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Some MCST are GST registered as their total annual collection exceeds SGD1,000,000 .

As such, your bill to each owner of the MF and SF must include the component of GST output tax at the prevailing rate.

All local purchases with local vendors that are also gst registered will also be recorded with the GST input tax.

As of 20/5/2020, Realtimme Cloud is the first company in the list of  57 companies, to satisfy the 5 recommended features requested by IRAS- GST department and
was awarded 5 ticks to the recommendation

To find out the IRAS accounting software listing, click here

Realtimme Cloud Accounting is listed in the Accounting software register (ASR) as Realtimme Cloud Solutions version 3.00

Click here to find out more of how we help our MCST clients to be GST compliance

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email   : choohp@realtimme.net
Updated as at 13/8/2020

 

Difference between a trading account and MCST account

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A lot of software are designed for trading or service businesses but not for property management (MCST)  account.

If your software is not designed for a MCST business, chances are your accountant, is trying to put a square peg into a round hole, he/she will have to spend a lot of time to adjust the figures in the spreadsheet for each set of MCST accounts every month.

To prepare a set of financial report for a trading company and a MCST have got its differences .

  1. Trading business has Profit and Loss statement but MCST has Income and Expenditure Statement.
    Trading has revenue sources from providing services & sales of product but MCST has fixed monthly management fee and sinking fund
    Though the mechanics are the same, income less expenses, the details are of some difference.
  2. Trading business can have customers increasing or decreasing but in MCST (strata roll) the number of units (or SP ) are fixed in each block within each MCST
  3. Billing in trading is subject to the product or services required and prices fluctuate, but MCST billing of management fund and sinking fund is fixed based on the share value (floor space)
  4. Trading business has retained earnings in their balance sheet but MCST has management fee b/f and sinking fund b/f
    Or MCST has 2 “Retained Earnings” in this aspect.
  5. Profit and Loss in trading is strictly Revenue less expenses with the net amount be brought to the balance sheet to be added up to the retained earning.
    However, for MCST, you have normal expenses to less off from the management fee and a special expenses that is related to the sinking funds to be less off from the sinking fund, resulting in 2 balances to be carried forward to the Balance Sheet (Click the link here)
  6. Generate monthly late payment interest calculation charged to each SP account for all outstanding amount owing
  7. Budget vs Actual Income & Expenditure report (Monthly and Yearly comparison). View Report
  8. Letter of demand and final reminder for delinquent SP that stated clearly Section 40(9) of the Building Maintenance and Strata Management (Amendment) Act 2017

To increase productivity and make your team more effective, it is only natural that a proper tool be chosen to carry out a job.

The time your staff can do one project in other software, your competitor who is using Realtimme Cloud can handle 5 projects using the same effort and time.

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email   : choohp@realtimme.net
As at 13/8/2020