Acknowledgement Of Receipt Of Payment

Acknowledgement Of Receipt Of Payment Template for Singapore

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Key Requirements PROMPT example:

"I need an Acknowledgement Of Receipt Of Payment for a commercial property rental deposit of SGD 50,000 received on January 15, 2025, which needs to specify that this is the first installment of a three-part payment schedule."

Document background

An Acknowledgement Of Receipt Of Payment is a crucial business document used in Singapore to formally confirm the receipt of funds between parties. This document is essential for maintaining accurate financial records, preventing payment disputes, and complying with Singapore's financial regulations and tax requirements. It should be issued promptly upon receipt of payment and must include specific details such as payment amount, date, method, and purpose. The document serves as legal evidence under Singapore law and is particularly important for audit trails and financial documentation.

Suggested Sections

1. Date: Date of acknowledgement issuance

2. Parties' Information: Full names and addresses of payer and payee

3. Payment Details: Amount received, currency, payment method, and date of receipt

4. Purpose Statement: Clear statement acknowledging receipt of payment

5. Reference Information: Invoice numbers, purchase order numbers, or contract references

Optional Sections

1. Payment Terms: Used when acknowledging partial payments or installments

2. GST Statement: Include when payment includes GST components

3. Settlement Statement: Used when payment represents full and final settlement

Suggested Schedules

1. Copy of Payment Instrument: Copies of checks, bank transfer confirmations, or other payment proof

2. Original Invoice: Copy of the invoice being paid

3. Payment Schedule: If payment is part of a series of scheduled payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services
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Relevant Teams

Finance
Accounting
Treasury
Legal
Administration

Relevant Roles

Finance Manager
Accounts Receivable Clerk
Accountant
Treasury Manager
Company Secretary

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Let's create your Acknowledgement Of Receipt Of Payment

Authors

Alex Denne

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