The exchange rate used in GST report
Software: MoneyWorks accounting software Singapore
When printing the GST report for the last quarter, which exchange rate will the MoneyWorks accounting software be used?
Transaction exchange rate?
Month end closing rate?
Current month exchange rate?
Assume that you had a sales transaction dated on 10 August 2014 for the amount of US10,000 at the exchange rate of 0.8USD : 1SGD. The GST amount in Singapore dollar is at SGD875.00 (USD700/0.8).
If the exchange rate used for the month of October 2014 is at 0.7USD : 1SGD, when printing the report in the month of October 2014 for the quarter from July to September 2014, MoneyWorks will print the GST report based on the transaction exchange rate, 0.8USD : 1SGD, instead of the current month exchange rate of 0.7USD : 1SGD.
