Total payable in Singapore Dollars equivalent
Software: Intuit #QuickBooks accounting software
Under the Singapore GST regulation, you are required to show the total amount payable, for both excluding and including of the GST, and both the GST rate and amount in Singapore Dollars equivalent on a foreign currency invoice.
There are three methods of adding the Singapore Dollars equivalent for both the total payable and GST into a foreign currency invoice.
Method 1: Customise Fields
If you still have fields available under the Header tab of a customised invoice, the field such as Other or FOB, you can “recycle” them and use it for “GST @ 7% in SGD” and “Total payable in SGD (including GST)”.
However, if you have used up all the fields available in the template design, then you may consider using an item to record the Singapore Dollars equivalent.
Method 2: item
You can create an Other Charge item from the Item list (go to the Lists menu, select Item list. Then, click the Item button, which is at the bottom of the list, and select New to add a new item) and use it like a “memo”. An SGD equivalent item may look like:
Item Type: Other Charge
Item Number/Name: SGD Equivalent
Item Description:
Total Payable in SGD (Excluding GST):
Total GST 7% in SGD:
Total Payable in SGD (Including GST):
Account: Miscellaneous Income account (this is a dummy account since there won’t have any value recorded).
Tax: “Non” (“Non” is a default GST Code for no GST).
When creating an invoice, you can add the newly created SGD Equivalent item after the last item and enter the value of the total payable in SGD (both excluding and including of GST) and the GST amount in SGD in the description. You can leave (or remove) the net and the gross amount of the SGD equivalent as “0.00”.
If you prefer to enter the SGD equivalent text in the description area instead of creating it as an item, then you may consider the next method, Notepad.
Method 3: Notepad
You just need to pre-create the SGD Equivalent text in a digital sticky note or a notepad on your computer desktop with text such as:
Total Payable in SGD (Excluding GST):
Total GST 7% in SGD:
Total Payable in SGD (Including GST):
When creating an invoice, copy the text from the notepad and paste it into the description after the last item. Then, enter the SGD equivalent value and print your invoice.
This method is simple as you do not need to customise the template or add an item.