QuickBooks is an accounting software owned by Intuit Inc. (US). Under the licensing agreement, Reckon Limited (Australia) launched Reckon QuickBooks for the Aussie market in 1994. At the same time, Reckon “customised” Reckon QuickBooks (a.k.a QuickBooks Asia) with 3% GST for the Singapore market.
History of Singapore Goods and Services Tax (GST):
- 3% (from 1 Apr 1994 to 31 Dec 2002)
- 4% (from 1 Jan 2003 to 31 Dec 2003)
- 5% (from 1 Jan 2004 to 30 Jun 2007)
- 7% (from 1 Jul 2007 to 31 Dec 2022)
- 8% (from 1 Jan 2023 to 31 Dec 2023)
- 9% (from 1 Jan 2024)
Below is a list of Reckon QuickBooks ever sold in Singapore (if I remember correctly 🙂
QuickBooks accounting software for Windows
- QuickBooks Asia version 6
- QuickBooks Asia version 7.3 / 7.5 (interim version) for QuickBooks Point-of-Sales (POS)
- QuickBooks version 8
- QuickBooks Asia 2002
- QuickBooks Asia 2003 (the first version with multiple currencies)
- QuickBooks Asia 2004
- QuickBooks Asia 2005/06
- QuickBooks Asia 2006/07
- QuickBooks Asia 2007/08
- QuickBooks Asia 2009/10 (change of database engine)
- Reckon QuickBooks 2009/10 (re-branding)
- Reckon QuickBooks 2011/12
- Reckon QuickBooks 2012/13
- Reckon Accounts 2013 (re-branding)
- Reckon Accounts 2014
- Reckon Accounts 2015
- Reckon Accounts 2016
- Reckon Accounts 2017
- Reckon Accounts 2018
- Reckon Accounts 2019
- Reckon Accounts 2020
- Reckon Accounts 2021
- Reckon Accounts 2022
- Reckon Accounts 2023 (current as of this post written)
Are you using the latest Reckon accounting software or still having an older version of the software listed above?
Reckon Desktop accounting software
Over the years, due to a change in Windows Operating Systems (OS) from Windows XP to Windows 11, most Rekcon QuickBooks (or Reckon Accounts) users have already upgraded to the latest version (compatible with their Windows OS). However, if you have not done so, you can still upgrade your software, but you may have to get a Reckon Accounts consultant to step by step migrate the data (your company file) to the newer version if yours is too far behind.
QuickBooks Asia 2007/08
For example, if you are using QuickBooks Asia 07/08, the data has to migrate to Reckon Quickbooks 09/10 (due to a change of database engine), then slowly move up to the latest software version. It is tedious but doable.
Cloud-based accounting system
Reckon cloud-based accounting system is not available in Singapore. You may consider Intuit QuickBooks Online (QBO) Singapore edition if you prefer to use a cloud-based accounting system, and it does come with a Singapore GST rate and GST Form 5 for reporting.
However, due to a difference in data structure (e.g. multiple currencies and GST computation) in Reckon accounting system and QuickBooks Online, it will be safer to export the lists (such as chart of accounts, items, and name list) and import them into the QuickBooks Online (QBO), and based on the Balance Sheet or Trial Balance as of the last financial year-end closing to set up the opening balances in the new QuickBooks Online company file. You will not migrate the past years of transactions into the new system, but this method will provide an error-free crossover (Print your past financial data (hard or soft copy) for legal obligation).
Reckon Accounts accounting software
Depending on your needs. Upgrade to a newer Reckon Accounts (Desktop) accounting software if you need to keep the old financial data in the software; move on (with the opening balances) to QuickBooks Online (QBO) Singapore if you prefer to get into a cloud-based accounting system with a similar ease of use QuickBooks features.
Contact us or your QuickBooks consultant to discuss the available migration options.