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How to show transaction currency instead of functional currency in QuickBooks Ageing Report?

Functional currency, also known as Base Currency or Home Currency, is a reporting currency used in businesses. Transaction currency in another hand is a currency used in the transaction such as Invoices, Payment or Receipts, which could be a foreign currency.

You have to convert the transaction amount to the functional currency based on the exchange rate if the transaction is a foreign currency. Software which supports multiple currencies will do the conversion automatically once the exchange rate has set.

QuickBooks accounts receivable

By default, QuickBooks ageing report prints in functional currency. For example, you have an outstanding receivable of US$10,000 at an exchange rate of 1USD:1.3SGD, the receivable report prints S$13,000 instead of US$10,000. You have to customise the report if you want the ageing report show in transaction currency (USD) instead of functional currency (SGD). Select The Transaction Currency’ radio button from the Display tab of the Customise Report wizard allow the ageing report to print in transaction currency instead. You can also do a currency filtering from the filter tab of the Customise Report wizard to limit the number of currency show in the ageing report.

QuickBooks is a very user-friendly accounting system with tons of built-in features and reports cater to small businesses. Join our demo to understand more on how QuickBooks can help you manage your business finance better.

How to use RCM GST code in MoneyWorks accounting system?

The Tax Rate list includes RCM, which mapped to the ES33 (Reg 33 Exempt) GST code when localisation in MoneyWorks has set to ‘Singapore G.S.T.’. You are supposed to tag RCM GST code to the exchange gain/loss account once the multiple currencies feature has turned on, it helps to segregate exchange gains and loses and record the absolute value to the Box 3 (Total value of exempt supplies) of the GST Form 5 report.

RCM GST Code

An absolute value is to report a negative value, such as exchange losses, as a positive value. Please refer to IRAS e-Tax Guide ‘How do I prepare my GST Return?‘ for more information on filing GST Return.

The exchange gains and losses realised when payment (or receipt) and invoice is at a different exchange rate, currency revaluation of a bank account, the exchange rate of a fund transfer is different from the system rate, etc. Moneyworks calculate the exchange gains and losses automatically when payment transactions entered, and a currency revaluation journal recorded once new exchange rate has applied.

Join our demo to understand how MoneyWorks helps to manage your company finance.