Category Archives: Accounting

MoneyWorks update 8.1.9

Cognito has released the update 8.1.9 for MoneyWorks accounting software. This update enhanced the performance and bug fixes for the software.

Now, the user allows importing one payment for more than 255 invoices, which this was previously limited.

The full change history is available at Cognito website.

Book a free demo here if you consider switching over to MoneyWorks accounting system.

Upload file to the MoneyWorks Now Cloud Server

Software: MoneyWorks Now Cloud-based accounting software

Once your company file is ready, you can upload to the MoneyWorks Now cloud server from the Users and Security wizard under the File menu. Click the Upload to Server button and follow by login to your MoneyWorks Now account to upload the file.

Upload File to Cloud

MoneyWorks Now uses the Company name which you have stated in the Company Detail; the system will pick up the file name instead if you leave it blank. For example, you have created a company, ABC Pte Ltd, which file name is abc.moneyworks. You will see abc.moneyworks, the file name, in the login page of the MoneyWorks Now if you have left the company detail blank.

login to MoneyWorks Now accounting system

This issue is common if you tried to clone the file from your existing MoneyWorks company file. Often, the user has forgotten to update the company detail after clone a new company file.

MoneyWorks Now is a cloud-based accounting system which allows you to have multiple entities (company files) with a single subscription.

Sign up a demo today, to have an understanding of how to use MoneyWorks to manage your business finance.

Customer Accounting for Prescribed Goods

Software: QuickBooks Desktop accounting software

The rule of Customer Accounting for Prescribed Goods applied when supplying of mobile phones, memory cards and off-the-shelf software exceeds $10,000 to a GST-registered customer for his business purpose.

A customer accounting tax invoice has to issue to your customer if you are a GST-registered supplier supplying prescribed goods. The invoice has to include:

a. Your customer’s GST registration number,
b. A statement to inform the customer that your sale is subject to customer accounting. He has to account for the GST on the sale and the GST amount.

Customer Accounting

There are a few things you need to set if you are using QuickBooks desktop to issue a customer accounting invoice. You first have to create a new GST code (such as CAS – Customer Accounting) and link it to a new GST item for Customer Accounting with 0% rated. Next, consider using the Business Number field in the debtor profile page for the customer’s GST number and add it to the invoice template. Create a new Customer Message for Customer Accounting statement, such as ‘Customer accounting: Customer to Pay GST** to IRAS’. This message should add to the invoice template too. Finally, enter the GST amount manually in the invoice description (below the last item) or a custom field if you prefer.

The ‘taxable amount’ of the Customer Accounting GST should include in the Box 1 of the GST Return. No GST includes in the Box 6 of the GST Return as there is no Output Tax in this case.

QuickBooks Invoice

As a GST-registered customer, you can claim the Input Tax purchase if you satisfy the input tax claiming condition. The input tax shows in the report when you enter a Bill with the relevant GST code. You need to include a Customer accounting Clearing account (an Other Current Liabilities account) in the Bill to balance up the payable amount.

QuickBooks Enter Bill.png

The double-entry of the bill transaction debit the Expenses account 15000, the GST input 1050, and credit the Customer Accounting Clearing account 1050.

You need to record the output tax on your supplier behalf via a dummy Sales Receipt (or sales invoice). Use a dummy item which links to the Customer Accounting Clearing account to record the output tax.

QuickBooks Sales Receipt.png

The receipt credits the Customer Accounting Clearing account 15000 and the GST Output Tax 1050, and then the second line item debits the Customer Accounting Clearing account 16050.

The ledger of the Customer Accounting Clearing account:

Credit Enter Bill 1050
Credit Receipt 15000
Debit Receipt 16050

With a little tweak, you can still use QuickBooks Desktop to record a Customer Accounting transaction.

Sign up a demo to find out more about QuickBooks Desktop accounting system.