Software: Intuit QuickBooks accounting software Instead of having a GST payable account, which consolidate both the GST Input and the GST Output, you may consider separating it into two accounts; GST Input account and GST Output account. From the Chart of accounts list, create the GST Output account as an Other Current Liabilities account type […]

The GST F5 (Form 5) consists of 13 boxes: Box 1: Total value of standard-rated supplies Box 2: Total value of zero-rated supplies Box 3: Total value of exempt supplies Box 4: Total value of (1) + (2) + (3) Box 5: Total value of taxable purchases Box 6: Output tax due Box 7: Input […]

Accruals are mainly made for expenses that the company knows about but invoices from suppliers not yet received, like utilities accruals (company receives bill on May 1 for the utilities used in the month of April, so company will accrue the utilities cost based on estimate in April, as it has not known the actual […]

 Software: Intuit QuickBooks 2014 Assuming your base currency is in Singapore dollar (SGD), when you create a sales invoice for your foreign currency customer (USD) for the amount of USD 1,000.00 with 7% rated GST (this customer is based in Singapore) at the exchange rate of 1.3000; the double entry for this transaction in Singapore […]

Software: Intuit QuickBooks When creating a general journal, you can only associate a tax (GST) amount to the tax account (GST Payable account), the taxable amount will not be able to associate with the tax account. If you were to make a general journal of: Debit Expense 1000.00 Debit GST Payable account 70.00 Credit Bank 1070.00 The […]

Software: Reckon QuickBooks 2012/13 There is a little issue in Reckon QuickBooks 2012/13 Tax Report. It affects a handful of user who converts Sales Order in foreign currency with GST into an Invoice at a different exchange rate. Assuming your home currency is in SGD (Singapore Dollar) and you created a Sales Order in foreign […]