Software: MoneyWorks accounting software Singapore When you have multiple bank accounts and like to set a default bank account at the payment or the receipt transaction, you may do so by select the relevant bank account in the transaction and click the “Pin” icon beside it to set it as a default bank account.

Software: MoneyWorks accounting software Assume that you own 2 companies, CoA and CoB. You have a debtor, DebtorA, owes CoA $1,000 and CoB $2,000. Instead of making payment to both CoA and CoB individually, DebtorA made payment of $3,000 to CoA and indicated that it was paying for the outstanding invoices of both companies. It […]

Software: MoneyWorks accounting software Generally, you are required to account for output tax on the goods given to your employees or for temporary use by employees except when it relates to: Free food or beverage catered for employees or the provision of free accommodation in a hotel, inn, boarding house or similar establishment; Gifts with […]

Software: MoneyWorks accounting software Based on the financial period set, MoneyWorks automatically transfer the net income, “Plus Current Year Operating Surplus (Deficit)”, from the current year to the Retained Earnings for the following year. To prevent users from accidentally recording current year transaction in the prior year (or period), you may consider to “lock” the […]

Software: MoneyWorks accounting software Unearned Revenue is a payment received before goods or services are delivered. Usually, project or contract based businesses will classify their revenue into earned (sales income) and unearned as goods and services are delivered at a later date. To record the unearned revenue in MoneyWorks accounting software, first you create a […]

Software: MoneyWorks accounting software The payer is required to: Withhold tax at 15% of the gross income payable to the non-resident professional; OR the non-resident rate of 20% if the non-resident professional elects to be taxed on net income; Source of withholding Tax from the IRAS website: http://www.iras.gov.sg/irashome/page01.aspx?id=758 Assuming the bill from the non-resident professional […]