Category Archives: Popular

QuickBooks | Default deposit to account

Software: QuickBooks accounting software

By default, QuickBooks has used the Undeposited Funds account as a default deposit to account. That is, when you received payment from customers, it will be deposited to the undeposited Funds account automatically. The double entry will be:

Debit Undeposited Funds account
Credit Accounts Receivable

Then, you need to use the “Make Deposit” to transfer the amount received into the respective Bank account. This is a good feature as you can less off the Bank Service Charges from the Make Deposit window before deposit the money into the Bank account.

However, for those who prefer to deposit directly into the Bank account instead of passing through the Undeposited Funds account can turn off this feature.

From the Preferences window, go to the Company Preferences tab of the Payments section, and uncheck the “Use Undeposited Funds as a default deposit to account” checkbox.

QuickBooks - Default deposit to account

Once the default deposit to account is turned off, there will be an additional “Deposit To” field available in the Customer Payment transaction window with a drop down list of the bank accounts.
QuickBooks -- Customer Payment


PIC | Productivity and Innovation Credit

Here is the information from IRAS (Inland Revenue Authority of Singapore) explaining the benefits and how to claim under the PIC (Productivity and Innovation Credit) scheme.

PIC | Productivity and Innovation Credit

Recovering expenses (re-billing)

You may pay for expenses on behalf of another party (e.g. your subsidiary or customer). Subsequently, you re-bill to recover the expenses from that party.   
Whether you need to charge GST on the re-billed amount will depend on whether the recovery of expenses is a reimbursement or disbursement.
Disbursement is not subject to GST. To qualify as a disbursement, all the conditions for disbursement must be satisfied. Otherwise, the recovery of expenses (commonly known as reimbursement) is considered as a separate supply made to the other party. Hence, you need to charge GST on the re-billed amount.
Click here for more detail.