Software: Intuit QuickBooks desktop accounting software When a foreign currency bill is recorded, QuickBooks will automatically convert the foreign currency value of the inventory item based on the exchange rate set in the bill to a base currency value and update the inventory account accordingly. Assuming your base currency is Singapore dollar, you recorded a […]

Software: Intuit QuickBooks Desktop accounting software GST (Goods and Services Tax) is a liability not an income account, hence when you print the Sales by Customer Summary report it prints only the sales amount (excludes GST), which is correct. You may consider using the Sales by Customer Detail report instead of the Sales by Customer […]

Software: QuickBooks Online (QBO) QuickBooks Online (QBO) does print the GST rate, GST amount and the amount payable excluding GST of a foreign currency invoice in Singapore dollars equivalent. Although, you are not able to customise the template of the QuickBooks Online (QBO) like a QuickBooks Desktop version, you can “fine tune” the template by […]

Software: Intuit QuickBooks accounting software General Journal is often being used during month-end or year-end closing. You may use a general journal to reclassify accounts, prepare accrual or record a depreciation of the fixed assets. However, sometimes when recording a journal with an accounts payable, you get a warning message of “Transactions to accounts payable […]

Software: Intuit QuickBooks 2015 accounting software Due to the differences in exchange rate, the amount received in the home currency bank, which has transferred from a foreign currency bank account, could be different from the amount recorded in the QuickBooks accounting software. Assuming you transferred USD15,000 from a US dollar bank account, which is a […]

Software: Intuit QuickBooks accounting software The Accounts Receivable, Accounts Payable, Bank and Credit Card account allow setting with a foreign currency.  From the Modify Report wizard of the list report such as General Ledger, Journals, Customer or Supplier Detail report, you can pull out foreign currency related fields such as Foreign Amount, Currency or Exchange […]