Software: Intuit QuickBooks accounting software When recording the cheque payment using the Write Cheque function, you may wonder where to record the cheque number. By default the cheque number field, “NO”, is grey out and prevent user from editing. To input the cheque number manually, you can uncheck the “Print Later” checkbox and record cheque […]

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 […]

Software: QuickBooks accounting software Landing cost is costs such as insurance, freight, etc., which incurred during importing of goods. Some accountants may expense the landing cost off, but some may prefer to cost the landing cost into the product unit cost. Assuming the actual unit cost for product A1001 is at $100 each and A2002 […]

Software: Intuit QuickBooks accounting software The foreign vendor, which you imported goods from, is not a GST register trader; hence they will not indicate the GST on their bill. However, when the goods arrived Singapore, you are required to pay the GST at the Custom (Sometime the forwarder may pay the GST on behalf of […]

Software: Intuit QuickBooks accounting software You received a foreign currency bill for the amount of USD10,000.00. Since you did not turn on the multiple currency feature, you record the bill in SGD. Assuming you decided to use the exchange rate of 1USD to 1.3000SGD, the SGD amount booked will be SGD13,000.00. The exchange rate given […]

Software: Intuit QuickBooks accounting software To simplify the data entry, by default, QuickBooks is using an Accounts Payable account to track all the Bills received. However, some accountant may prefer to separate the Sundry Creditor from the Trade Creditor when printing the Accounts Payable Ageing report. You can use the Vendor type to segregate the […]