Software: Intuit QuickBooks Premier 2015 accounting software Unlike the Accounts Receivable module, Accounts Payable module does not have a “Record Bounced Cheque” feature. To record a returned cheque, which has issued to a vendor, a General Journal is needed. You may consider using a Void Cheque feature, but if the cheque is returned at a […]

Software: Intuit QuickBooks accounting software If you are adjusting the home currency value of a foreign currency account, you need to check the “Home Currency Adjustment” checkbox in the General Journal transaction. Home currency amount will be recorded in the General Journal instead of a foreign currency value. Assuming you have a USD bank account (foreign currency) of US$81,055.00 at […]

Software: Intuit QuickBooks accounting software In our earlier post, QuickBooks | Unpresented Cheque, we discussed whether to record the “GL balance” or the “actual bank balance” as the opening balance of the bank account in the QuickBooks accounting software. There are many methods to record the opening balance of the bank account in Quickbooks. When creating […]

Software: Intuit QuickBooks Desktop accounting software There are four components in the GST setup: Tax account > Tax agent > Tax item > Tax code When setting up the GST in Quickbooks, you have an option of creating a single GST control account in the chart of account list or a group of three current […]

Software: Intuit QuickBooks accounting software The added on Payroll feature in Intuit QuickBooks accounting software is unavailable to Singapore user. If your payroll is simple, you may consider using the Write Cheque feature, or General Journal to record the payroll in QuickBooks accounting software. However, for those users who has an assistant, who has the […]

Software: Intuit QuickBooks accounting software Contra is to knock off an outstanding Sales Invoice against a Purchase Invoice (Supplier Bill); usually, the customer is also your supplier (sometimes it may be three parties). There is no cash payment, just to knock off the accounts receivable with the accounts payable. For the contra transactions, in addition […]