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 […]

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: QuickBooks accounting software The Collections Centre helps you manage collecting payments from your customers. It lists all overdue and almost due invoices in a single place. You can send email reminders to one customer or many customers, and it tracks customer notes about your collection efforts. — From QuickBooks help From the “Sales & […]

Software: Quickbooks accounting software If you have received the supplier’s bill before the goods received, you should not convert the Purchase Order to Bill. Instead, you should consider to record the bill from the supplier and park it to the “Advance to Supplier” account. The “Advance to Supplier” account (You may consider to use “Stock […]

Software: Intuit QuickBooks accounting software When there is a discrepancy in the accounting entry, you always need to refer back to the original source document. Documents such as bill, invoice, delivery order, payment voucher, Import Permit or Certificates, and etc. Flip through files to search for documents can be a time consuming task. You can […]

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 […]