If I took a loan from Bank for an amount of $70,000.00, I will journal it into my Loan principal account. For loan account, I usually create three accounts, one main and two sub-accounts, such as: Loan from Bank (main account) Loan Principal (Sub-account) Loan repayment (sub-account) For monthly repayment, I will be using a […]

Software: QuickBooks accounting software Usually, I preferred creating three accounts for each type of Fixed Asset. One will be the main account and two sub-accounts underneath for cost of Fixed Asset account and accumulated depreciation account. Example: Motor Vehicle (main account) Cost – Motor Vehicle (Sub-account) Dep Acc – Motor Vehicle (Sub-account) When purchased a […]

Software: QuickBooks Pro accounting software To do your monthly currency adjustment, first you need to change your Exchange Rate from your Lists menu | Currency List. Next, you print out Unrealised Gain/Losses report from the Reports menu | Company & Financial | Unrealised Gains /Losses. Unrealised Gains/Losses report shows the accounts which you need to […]

Software: QuickBooks accounting software User get confuse on whether to use a job or a class.  There are no fix rules as in when a job or a class should be used; a simple guide line would be a “Job” involved ONE customer but many suppliers, and a “Class” involved MANY customers and many suppliers.  […]

Software: QuickBooks accounting software Frequently, I had to explain to user, why sometime there is a GST different of ONE cent in QuickBooks invoice comparing to when they were to use Speadsheet calculating their GST amount of the invoice transaction I found a FAQ on IRAS web site that explained exactly why you having this […]

Software: QuickBooks accounting software   It’s unbelievable! How can my exchange losses be S$45,000.00? For those who never revalue their currency, they might get a shock at the unrealized exchange gains or losses amount when they first time doing their revaluation of currency (Home Currency Adjustment). Usually we do the home currency adjustment monthly. First, […]