Software: QuickBooks accounting software Assume your GST cycle is quarterly, ends in March, June, September, and December. You have issued an advance payment of $10,000 before the 7% GST to a supplier in the month of October 2015 via a Write Cheque transaction. If the advance payment received forms part payment of the supply, GST […]

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: 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 […]

Software: QuickBooks accounting software You can classify an item in QuickBooks as a Service, Inventory or Non-Inventory type. When an inventory item is purchased, QuickBooks will debit the Inventory Asset account and credit the Accounts Payable. Only when the item is sold, QuickBooks will then debit the Cost of Goods Sold account and credit the […]

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 […]