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 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 […]

Software: Intuit QuickBooks accounting software You may give your purchaser a sum of money to go overseas to source for new products, make payment and arrange shipment back to your country. Your purchaser is like a “walking” ATM (Automated Teller Machine), help making payment as and when required. You may create this “Purchaser” as a […]

Software: Intuit QuickBooks accounting software The unpresented Cheques are the cheque issued by you but have not yet appeared in the bank statement as of the crossover date. When recording the opening balance of the bank account as of the crossover date; you may record the bank statement opening balance and the unpresented cheque separately […]

Software: QuickBooks accounting software Assuming your financial year (fiscal year)  is from Jan to Dec and you paid an insurance premium of $1,200.00 in the month of Aug 2013 for 6 month period from Aug 2013 to Jan 2014. You can use a write cheque function in QuickBooks to record this payment transaction. In the […]

Software: QuickBooks accounting software In the List report, such as General Ledger report, you may see some transactions labelled as -SPLIT- under the Split column. What does “Split” mean? Split means that there are more than one GL accounts associated with the transaction. For example, a cheque transaction for Rent expense account with GST associated […]