Software: QuickBooks accounting software When printing out invoice, in the description column, there was a GST line item generated right after your last item. This additional GST line item shows the summary of your GST amount for this transaction. If you have more than one GST code in the transaction, it will summarize up, showing […]

Software: QuickBooks Canadian version QuickBooks does allow user to set their selling price to be inclusive of the GST. If occasionally you need to include your selling price with GST, during the preparation of Invoice, you can simply select the checkbox “Amounts include tax” in your Invoice window. However, if permanently you need your selling […]

If your monthly depreciation for Motor Vehicle is $1,666.67, you can pass a journal to debit Depreciation Expense $1,666.67 and credit Dep Acc – Motor Vehicle account (Accumulated Depreciation account for Motor Vehicle). If the cost of the motor vehicle account is $100,000.00, the Balance Sheet will be presented as: Motor Vehicle Cost – Motor […]

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 […]