A common mistake in reconciliation is clearing a wrong transaction. You can undo the last reconciliation in QuickBooks Desktop accounting software to rectify it.

GST Rate Change

Although you are not getting an auto-update on the new 8% GST rate, no worries; changing the GST rate in QuickBooks Desktop is not too complicated.

The non-GST registered overseas supplier will not be billing you GST for the goods imported, but you have to pay the GST directly to the Custom or the forwarder if they paid on your behalf.

Retention is money withheld by the customer of a contract (project); protect the customer against incomplete or defective works.

Although either method gives the correct ledger, I would prefer using the undeposited fund to the discount method since the statement format is my concern.

Small businesses are usually more concerned about cash flow and day-to-day operation, but having a budget is extremely important when moving towards a new normal. With limited resources, it is more crucial to monitor the performance in an uncertain market.