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 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 “Gosh! My last backup was six months ago.” Listen! It is important that you do regular backup. Whether you are using QuickBooks accounting software or any other digital data such as photo, music, document or spreadsheet ; you need to backup (unless they are not important to you). In event that […]