Software: Reckon Accounts (formerly known as Reckon QuickBooks) The GST that has set in the Reckon QuickBooks 2007/08 or earlier version will migrate to the Reckon QuickBooks 2009/10 or latest version. However, if you tried creating a new company file in Reckon Accounts, the default GST items and code have localised to Australia. Unlike the […]

Software: #QuickBooks #accounting software It’s same, but different. Although, Intuit QuickBooks and Reckon QuickBooks (has renamed to Reckon Accounts) have a similar user-friendly navigator, the features and reports could be different. Those users who have switched from Reckon QuickBooks to Intuit QuickBooks may realize that the checkbox for “Use Undeposited Fund as a default deposited […]

Software: Reckon Accounts Reckon Australia has just launched their new desktop accounting software – Reckon Accounts 2016. Reckon Accounts, formerly known as Reckon QuickBooks, was popular in South East Asia countries like Singapore, Hong Kong and Malaysia, until a few years back when they formally ended their business relationship with Intuit, the owner/developer of Quickbooks. […]

Software: Intuit QuickBooks accounting software GST Output is a liability not an income. Hence, you can’t show a Profit and Loss report with the GST amount being added to the Income account. However, you can print a Daily Sales Summary report with a Net, Tax, and Gross amount of each invoice. From the Daily Sales […]

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: Reckon Accounts 2015 In the earlier version of Reckon QuickBooks (now know as Reckon Accounts), users managed the GST on the imported goods, which was usually paid on behalf by the forwarder, via an Enter Bill transaction. Two entry lines were used when recording an import GST bill from the forwarder. The first entry line will be the taxable amount with an appropriate GST code and another line with a negative taxable amount without any tax code or a non-taxable tax code associated. This will give a net tax paid on behalf. Assume the taxable amount is 1000.00 and the tax is 70.00, the double entry of the bill is: Debit COGS 1000.00 Debit Tax Payable 70.00 Credit COGS 1000.00 Credit Accounts Payable 70.00 However, in the newer version of Reckon Accounts (2015), this method seems no longer usable when involving a foreign currency. A Credit Note has to be used to less off the taxable amount from the bill instead of entering a negative value in an Enter Bill transactions. That is, use an Enter Bill for the taxable amount with an appropriate GST, then follow by a Credit Note to write off the taxable amount. Based on the above example, the double entry of the bill is: Debit COGS 1000.00 Debit Tax Payable 70.00 Credit Accounts Payable 1070.00 And the double entry of the Credit Note is: Debit Accounts Payable 1000.00 Credit COGS 1000.00 The net effect of the bill and the credit note are the tax and an Accounts Payable of 70.00. We tested the above on a foreign currency transaction, do let us know if the base currency transaction has a similar issue.