Category Archives: QuickBooks Online

QuickBooks | Advance payment to supplier

Software: Quickbooks accounting software

If you have received the supplier’s bill before the goods received, you should not convert the Purchase Order to Bill. Instead, you should consider to record the bill from the supplier and park it to the “Advance to Supplier” account. The “Advance to Supplier” account (You may consider to use “Stock in Transit” or other account name) is an Other Current Asset type of account.

The double entry for this Enter Bill transaction will be:

Debit Advance to Supplier account

Credit Accounts Payable account

When goods received, you convert the Purchase Order to Bill. This will update the stock on hand and the double entry for this Enter Bill transaction will be:

Debit Inventory Assets account

Credit Accounts Payable account

From the above, the Accounts Payable account has been credited twice (one is for the advance payment and the other is when the actual goods received); you need to record a Credit Note (or pass a General Journal) to offset the additional amount which has been credited to the Accounts Payable account.

The double entry for the supplier Credit Note (or General Journal) should be:

Debit Accounts Payable account

Credit Advance to Supplier account.

The Advance to Supplier account should be zero in balance as it is just a temporary account to hold the value of the stock in transit.

QuickBooks vs. QuickBooks

Software: QuickBooks accounting software

In the past, the QuickBooks available here in Singapore is the QuickBooks Asian edition from Reckon Ltd (QuickBooks Australia) distributed by QCOM Group Pte Ltd (Singapore) with few copies of USA edition, Canadian edition and UK edition imported by parallel importers. Solarsys is one of the Master Reseller of Quickbooks in Singapore, supporting all Quickbooks users in the Asia region.

The various versions (since year 1999) of QuickBooks Asian edition that we sold in the past are:

  • QuickBooks v6 (1999-2000)
  • QuickBooks v8 (2000-2001)
  • QuickBooks 2002
  • QuickBooks 2003
  • QuickBooks 2004
  • QuickBooks 2005/06
  • QuickBooks 2006/07
  • QuickBooks 2007/08
  • QuickBooks 2009/10 (final Asian version sold)

In 2010, Intuit Ltd (USA) – the owner and developer of QuickBooks, made some major changes in the market for the QuickBooks products sold here in Singapore as follows:

  • QuickBooks Asian edition is terminated.
  • QuickBooks Online (cloud computing) is introduced.
  • QuickBooks Canadian edition is introduced for all new users of Quickbooks.  The current version being sold is QuickBooks Pro & Premier 2012. Click here to buy.
  • QuickBooks Australian edition is introduced for existing users of QuickBooks Asian edition to upgrade (eg. their old versions cannot run on Win7, need more user license, etc.), as their data files are compatible with one another. If you’re an existing users of QuickBooks Asian edition (any of the versions listed above), you’re entitled to buy Quickbooks Direct Upgrade 2011/12 at Upgrade Price. Click here to buy. If you need help to migrate your old data file to the latest version, we also provide Data Migration Service.

Important NOTE:

QuickBooks data files of different country built are not inter-operable.

That is to say, USA edition cannot open/use/import Canadian edition or UK edition or Australian edition database, and vice versa.  Neither can any of these desktop QuickBooks editions’ data file be opened by or imported into the QuickBooks Online edition and vice versa. (Read Pros & Cons of Cloud-based accounting solutions.)

If you are not sure as to how you should continue with your QuickBooks or embark on new QuickBooks; whether to upgrade to Australian edition, move over to Canadian edition or Online edition, please feel free to consult us and we will be more than happy to assist you.

QuickBooks Online Singapore

http://solarsys.sg/products/quickbooks-online/