Software: Intuit #QuickBooks Desktop #accounting software Unless you turn it off, if not, Undeposited Fund account will be the default deposited to account when payment received. You may feel that this feature (undeposited fund as a default deposit to account) is redundant if you prefer to record the deposit directly to the bank account instead […]

Software: MoneyWorks #accounting software What’s in a Name? A name record stores contact and address information about customers and suppliers, as well as other people or organisations that you might contact from time to time. Each item in the file is referenced by a unique code, and the record is referred to for details whenever […]

Software: #QuickBooks Desktop #accounting software A Credit Note (an Adjustment Note) is a sales form given by the seller to the buyer to correct the mistake made in the Sales Invoice or goods returned. From the Customers menu of the QuickBooks accounting software select Create Credit Memo/Refunds to add a new Credit Note. Assuming a […]

Software: MoneyWorks #accounting software The default setting of an item’s unit price in MoneyWorks is Tax-exclusive. For example, if $100 is the unit price, the tax will be $7 (7% GST on $100). As stated in the IRAS e-Tax Guide “GST: Guide for Retailers”, you must show GST-inclusive prices on all your price displays to […]

Software: MoneyWorks #accounting software By default, MoneyWorks does not show the tax column in transactions windows such as Sales Invoice and Purchase Invoice. When recording a transaction, you just need to select the tax code and let MoneyWorks do the tax calculation automatically. However, due to rounding differences, the GST amount on the bill you […]

Software: MoneyWorks #accounting software To show the GST amount of each item sold in the invoice, you need to add a column into the template with the GST amount field. You should use the Detail.Tax and not the Transaction.TaxAmount field. The Detail.Tax field is the GST amount of each item sold, Whereas the Transaction.TaxAmount is […]