Software: Intuit QuickBooks Desktop accounting software There are four components in the GST setup: Tax account > Tax agent > Tax item > Tax code When setting up the GST in Quickbooks, you have an option of creating a single GST control account in the chart of account list or a group of three current […]

Software: MoneyWorks accounting software Assume that you own 2 companies, CoA and CoB. You have a debtor, DebtorA, owes CoA $1,000 and CoB $2,000. Instead of making payment to both CoA and CoB individually, DebtorA made payment of $3,000 to CoA and indicated that it was paying for the outstanding invoices of both companies. It […]

Software: QBO (QuickBooks Online) Singapore Delayed Charge is a non-posting transaction. It is a future revenue (Similar to the Sales Order of the QuickBooks Desktop) which you recorded in QBO, some user may consider that as a sales confirmation. For example, your customer may confirm to purchase a machine from you, but due to delays […]

Software: MoneyWorks accounting software If you need to have multiple GST codes when collecting deposits from customer or made advance payments to a supplier, then you are required to have multiple deposit received accounts (current liabilities account type) and advance payment accounts (current assets account type). Create the account with the relevant GST code (select […]

Doubtful Debts are debts which are unlikely to be recovered due to dispute over supply. To avoid overstating the assets (Accounts Receivable), a portion of the receivable is set aside as a doubtful debts allowance. When debts are unrecoverable, debts turn bad — bad debts. In provision method, it is common to provide 3% to […]

Software: MoneyWorks accounting software The MoneyWorks 7.1.5 Datacentre update is now available as part of your annual software maintenance. Amongst other enhancements, this update includes significant reliability improvements for the REST service (access from remote devices such as iPhones, iPads). For a complete list of changes, please view the MoneyWorks 7.1.5 Change History.