Software: QuickBooks Desktop accounting software Enter Credit-Bill when received a Credit Note from the vendor (supplier), the transaction debits the accounts payable and credit expense. If the vendor issue you a refund instead of offsetting against the outstanding bill, then a Make Deposit or a General Journal has to enter to record the money received. […]

A clearing account is used to offset the accounts receivable and accounts payable account in MoneyWorks.

The Accounts Payable is part of the Current Liabilities, which is a ‘Control’ accounts capturing all the bills and payments related to Vendors, whereas the Vendor Balance Detail Report is like a sub-ledger, sum up the transactions by each vendor.

The Payment History provides an overview and traceability of what and how much has been paid/contra.

Software: Intuit #QuickBooks #accounting software Remittance agent helps a person/company remit the money from a country to another. In Singapore, you need to have a license from the Monetary Authority of Singapore (MAS) to operate a remittance service business. If remittance service is a form of payment method you used, you create the Remittance Agent […]

Software: QuickBooks accounting software You have invoiced both Customer A and Customer B on 25th February, but the Ageing Report shows the Customer A’s outstanding is in the “1-30” days ageing cycle whereas the Customer B’s outstanding is in the “Current” ageing cycle. The payment terms set in the customer profile affects the due date […]