Software: MoneyWorks accounting software Assuming you did a provision in last financial year for the withholding tax of S$10,000.00 (Singapore dollar is the base currency), at the point of providing the provision you are not sure of the type of currency will be taxed or exact amount. The double entry for this transaction is: Debit […]

Software: MoneyWorks accounting software Received your bank statement for the month of January 2012, it shows a closing balance of $100,500.00. You discovered that you had accidentally recorded a payment transaction, rental expense for the amount of $2,568.00, for the month of January into the month of February. This cheque was wrongly posted in MoneyWorks […]

Software: MoneyWorks accounting software When ordering large quantity or high value of goods from supplier, often supplier requires you to place a deposit (or advance payment) before goods is being delivered or manufactured. You need to create a non-stock item, Deposit, and associated this item with both Advances to Supplier (current Assets account) and Advances […]

Software: MoneyWorks accounting software When your customer is also your supplier, in small business, you usually prefer to contra off the amount instead of exchanging cheque. In accounting point of view, contra is a simple process; you just need to debit your Accounts Payable with the Accounts Receivable for the amount owing and follow by […]

In my previous blog, I did mention that bosses usually had lots of bits and pieces of claims. How are you going to capture these claims into QuickBooks? I preferred to create the Amount Due account as a Credit Card type of account. This method is easier because I don’t need to create any General […]