A Blanket Order is a purchase order; is a contract between the customer and supplier to supply goods (usually is expandable goods and recurring) at a predetermined price over an agreed period.
Assuming you are a manufacturer and require to use a large quantity of a product each month. You may issue a blanket order to the supplier to supply the goods at a predetermined price on a regular basis instead of having to negotiate the price and send a purchase order monthly. A Blanket Order help to cut down the administrative cost, control price fluctuation, ensure stock availability and reduce the storage cost; it is a just-in-time system. To the supplier, on the other hand, have a better sales forecast and better allocation of resources.
You need to process the purchase order whenever goods received. The purchase order will remain as an open order until fully fulfiled. There are reports available in MoneyWorks accounting system which helps to monitor the backorder, inventory, and purchases; or you may use the enquiries feature to check the movement of each product.
Software: MoneyWorks Accounting System
You need to change the business address in forms such as Sales Invoice, Purchase Order, etc. when moved to a new location.
Update the Postal and the Delivery address from the Company Details, under the Show menu, if you are not using a preprinted form. If the template designed with the Address fields inserted instead of using a text box for addresses, then it will pick up the new address automatically.
However, if you are using a text box for addresses, then manually amend the text box with the new address is required.
Contact your MoneyWorks consultant if you need help in amending forms.
Software: MoneyWorks accounting software
For purchases made from a GST register trader in foreign currencies, the supplier has to reflect the GST payable on the invoice in Singapore dollars with an approved exchange rate. You, the buyer, should claim input tax based on Singapore dollar amounts shown on the tax invoice instead of conversion based on your in-house exchange rate.
For example, your in-house exchange rate is 1SGD:0.7400USD, but received a Bill from a supplier at a rate of 1SGD:0.7431USD. Then, you should record the Bill (Purchase Invoice) with an exchange rate of 1SGD:0.7431USD instead of using the system rate 1SGD:0.7400USD.
Assuming the GST amount of a Purchase Invoice is US$700. It will be $$945.95 (700/0.7400) if recorded based on system exchange rare of 1SGD:0.7400USD and S$942.00 if the exchange rate has changed to 1SGD:0.7431USD.
As you can see from the above illustration when the exchange rate changed, the GST amount in Singapore dollar changed.
Click the exchange rate button on top of the purchase invoice to change the exchange rate of a transaction in MoneyWorks accounting software.
Then, uncheck the ‘Use system rate at posting time’ checkbox from the Currency Rate wizard and amend the exchange rate for the transaction.
You should check with your accountant or IRAS if you have doubt on GST transactions.