Non-Current Liabilities are financial obligations which the repayment is not within the fiscal year. It includes long-term loan, deferred tax liabilities, the bond payable, etc. (Please check with your accountant on the account classification). Non-current liabilities are also known as Long-term liabilities or term liabilities, depending on the reporting standard which the accounting software has adopted. For example, Intuit QuickBooks accounting software uses long-term liabilities, whereas MoneyWorks uses term liabilities.

The foreign currency transaction in QuickBooks desktop accounting system will pick up the exchange rate from the currency table; however, you can change the exchange rate to match the GST in Singapore dollar which shows on the foreign currency bill.

You get an error of ‘Receipt amount exceeds amounts allocated to invoices’ when try applying an overpayment to a foreign currency invoice. You have to use dummy invoices to transit the additional amount received between the Overpayment Received and the Accounts Receivable account.

You may park the fund received temporarily in a clearing account (the transit account) so to proceed with the bank reconciliation and month-end closing while waiting for clarification or locating the missing invoice.

MoneyWorks accounting system: Use credit note method to receive advances (deposit) from a foreign currency customer.

Customise the QuickBooks Agenig report if you want the ageing report show in transaction currency instead of functional currency.