The below information is from IRAS web site: http://iras.gov.sg/irasHome/page04.aspx?id=676 For such purchases with GST, your supplier has to indicate the GST payable on the tax invoice in Singapore dollars at the approved rate of exchange determined by him. You should claim input tax on such purchases based on the Singapore dollar amounts shown in the tax invoices. This requirement […]

How to turn on the GST feature in QuickBooks? GST feature by default was not being turned on. To turn on the GST feature, go to Edit menu and select Preferences. In the Preferences window, select Tax icon and follow by Company Preferences tab. In the Company Preferences tab, Under “Do you track Tax?” field, […]

Someone tweeted me, "Can QuickBooks' Profit and Loss report show the Income includes the GST taxation?" GST is a liability nature account; it should be in the Balance Sheet report under Other Current Liability account type. If you are not a GST Register Company, you should not charge your customer GST and keep it as an income.  When there is a GST […]

One of my customers was asking me whether she can create a discount to a customer without associate it to a GST code of 7% GST. This is an accounting question, as an accountant you should know the answer. If not, best person to ask is IRAS, not me. Here, I will just simply highlight […]