The current standard rated GST (G GST code) rate set in MoneyWorks is 7%, pre-loaded when you first created the document (the company file). You need to update the tax rate for the standard rated GST code to facilitate the rate change on 1 January 2023. 

Software: MoneyWorks accounting software There are two methods of computing the GST on Tax Invoice when the invoice contains more than one item with the standard rated supplies. The line item method, which commonly used in accounting software; this method computes the GST on each line item and then sums up the GST amount. The […]

You can use the cost of goods sold or an expense account as a dummy account in the account tab of a payment transaction to record the GST paid on the imported goods.

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.

Software: MoneyWorks #accounting software By default, MoneyWorks does not show the tax column in transactions windows such as Sales Invoice and Purchase Invoice. When recording a transaction, you just need to select the tax code and let MoneyWorks do the tax calculation automatically. However, due to rounding differences, the GST amount on the bill you […]

Software: Intuit #QuickBooks desktop #accounting software You have to File Tax Return after the GST cycle. File Tax Return is a QuickBooks internal process, which contra the GST Input and GST Output account and transfer the balances to the Receivable or Payable account. It is not a process of filing tax with the Comptroller of […]