Software: MoneyWorks #accounting software Singapore When print the GST report, by default, the “Show Transactions” checkbox in the print setting preferences has already been checked. This allows user to view the transaction reference number such as an invoice or bill reference number in the GST report. However, if you need to have more information such […]

Software: MoneyWorks accounting software Singapore When printing the GST report for the last quarter, which exchange rate will the MoneyWorks accounting software be used? Transaction exchange rate? Month end closing rate? Current month exchange rate? Assume that you had a sales transaction dated on 10 August 2014 for the amount of US10,000 at the exchange […]

Software: MoneyWorks accounting software Which exchange rate should I be using? Daily exchange rate or monthly exchange rate? From the IRAS e-tax Guide “GST: Exchange Rates for GST Purpose”, which was published on 30 September 2013, stated that: … The exchange rate must be the daily exchange rate corresponding to the time of supply. If […]

Software: Intuit QuickBooks Desktop accounting software There are four components in the GST setup: Tax account > Tax agent > Tax item > Tax code When setting up the GST in Quickbooks, you have an option of creating a single GST control account in the chart of account list or a group of three current […]

Software: MoneyWorks accounting software If you need to have multiple GST codes when collecting deposits from customer or made advance payments to a supplier, then you are required to have multiple deposit received accounts (current liabilities account type) and advance payment accounts (current assets account type). Create the account with the relevant GST code (select […]

Software: MoneyWorks accounting software Generally, you are required to account for output tax on the goods given to your employees or for temporary use by employees except when it relates to: Free food or beverage catered for employees or the provision of free accommodation in a hotel, inn, boarding house or similar establishment; Gifts with […]