Software: Intuit QuickBooks accounting software Reckon Accounts does provide users an additional Tax Amount (TAX AMT) column in the invoice transaction screen, it allows user to view the Tax amount of the individual line item. However, Intuit QuickBooks only provide a Tax Code column and a tax total at the bottom of the invoice transaction. […]

MoneyWorks Gold & DataCentre is Listed on IRAS Accounting Software Register (ASR).

Software: Intuit QuickBooks accounting software Instead of having a GST payable account, which consolidate both the GST Input and the GST Output, you may consider separating it into two accounts; GST Input account and GST Output account. From the Chart of accounts list, create the GST Output account as an Other Current Liabilities account type […]

The GST F5 (Form 5) consists of 13 boxes: Box 1: Total value of standard-rated supplies Box 2: Total value of zero-rated supplies Box 3: Total value of exempt supplies Box 4: Total value of (1) + (2) + (3) Box 5: Total value of taxable purchases Box 6: Output tax due Box 7: Input […]

Software: Intuit QuickBooks accounting software The foreign vendor, which you imported goods from, is not a GST register trader; hence they will not indicate the GST on their bill. However, when the goods arrived Singapore, you are required to pay the GST at the Custom (Sometime the forwarder may pay the GST on behalf of […]

Accruals are mainly made for expenses that the company knows about but invoices from suppliers not yet received, like utilities accruals (company receives bill on May 1 for the utilities used in the month of April, so company will accrue the utilities cost based on estimate in April, as it has not known the actual […]