Software: MoneyWorks accounting software There are two methods of computing the GST amount. GST can be computed in either Line Item method or a Subtotal method. Line Item method is to compute the GST amount on every line item and sum up the GST amount at the end of the Sales Invoice in the Total […]

Software: Reckon QuickBooks 2012/13 There is a little issue in Reckon QuickBooks 2012/13 Tax Report. It affects a handful of user who converts Sales Order in foreign currency with GST into an Invoice at a different exchange rate. Assuming your home currency is in SGD (Singapore Dollar) and you created a Sales Order in foreign […]

Software: MoneyWorks accounting software When recording a Purchase Invoice (Bill) from supplier you got a 1 cent different. Why? This is due to different in method of calculating GST, some accounting software is summing the GST amount for each line item, but some may be using total amount payable (excluding GST) for all line items […]

If the advance payment received forms part payment of the supply, GST is chargeable. (information from IRAS)

From IRAS web Site: If you have made a mistake in your past GST return(s), you can correct the error in the current GST F5 return provided that:   The net GST amount in error for all the prescribed accounting periods affected is not more than $1,500; and  The summation of errors in each prescribed […]

  Information from: http://iras.gov.sg/irasHome/page04.aspx?id=1990   You may pay for expenses on behalf of another party (e.g. your subsidiary or customer). Subsequently, you re-bill to recover the expenses from that party.      Whether you need to charge GST on the re-billed amount will depend on whether the recovery of expenses is a reimbursement or disbursement. […]