Software: MoneyWorks #accounting software The default setting of an item’s unit price in MoneyWorks is Tax-exclusive. For example, if $100 is the unit price, the tax will be $7 (7% GST on $100). As stated in the IRAS e-Tax Guide “GST: Guide for Retailers”, you must show GST-inclusive prices on all your price displays to […]

Software: Intuit #QuickBooks #accounting software Businesses, especially when launching a new product, may give away product sample as a form of marketing. Although you are not selling a product, to correctly capture the cost of goods sold and the inventory on hand, a sales invoice transaction is used to record the delivery of the product […]

Software: MoneyWorks #accounting software Often, the retailer creates a bundle to encourage sales, especially toward the end of the school holiday, The Great Singapore Sales or Christmas season. For example, the computer retailer may bundle the computer with a headphone or a wireless mouse; or a sports shoe seller may give away a sports shoe […]

Software: Intuit QuickBooks #accounting software Some retailer or wholesaler may convert the existing inventory into a demo equipment for the showroom or as a loan set for testing. Your accountant may classify a demo equipment as a fixed asset aka non-current asset if the expenditure qualifies (Please check with your accountant if you have doubt […]

Software: MoneyWorks accounting software Stocktaking (or inventory checking) is a process of verifying the stock (inventory) physically. It’s a process to check the quantity and verify the condition of the stock you have on-hand. Before doing the regular stocktaking in MoneyWorks, you should post all the stock related transactions and make a backup of your […]

Software: MoneyWorks accounting software If your company require to keep track of inventory, then one of the things you require to do in setting up of the Document (company file) in MoneyWorks accounting software is updating of the closing stock as of your cutoff date (cutoff date refers to the date you cutoff from the […]