Posted onOctober 6, 2020|Comments Off on Setup inter-company in QuickBooks Online (QBO)
Although you can create multiple receivable accounts in QuickBooks Online Singapore version, the receivable field is not available in the sales invoice form. The intention ‘could be’ trying to simplify the process by having one receivable for each currency to prevent a mistake in the classification of account. For those who are using multiple receivable accounts in QuickBooks Desktop may take note of the differences.
Some user may create the subsidiary as a customer or supplier in QuickBooks. You can print a standard Profit & Loss or Balance Sheet report and set the column to display either by customer or supplier. You do not require any additional setting but have to separate the customer and supplier into two difference report. It’s workable but maybe a little tedious to some accountants.
How about using the class feature?
QuickBooks Online manages the class slightly different from the Desktop version. The class selection is only available for the detail line of the transaction, but not for the transaction header account such as a bank, receivable or payable. For example, you can select a class for the expense account but not the payable when entering a bill. You can have a Profit & Loss with the column by the class report, but not an accurate Balance Sheet by Class.
Consider location instead.
QuickBooks introduces the location feature in the Online version to categorise the data from multiple warehouses, branches, or inter-companies. The usage is similar to the class feature, but it affects both header and detail line accounts when a location has tagged. You can prepare column by location for both Profit & Loss and Balance Sheet, which helps the accountant prepare contra during consolidation.
Try location feature if you haven’t done so. Let us know how you managing inter-company billing in QuickBooks Online 🙂
Comments Off on Setup inter-company in QuickBooks Online (QBO)
Posted onSeptember 29, 2020|Comments Off on How to use the contra feature in MoneyWorks accounting system?
The contra feature in MoneyWorks is not to offset between customers owing or between the outstanding of a customer and a supplier. A contra, in MoneyWorks accounting system, is to knock off the credit note of the same customer or supplier with their invoice.
Let’s say you received a credit note of US$414.30 from a foreign currency supplier and going to use it to offset the outstanding purchase invoice of $41,430.
The first method is to select the credit note while making a payment to the supplier. This method may be more “controlled’ to some users as you can dictate the bank account, date, and credit amount to use.
Another method is to use the contra invoice feature from the command menu to offset the credit note against the invoice. Highlight the available credit note and follow the contra invoice wizard to select the invoice to offset. It’s simple and easy.
However, this method does not have an option of changing the contra date and credit amount used. A dummy bank account, which is the bank account used in your last transaction, will add to the contra payment transaction. Since the dummy bank account is the account used in the previous transaction, and there is no accounting impact; therefore, whether the currency matches the transaction currency or not is immaterial.
Transaction list, product list, name list, account list, enquiry list, historical transaction list within an item are lists in MoneyWorks.
List view is like a spreadsheet, with rows and columns of data. You can sort it by clicking on the column header or search the list by entering your request into the search bar on the top right corner. That’s how MoneyWorks presented the information. Simple and easy.
You can customise the list view, add or remove columns according to your preference. The receivable list, for example, shows the outstanding invoices with transaction currency by default. You can add an exchange rate column to show the rate used for the invoice by customising the list view (got to the Edit menu and follow by Customise List View). From the List View Option windows, highlight the ExchangeRate field from the available field window on the left and click the >Move> button to move it across to the Fields to be Displayed in this List window (on the right).
That’s it! The exchange rate column added to the receivable list.
The heading is a customisable field available in the list view options window. You can use it to pick up data fields from another table, such as lookup for the category or country field of the name table from sales transaction list. Or you may add a formula (Gross-AmtPaid)/ExchangeRate into the heading field to get the home currency equivalent outstanding amount of the receivable.