Software: MoneyWorks #accounting software In a multiple currencies environment, every name (customer or supplier) has tagged a currency. For example, if you trade with the customer in US Dollars, you tagged US Dollars currency to the name (under the Pricing & Terms tab) and the US Dollars Accounts Receivable account will automatically insert into the […]

Software: MoneyWorks #accounting software In the MoneyWorks general ledger, a foreign currency account is represented as two separate amounts: the value in the foreign currency, and the value of the difference between that currency and the base currency. The difference is stored in a (normally hidden) account called a “delta account”, so that the following […]

Software: MoneyWorks #accounting software You recorded a foreign currency Term Deposit of US$100,000.00 with a period exchange rate of 0.72USD:1SGD. When the exchange rate has changed to 0.73USD:1SGD at the period end, MoneyWorks revalue the foreign currency. An exchange journal of debiting the Exchange Gain/Loss account and credit the Term Deposit account of S$1,902.69 passed […]

Software: MoneyWorks accounting software Before you turn on the multiple currency feature in MoneyWorks, you should BACKUP the company file. You cannot change or remove the multiple currency once it has turned on. To turn on the multiple currency feature, go to the Edit menu | Document Preferences | Locale/Currency tab Assume your base currency is Singapore […]

Software: MoneyWorks #accounting software A new GST Form 5, v1.0.9, was included in the MoneyWorks accounting software update (v7.1.7). The new GST Form 5 includes the realised exchange gain/loss (exempt supplies) in the Box 3 of the GST Form 5. Ask IRAS: Q: Must I report exchange gains/losses in the GST return? A: Yes, You […]

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 […]