Software: MoneyWorks accounting software Assuming you did a provision in last financial year for the withholding tax of S$10,000.00 (Singapore dollar is the base currency), at the point of providing the provision you are not sure of the type of currency will be taxed or exact amount. The double entry for this transaction is: Debit […]

Software: MoneyWorks accounting software What are the transactions involved in receiving foreign currency amount of an invoice into a base currency bank account? Assuming we have a Sales invoice of USD 10, 000.00 at an exchange rate of SGD1 : USD0.8. Then, we received this amount, USD 10,000.00 and banked into our SGD bank account […]

Software: MoneyWorks accounting software Setup account is a special account use for recording the opening balances. It is a Shareholders Fund type of account (Equity account). Setup account will be ZERO if your opening balance is setup correctly. During setting up of account in MoneyWorks, if you want to record a prepayment as of your […]