Tag Archives: QuickBooks 2013

QuickBooks | The missing tax amount column

Software: Intuit QuickBooks accounting software

Reckon Accounts does provide users an additional Tax Amount (TAX AMT) column in the invoice transaction screen, it allows user to view the Tax amount of the individual line item.

Reckon Accounts - Tax Amount Column

However, Intuit QuickBooks only provide a Tax Code column and a tax total at the bottom of the invoice transaction.

Intuit QuickBooks - Tax

For those users who have crossover from Reckon Accounts to the Intuit QuickBooks have to take note of this, you may have to re-do the layout of the invoice template (especially for those who are using Pre-Printed invoice form).

 

QuickBooks | Debit Note

Software: Intuit QuickBooks accounting software

Debit note

Generally, a GST-registered person is required to issue a tax invoice or simplified tax invoice (if the total amount payable including GST does not exceed $1,000) for the standard-rated supplies made to his GST-registered customer. This is to enable the GST-registered customer to substantiate his input tax claims.

However, a debit note may be issued as a document for requesting payment for transactions where no GST is charged (e.g. internal billings within the same company).

Source: http://www.iras.gov.sg/irashome/page04.aspx?id=10728

Since QuickBooks does not have a Debit Note feature, you may consider using a Sales Invoice transaction and change the title of the template to “Debit Note”.

Although, the transaction type is a Sales Invoice, the account which associated with the items can be an Other Income account type. This will help in segregating the non-trading Income from the trading income.

To differentiate between the Sales Invoice and Debit Note, you may consider creating a new Accounts Receivable account (name it as Inter-company) and use it in the “Debit Note” transaction. In QuickBooks, every accounts receivable account has it’s own invoice running number. This will help in reporting and physical filing.

 

 

QuickBooks | GST Accounts

Software: Intuit QuickBooks accounting software

Instead of having a GST payable account, which consolidate both the GST Input and the GST Output, you may consider separating it into two accounts; GST Input account and GST Output account.

From the Chart of accounts list, create the GST Output account as an Other Current Liabilities account type and GST Input as an Other Current Assets account type.

Then, when creating the Tax Agency, IRAS, you associate the “Track tax on sales separately to” with the GST Output account, and associate the “Track tax on purchases separately to” with the GST Input account.

QuickBooks - Tax Agency

Note: some user may prefer to create both the GST Input and GST Output account as an Other Current Liabilities account type and set these two accounts as a sub-account of the GST Control. This method gives you a net GST Payable or Receivable in the Balance Sheet report.

QuickBooks - GST accounts