Software: Intuit QuickBooks accounting software When recording the cheque payment using the Write Cheque function, you may wonder where to record the cheque number. By default the cheque number field, “NO”, is grey out and prevent user from editing. To input the cheque number manually, you can uncheck the “Print Later” checkbox and record cheque […]

Software: Intuit QuickBooks accounting software For users who crossover from Excel or other accounting software need to take note that the decimal places for the exchange rate is “fixed ” in QuickBooks. For example, the USD to SGD the decimal places is 5. And the decimal places for SGD to JPY is 6. After crossover […]

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

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. […]

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 […]

Software: QuickBooks accounting software By default, QuickBooks has used the Undeposited Funds account as a default deposit to account. That is, when you received payment from customers, it will be deposited to the undeposited Funds account automatically. The double entry will be: Debit Undeposited Funds account Credit Accounts Receivable Then, you need to use the […]