Software: Intuit #QuickBooks #accounting software QuickBooks company file is a database, which keeps all the financial records such as customer and supplier profile, invoices, bills, payment, receipt, journals, etc. A database is like a motor vehicle, which you have to “service” it regularly to ensure it is in good condition. It could be due to […]

Software: Intuit #QuickBooks #accounting software Businesses, especially when launching a new product, may give away product sample as a form of marketing. Although you are not selling a product, to correctly capture the cost of goods sold and the inventory on hand, a sales invoice transaction is used to record the delivery of the product […]

Software: Intuit #QuickBooks #accounting software You may maintain a bank account in foreign currency, such as US dollar or Euro if you have lots of payment or receipt in a foreign currency. When the fund in a foreign currency bank account is low, you transfer fund over from a base currency bank account. However, due […]

What is a Pro Forma Invoice? A Pro Forma Invoice is not a “real invoice”. It is a document states the goods or services, which you yet to supply. Often, the Pro Forma Invoice is used to declare the quantity, value and other shipping detail of the goods for the customs purpose. For software that […]

Software: Intuit QuickBooks #accounting software Some retailer or wholesaler may convert the existing inventory into a demo equipment for the showroom or as a loan set for testing. Your accountant may classify a demo equipment as a fixed asset aka non-current asset if the expenditure qualifies (Please check with your accountant if you have doubt […]

Software: QuickBooks #accounting software Bank reconciliation is a process of comparing the Cash Book against the Bank Statement. The objective of the bank reconciliation is to confirm the withdrawals and deposits presented in the Bank Statement have recorded in the ledger correctly. Although you can record the opening balance of the bank account in QuickBooks […]