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: QuickBooks Online Singapore ( QBO ) You can use either Class or Location feature in QBO (QuickBooks Online Singapore) to segregate your financial report. Although both class and location looks similar, they are different. You should consider carefully before using them. Class: When Classes are used, they get attached to the detail portion of […]

Software: QuickBooks accounting software QuickBooks does not allow you to make payment for a foreign currency bill (example: JPY) with another foreign currency bank account (USD) directly. Assuming your base currency is SGD. You received a supplier bill in Japanese Yen (JPY) with an amount of 100,000Yen and you decided to make payment via the […]

Software: QuickBooks accounting software Landing cost is costs such as insurance, freight, etc., which incurred during importing of goods. Some accountants may expense the landing cost off, but some may prefer to cost the landing cost into the product unit cost. Assuming the actual unit cost for product A1001 is at $100 each and A2002 […]

Software: QuickBooks accounting software In the List report, such as General Ledger report, you may see some transactions labelled as -SPLIT- under the Split column. What does “Split” mean? Split means that there are more than one GL accounts associated with the transaction. For example, a cheque transaction for Rent expense account with GST associated […]

Software: QuickBooks accounting software Some User may like to have both Trade Debtors and Other Debtors accounts in the Balance Sheet report rather than having an Accounts Receivable account that capturing both types of debtor account. To manage both Trade and Other Debtors, you can add a new Accounts Receivable type of account and name […]