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 […]

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 The Collections Centre helps you manage collecting payments from your customers. It lists all overdue and almost due invoices in a single place. You can send email reminders to one customer or many customers, and it tracks customer notes about your collection efforts. — From QuickBooks help From the “Sales & […]

Software: Quickbooks accounting software If you have received the supplier’s bill before the goods received, you should not convert the Purchase Order to Bill. Instead, you should consider to record the bill from the supplier and park it to the “Advance to Supplier” account. The “Advance to Supplier” account (You may consider to use “Stock […]