Software: Intuit QuickBooks accounting software The Tax Agency Detail Report in Intuit QuickBooks accounting software consist of four parts: Sales Purchases Tax on Sales Tax on Purchases The Sales Invoices (income) show under the “Sales” section and the expenses show under the “Purchases” section of the report. The “Amount” in both the Sales and the […]

Software: Reckon Accounts 2015 In the earlier version of Reckon QuickBooks (now know as Reckon Accounts), users managed the GST on the imported goods, which was usually paid on behalf by the forwarder, via an Enter Bill transaction. Two entry lines were used when recording an import GST bill from the forwarder. The first entry line will be the taxable amount with an appropriate GST code and another line with a negative taxable amount without any tax code or a non-taxable tax code associated. This will give a net tax paid on behalf. Assume the taxable amount is 1000.00 and the tax is 70.00, the double entry of the bill is: Debit COGS 1000.00 Debit Tax Payable 70.00 Credit COGS 1000.00 Credit Accounts Payable 70.00 However, in the newer version of Reckon Accounts (2015), this method seems no longer usable when involving a foreign currency. A Credit Note has to be used to less off the taxable amount from the bill instead of entering a negative value in an Enter Bill transactions. That is, use an Enter Bill for the taxable amount with an appropriate GST, then follow by a Credit Note to write off the taxable amount. Based on the above example, the double entry of the bill is: Debit COGS 1000.00 Debit Tax Payable 70.00 Credit Accounts Payable 1070.00 And the double entry of the Credit Note is: Debit Accounts Payable 1000.00 Credit COGS 1000.00 The net effect of the bill and the credit note are the tax and an Accounts Payable of 70.00. We tested the above on a foreign currency transaction, do let us know if the base currency transaction has a similar issue.  

Software: Reckon Accounts 2015 (formerly known as Reckon QuickBooks) Reckon introduces a new customizable template, Remittance Advice, in Reckon Accounts 2015 (formerly known as Reckon Quickbooks). Users who were formerly used QuickBooks Asia version (aka QuickBooks Singapore) had used the Remittance Advice form as a Payment Voucher. In the earlier version, the Remittance Advice template […]

Software: Intuit QuickBooks accounting software The “Find” function (Edit menu | Find) is one of the methods you may consider to use for searching transactions you recorded in QuickBooks. “Simple” find allows user to find Invoice, Estimate, Sales Receipt, Credit Memo, Bill, Cheque, Credit Card, Purchase Order, Sales order, and Journal transaction. For example, you need a list of journals, which was dated last month, […]

Software: Intuit QuickBooks accounting software If you are adjusting the home currency value of a foreign currency account, you need to check the “Home Currency Adjustment” checkbox in the General Journal transaction. Home currency amount will be recorded in the General Journal instead of a foreign currency value. Assuming you have a USD bank account (foreign currency) of US$81,055.00 at […]

Software: Intuit QuickBooks accounting software In our earlier post, QuickBooks | Unpresented Cheque, we discussed whether to record the “GL balance” or the “actual bank balance” as the opening balance of the bank account in the QuickBooks accounting software. There are many methods to record the opening balance of the bank account in Quickbooks. When creating […]