Posted onJuly 21, 2022|Comments Off on Reinstall MoneyWorks accounting software
Besides using it as a test drive, the trial version can also use to reinstall MoneyWorks when changing new hardware.
Select the appropriate platform (Windows or macOS) and the version you wish to reinstall from the download dropdown list when filling up the request form. You will then receive an email with the download link requested.
Enter your license key if reinstalling your Express or Gold version; it does not require a license key to connect to your MoneyWorks Datacentre or access the company file in the MoneyWorks Now cloud server as a client.
Posted onMarch 18, 2022|Comments Off on How to record retention in QuickBooks?
Retention is money withheld by the customer of a contract (project); protect the customer against incomplete or defective works. The retained sum is usually released to the supplier once the project ends or after the warranty period.
Assuming the sum withheld is at every stage of the progress claim. For a progress claim of $100,000 with 5% retention, the journal behind the sales invoice will be:
DR. Accounts Receivable $101,650 DR. Retention Receivable $5,000 CR. Sales $100,000 CR. GST Payable: $6,650
To record the retention in QuickBooks Online, first, you create a retention item (can be a service item) and link it to the retention receivable (a current assets account). Then, use it in the invoice with a negative value to reduce the invoice total (the objective is to reduce the receivable and not the revenue).
To view the retention receivable, you may run a report for the retention receivable account (from the Chart of Accounts) and group it by the customer to check the retained sum by the customer or for a job (if you are using the project feature in QuickBooks Online).
You may then issue an invoice to the customer for the retained sum once the project ends. The journal for the invoice:
QuickBooks Online is a small business account system suitable for small businesses and SOHO. Although it does not have a complex project accounting feature, it should be sufficient for basic project tracking.
The letter of claim is not a tax invoice, and the retained amount has to account for the GST upon payment received or invoice issued, whichever earlier.
To create an account in QuickBooks Online (QBO):
Click on the Gear icon and select Chart of Account from the list.
Click on the New button in the Chart of Account list to add an account.
To create an item in QuickBooks (QBO):
Click on the Gear icon and select Products and Services.
Click on the New button in the Products and Services list to add an item.
Comments Off on How to record retention in QuickBooks?
Posted onMarch 4, 2022|Comments Off on How to change the tax rate in MoneyWorks when the GST rate increase from 7% to 8%?
Singapore is increasing the standard rated GST from 7% to 8% on 1 January 2023 and 8% to 9% from 1 January 2024.
The current standard rated GST (G GST code) rate set in MoneyWorks is 7%, pre-loaded when you first created the document (the company file) with localisation setup as Singapore. You need to update the tax rate for the standard rated GST code to facilitate the rate change on 1 January 2023.
How to change?
First, launch MoneyWorks accounting software with the document you wish to edit. Then, go to the Show menu and click on Tax Rates. Highlight the tax code (e.g. G GST code) from the Tax Rates windows and click on the Modify button to edit the tax code. Under the Percentage Rate section:
if your current setting is:
Changeover date: blank
Rate2: 7.00% (current GST rate)
then, change it to:
Rate1: Enter 7.00% (this is the existing rate)
Changeover date: enter 1 January 2023
Rate2: Enter 8.00% (this will be the new tax rate)
That’s it! You have completed the rate change.
Transactions you entered with a standard rated GST (G GST code), with a transaction dated on and after 1 January 2023, will pick up 8%. Whereas transactions dated before 1 January 2023 will be using the old 7% rate.
The tax rate setting is on a per document (company file) basis. You have to go through the process of each company file if you have more than one document.
You may consider engaging a MoneyWorks consultant to make the necessary changes for you and check through the customised forms, reports, import maps, and scripts to ensure the tax rate and tax amount captures correctly.
Comments Off on How to change the tax rate in MoneyWorks when the GST rate increase from 7% to 8%?