Software: Intuit QuickBooks 2014 Assuming your base currency is in Singapore dollar (SGD), when you create a sales invoice for your foreign currency customer (USD) for the amount of USD 1,000.00 with 7% rated GST (this customer is based in Singapore) at the exchange rate of 1.3000; the double entry for this transaction in Singapore […]

Software: Intuit QuickBooks When creating a general journal, you can only associate a tax (GST) amount to the tax account (GST Payable account), the taxable amount will not be able to associate with the tax account. If you were to make a general journal of: Debit Expense 1000.00 Debit GST Payable account 70.00 Credit Bank 1070.00 The […]

Software:  MoneyWorks accounting software When printing an invoice, you can add a “Message” into your invoice (you need to add the “Message” field in your template). A message can be such as “Thank you for your business!” or Instruction for either the customer or your delivery staff. You can click on the “up-down” button beside the […]

Software: MoneyWorks accounting software An Office Equipment which has a cost of $2,250.00 and accumulated depreciation of $1,500.00 as of your Balance Sheet report; then you sell off this asset at $500.00 before GST. Balance Sheet Office Equipment: 2,250.00 Accumulated Dep – Office Equipment. (1,500.00) To record the disposal of fixed asset in MoneyWorks, first […]

Software: Intuit QuickBooks 2014 In the past, to record a bounced cheque in QuickBooks, we need to do a few steps manually such as creating journal to debit the accounts receivable account and credit the bank account; and if there is any bank service charge, we need to record it via a payment or journal […]

Cognito had released MoneyWorks Datacentre 7 last month, and are delighted to announce that MoneyWorks 7 is now available for Gold, Express and Cashbook users. With many significant new capabilities, and extensive work “under the hood”, MoneyWorks 7 is both faster and easier to use. Datacentre users in particular have received a dramatic performance boost. […]