The Tax Rate list includes RCM, which mapped to the ES33 (Reg 33 Exempt) GST code when localisation in MoneyWorks has set to ‘Singapore G.S.T.’. You are supposed to tag RCM GST code to the exchange gain/loss account once the multiple currencies feature has turned on, it helps to segregate exchange gains and loses and record the absolute value to the Box 3 (Total value of exempt supplies) of the GST Form 5 report.
An absolute value is to report a negative value, such as exchange losses, as a positive value. Please refer to IRAS e-Tax Guide ‘How do I prepare my GST Return?‘ for more information on filing GST Return.
The exchange gains and losses realised when payment (or receipt) and invoice is at a different exchange rate, currency revaluation of a bank account, the exchange rate of a fund transfer is different from the system rate, etc. Moneyworks calculate the exchange gains and losses automatically when payment transactions entered, and a currency revaluation journal recorded once new exchange rate has applied.
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Cognito has released the update 8.1.3 for MoneyWorks. Besides bug fixes, there are few new features introduced in this update, they are:
- Allows the user to import Stock transfer journals.
- Having the user’s email address override the Reply-To when sending the email via SMTP is now optional.
- Backdated Transactions report (under Audit section).
- New calculation features.
- New GST feature for Singapore user: Customer Accounting for Prescribed Goods.
Click here to view the full change history of MoneyWorks accounting software version 8.1.3.
A Blanket Order is a purchase order; is a contract between the customer and supplier to supply goods (usually is expandable goods and recurring) at a predetermined price over an agreed period.
Assuming you are a manufacturer and require to use a large quantity of a product each month. You may issue a blanket order to the supplier to supply the goods at a predetermined price on a regular basis instead of having to negotiate the price and send a purchase order monthly. A Blanket Order help to cut down the administrative cost, control price fluctuation, ensure stock availability and reduce the storage cost; it is a just-in-time system. To the supplier, on the other hand, have a better sales forecast and better allocation of resources.
You need to process the purchase order whenever goods received. The purchase order will remain as an open order until fully fulfiled. There are reports available in MoneyWorks accounting system which helps to monitor the backorder, inventory, and purchases; or you may use the enquiries feature to check the movement of each product.