Software: MoneyWorks accounting software Which exchange rate should I be using? Daily exchange rate or monthly exchange rate? From the IRAS e-tax Guide “GST: Exchange Rates for GST Purpose”, which was published on 30 September 2013, stated that: … The exchange rate must be the daily exchange rate corresponding to the time of supply. If […]

Software: MoneyWorks accounting software Singapore When you have multiple bank accounts and like to set a default bank account at the payment or the receipt transaction, you may do so by select the relevant bank account in the transaction and click the “Pin” icon beside it to set it as a default bank account.

Software: MoneyWorks accounting software Assume your client confirmed a project with you and agree to pay a nonrefundable deposit of $10,000. The deposit will be used as a part payment or forfeited if the project cancelled. From IRAS (http://iras.gov.sg): Q: Do I need to charge GST on deposit received from customers? A: If a deposit […]

Software: Intuit QuickBooks Desktop accounting software There are four components in the GST setup: Tax account > Tax agent > Tax item > Tax code When setting up the GST in Quickbooks, you have an option of creating a single GST control account in the chart of account list or a group of three current […]

Software: MoneyWorks accounting software Assume that you own 2 companies, CoA and CoB. You have a debtor, DebtorA, owes CoA $1,000 and CoB $2,000. Instead of making payment to both CoA and CoB individually, DebtorA made payment of $3,000 to CoA and indicated that it was paying for the outstanding invoices of both companies. It […]

Software: QBO (QuickBooks Online) Singapore Delayed Charge is a non-posting transaction. It is a future revenue (Similar to the Sales Order of the QuickBooks Desktop) which you recorded in QBO, some user may consider that as a sales confirmation. For example, your customer may confirm to purchase a machine from you, but due to delays […]