Software: MoneyWorks accounting software If you need to have multiple GST codes when collecting deposits from customer or made advance payments to a supplier, then you are required to have multiple deposit received accounts (current liabilities account type) and advance payment accounts (current assets account type). Create the account with the relevant GST code (select […]

Doubtful Debts are debts which are unlikely to be recovered due to dispute over supply. To avoid overstating the assets (Accounts Receivable), a portion of the receivable is set aside as a doubtful debts allowance. When debts are unrecoverable, debts turn bad — bad debts. In provision method, it is common to provide 3% to […]

Software: Intuit QuickBooks accounting software The added on Payroll feature in Intuit QuickBooks accounting software is unavailable to Singapore user. If your payroll is simple, you may consider using the Write Cheque feature, or General Journal to record the payroll in QuickBooks accounting software. However, for those users who has an assistant, who has the […]

Software: MoneyWorks accounting software The MoneyWorks 7.1.5 Datacentre update is now available as part of your annual software maintenance. Amongst other enhancements, this update includes significant reliability improvements for the REST service (access from remote devices such as iPhones, iPads). For a complete list of changes, please view the MoneyWorks 7.1.5 Change History.    

Software: Intuit QuickBooks accounting software Contra is to knock off an outstanding Sales Invoice against a Purchase Invoice (Supplier Bill); usually, the customer is also your supplier (sometimes it may be three parties). There is no cash payment, just to knock off the accounts receivable with the accounts payable. For the contra transactions, in addition […]

Software: MoneyWorks accounting software How it works? Assume that as of 31 May you had set the exchange rate for 1SGD to 0.8000USD (using the month end exchange rate). You recorded a USD bill (Purchase Invoice) as of 12 June for the amount of USD10,000, the base currency equivalent amount will be SGD12,500 (10,000/0.8000). The double […]