You can use the cost of goods sold or an expense account as a dummy account in the account tab of a payment transaction to record the GST pa

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 exchan

For purchases made from a GST register trader in foreign currencies, the supplier has to reflect the GST payable on the invoice in Singapore dollars with an approved exchange rate. You, the buyer, should claim input tax based on Singapore dollar amounts shown on the tax invoice instead of conversion based on your in-house exchange rate. For example, your in-house exchange rate is 1SGD:0.7400USD, but received a Bill from a supplier at a rate of 1SGD:0.7431USD. Then, you should

GST register trader who supplies goods in foreign currency instead of Singapore dollar has to indicate the Singapore dollar equivalent GST amount on the invoice. The buyer who received the Bill has to record it based on the exchange rate stated in the Bill instead of the in-house exchange rate set in the accounting systems. Assuming your in-house exchange rate is 1SGD:0.7400USD but received a bill of USD10,000 with a GST of USD700 at an exchange rate of 1SGD:0.7431USD. In thi

The default setting of an item's unit price in MoneyWorks is Tax-exclusive. For example, if $100 is the unit price, the tax will be $7 (7% GST on $100). As stated in the IRAS e-Tax Guide "GST: Guide for Retailers", you must show GST-inclusive prices on all your price displays to the public. As a retailer, to simplify the data entry, you can change the unit price of an item in MoneyWorks to be inclusive of tax. The GST-inclusive price setting is under the selling info tab of a

By default, MoneyWorks does not show the tax column in transactions windows such as Sales Invoice and Purchase Invoice. When recording a transaction, you just need to select the tax code and let MoneyWorks do the tax calculation automatically. However, due to rounding differences, the GST amount on the bill you received may be different from your entry. To adjust the GST amount, you need to turn on the "Show Tax Column" from the Document Preferences, then amend the tax amount

The three Tax Types available in MoneyWorks are G.S.T. or V.A.T., Sales Tax and Composite Tax. Different country has a different tax requirement, example, Singapore and Malaysia are using "G.S.T. or V.A.T." whereas United State uses "Sales Tax". Unlike Sales Tax which only has a Tax Received account, the "G.S.T. or V.A.T." tax type allow the user to link a Tax Paid (Input tax) and a Tax Received account (Output tax) to a tax code. A Composite Tax is a combination of other tax

You can claim GST relief on your bad debts if you meet the conditions and requirements under the GST (General) Regulations. You can do a self-review to determine if you are eligible to claim bad debt relief by using the checklist, Self-Review Of Eligibility In Claiming Bad Debt Relief. If you satisfy all the conditions, you can proceed to make a claim by including the amount in Box 7 "Input Tax" in the GST F5. -- IRAS -- How to record a bad debt relief in MoneyWorks accountin

Cognito has updated the Malaysia GST Form 03 report in MoneyWorks version 7.3. The new update includes a new Box 19 for the breakdown value of Output Tax in accordance with the Malaysia new Business Code. The Box 19 consists of three columns: MISC Code, Value of Output Tax, and the Percentage. The Box 19 uses the information from the "Category 4" field of the name profile to analysis the Sales transactions, which have an Output Tax, related to the name. Therefore, you have to

GST (Goods and Services Tax) applies when you supply goods and services locally, even if you invoiced the customer in foreign currency. Besides, for the foreign currency invoices, you are required to show the total amount payable excluding tax, the GST rate, GST amount, and the total amount including tax separately in Singapore Dollars equivalent. The Transaction.ExchangeRate field shows the exchange rate used of a posted Sales Invoice transaction. For unposted Sales Invoice

Refer to MoneyWorks v7 User Guide, Page 201, “GST, VAT, Sales Tax & Tax Codes”. The GST report can be printed from the Reports menu | GST Report. As an audit control, the current GST Cycle has to be finalised before you can move on to the next GST Cycle; and once the GST has finalised, the transactions which have been finalised will not be printed again in the following GST Cycle. After finalised the GST (Example: January to March), if you recorded a transaction into the fina

The GST paid on behalf of your customer to the Custom for the goods imported (usually happened in logistic business) are not your expenses nor your tax liability since you are not the owner of the goods imported. You may use a Current Asset account (we name it as "GST Paid On Behalf" in our example) to capture the GST paid on behalf of the customer. Use a Payment transaction to record the payment made to the Custom for the GST paid on behalf. This payment transaction will deb

GST (Goods and Services Tax) is not an expense nor an income. The tax amount received (Output tax) from the supply of goods and services is a current liability, which you need to pay to the government at the end of the GST cycle. Whereas the tax paid (Input) during the purchase of goods and services is a current asset, which will be claimed at the end of the GST cycle. However, some of the goods and services purchased, such as Medical expense, may be classified as a “Non-Clai

A new GST Form 5, v1.0.9, was included in the MoneyWorks accounting software update (v7.1.7). The new GST Form 5 includes the realized exchange gain/loss (exempt supplies) in the Box 3 of the GST Form 5. Ask IRAS: Q: Must I report exchange gains/losses in the GST return? A: Yes, You are required to account only realized exchange rate differences as your exempt supplies in your GST F5 return. Assume that your base currency is in SGD (Singapore dollar). You had a USD (US dollar

When print the GST report, by default, the "Show Transactions" checkbox in the print setting preferences has already been checked. This allows user to view the transaction reference number such as an invoice or bill reference number in the GST report. However, if you need to have more information such as GST code or the base currency amount of the foreign currency transaction (It will show the foreign currency amount and the exchange differences in two different lines); then

When printing the GST report for the last quarter, which exchange rate will the MoneyWorks accounting software be used? Transaction exchange rate? Month end closing rate? Current month exchange rate? Assume that I had a sales transaction dated on 10 August 2014 for the amount of US10,000 at the exchange rate of 0.8USD : 1SGD. The GST amount in Singapore dollar is at SGD875.00 (USD700/0.8). If the exchange rate used for the month of October 2014 is at 0.7USD : 1SGD, when print

Generally, you are required to account for output tax on the goods given to your employees or for temporary use by employees except when it relates to: - Free food or beverage catered for employees or the provision of free accommodation in a hotel, inn, boarding house or similar establishment; - Gifts with value of not more than $200 each (excluding GST); or - Goods for which no credit for input tax has been allowed on its purchase. That is, if the taxable person chooses not