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QuickBooks Payroll

2012-02-23T08:40:16+08:00

Software: QuickBooks Canadian version

For Singapore user who uses the QuickBooks Canadian version, you can’t use the Intuit Payroll services (for Canada only).

However, if you only have a handful of staffs, you may consider using the Journal method which I mentioned in my earlier blog post or using the same method which I used in MoneyWorks accounting software. That is, using a Write Cheque method.

Example:

If John Tan’s salary is $2,000.00 per month, CPF Employer contribution is 16%, CPF Employee deduction is at 20% and CDAC deduction is $1.00 per month.

Then, in your Write Cheque window, Expenses tab:

Account	Amount
Salary (Expense)	2,000.00
CPF Employer Contribution (Expense)	320.00
CPF Payable (Current Liability)	-721.00

CPF Payable account is consist of 320.00 (CPF Employer at 16% of the salary), 400.00 (CPF Employee deduction at 20%) and CDAC deduction of $1.00 from the employee.

A negative value is needed in CPF Payable account for this case; this is to deduct the cheque amount and to credit the CPF Payable account.

The double entry for this case will be:

Debit Salary expense account at 2,000.00

Debit CPF Employer Contribution expense account at 320.00

Credit CPF Payable current liability account at 721.00

Note: QuickBooks is based on transaction date to update the account; you need to ensure the cheque payment date to staff is fall on the same month as the salary expense. If accrual is needed, then, Journal will be required to accrue the expenses to your current liability account.

When preparing cheque payment to CPF board, you will be using CPF Payable account. This will debit the CPF Payable account and credit the Bank account.

Landing cost

2012-02-13T10:50:51+08:00

Software: MoneyWorks accounting software

Landing cost are the costs incurred in transporting an item from the place of purchase to your premises. These might be including freight, insurance, duties and more.

- Page G-248 of MoneyWorks User Guide

Landing cost item is not a stock item; hence, if you used it in the Purchase Order transaction and try to process the order as “Receive goods after invoice”, a warning message will be prompted:

Items must be inventoried

Some items on this order are not inventoried. Receiving stock without an invoice can only be done for inventoried items.

You will only be notified the landing cost by your forwarder after you received the goods. So, at the point of creating Purchase Order to your supplier you may consider to omit the landing cost.

Example:

If your goods cost S$100.00 each (without landing cost) and you purchased 10 units, you should record your Purchase Order as S$1,000.00.

If you need to make an advance payment to your supplier, you can process the order as “Receive prepayment for goods”. When the goods received, you continue process the order as “Receive goods after invoice”. You should unchecked the checkbox for “POST” in the “Receive goods after invoice” window so that you can amend your saved Purchase Invoice with the landing cost.

Open up your saved Purchase Invoice; amend your landing cost as according to the User Guide’s recommendation.

Example:

If your landing cost for this order is $100.00 (that is 10% of the purchase price); at the “Disc. %” column, you add “-10” so to increase the Extension price from the original 1,000.00 to 1,100.00.

Next, add the landing cost item which you have created with a value of “-1” in the Qty column and an Extension price of “-100.00”.

Purchase Invoice:

Item	Qty	Unit Price	Disc. %	Extension
Stock	10	100.00	-10	1,100.00
Landing Cost	-1	-100.00		-100.00

The total amount for this transaction will be remains as 1,000.00, but the average cost of this item will be 110.00 instead of 100.00 each.

Order of the Amount Column locked

2012-02-10T14:52:14+08:00

Software: QuickBooks version 2011/12 (Australian) accounting software

If you ever try customising your invoice template, you will notice that the order of the “Amount” column is locked. Some user prefers to have the Tax Code column position behind the Amount column; however, they can’t do it. Even if they were to try changing the order number of the Tax Code to be after or replaced order of the Amount column (such as “8”), QuickBooks will automatically change it back to the number before the Amount field.

For those user who has been using the older version of QuickBooks with fields displayed after the Amount column in a customised template, you should not amend any field in the Columns tab after migrating your data to the latest version (if you want to keep the original setting). Once amended, the order of the Amount field will automatically change to the last column and locked.

Amount Enc.

2012-02-07T17:59:02+08:00

Software: QuickBooks

When printing Statement from QuickBooks accounting software, you will notice an “unknown” field show on your statement – Amount Enc.

What is Amount Enc.?

Frankly, I don’t really know what is “Amount Enc.” either. I couldn’t find any official explanation about “Amount Enc.” from either help file or web (update me if you found it).

From Intuit Community, I found an explanation made by CountryMusicMom, which I guess could be a correct one. She explained that if you were to use Statement as a Remittance Advice, it allowed customer to tear the section off and filled in the paid amount in the “Amount Enc.” field. Hence, “Amount Enc.” means “amount enclosed”.

However, if you were to use Statement as a Remittance Advice, it only allows your customer to enter paid amount but not the invoices paid.

Since I am not going to use Statement as a Remittance Advice, I will unchecked the “Print” checkbox of “Amount Enc.”.