1/5/2024 0 Comments Moneyworks gold 7 double entryNow, refresh your Balance Sheet report, the Withholding Tax account will be zero in balance. Double entry: Debit Accounts Payable Credit Bank. Then, offset the advance payment to the supplier and invoice, which you have entered earlier, together when paying the balances. This amount is an over provided amount, which you need to pass a journal to bring it back into your Withholding Tax expense account.ĭebit Provision for Withholding Tax account: 1,904.76Ĭredit Withholding Tax expense account: 1,904.76 Double entry: Debit Stock on hand Debit GST Paid (input) Credit Advance payment to the supplier Credit Accounts Payable. After the trial period, you can purchase a serial number and. You can set up your accounts in the MoneyWorks demo and run them for 45 days (or 99 opens, whichever comes first). Better than a money-back guarantee because you dont even have to pay a cent up-front. Then, create a payment transaction to pay Withholding Tax agent of US$6,800.00 from your USD Bank account.Īssuming the exchange rate is set as 1 SGD : 0.84 USD, the double entry for this transaction will be:ĭebit Provision for Withholding tax: 6,800.00ĭebit Provision for Withholding tax: 1,295.24Ĭredit USD Bank account (Currency delta): 1,295.24įrom your Balance Sheet report, there will be a balance of S$1,904.76 (10,000.00 – 6,800.00 – 1,295.24) in your Provision for Withholding Tax account. Get a fully functional but time- and usage-limited trial edition of MoneyWorks. Your provision is in base currency but now the pay out is in foreign currency, how to record the transactions in MoneyWorks accounting software?įirst, you create the Withholding Tax agent as a foreign currency creditor in this case will be USD. Allows any (authorised) user to access any MoneyWorks file at any time. MoneyWorks Datacentre has all the features of MoneyWorks Gold, with the convenience of server hosting. Now, in this financial year, you are told to pay your withholding tax in US dollar (foreign currency) of 6,800.00. MoneyWorks Gold includes all the features of Express, plus full inventory control, job costing, foreign currency support and more. The double entry for this transaction is:ĭebit Withholding tax expense (Expense account): 10,000.00Ĭredit Provision for withholding tax (Current Liability): 10,000.00 The software offers big business capabilities at a small business price. The solution can be purchased outright or subscribed on a month to month basis. MoneyWorks | Provision in base currency but pay out in foreignĪssuming you did a provision in last financial year for the withholding tax of S$10,000.00 (Singapore dollar is the base currency), at the point of providing the provision you are not sure of the type of currency will be taxed or exact amount. MoneyWorks by Cognito Software is a simple and flexible accounting software for Mac, Windows, or the cloud.
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