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Amount Enc.

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.”.

 

QuickBooks vs. QuickBooks

Software: QuickBooks accounting software

In the past, the QuickBooks available here in Singapore is the QuickBooks Asian edition from Reckon Ltd (QuickBooks Australia) distributed by QCOM Group Pte Ltd (Singapore) with few copies of USA edition, Canadian edition and UK edition imported by parallel importers. Solarsys is one of the Master Reseller of Quickbooks in Singapore, supporting all Quickbooks users in the Asia region.

The various versions (since year 1999) of QuickBooks Asian edition that we sold in the past are:

• QuickBooks v6 (1999-2000)
• QuickBooks v8 (2000-2001)
• QuickBooks 2002
• QuickBooks 2003
• QuickBooks 2004
• QuickBooks 2005/06
• QuickBooks 2006/07
• QuickBooks 2007/08
• QuickBooks 2009/10 (final Asian version sold)

In 2010, Intuit Ltd (USA) – the owner and developer of QuickBooks, made some major changes in the market for the QuickBooks products sold here in Singapore as follows:

• QuickBooks Asian edition is terminated.
• QuickBooks Online (cloud computing) is introduced.
• QuickBooks Canadian edition is introduced for all new users of Quickbooks.  The current version being sold is QuickBooks Pro & Premier 2012. Click here to buy.
• QuickBooks Australian edition is introduced for existing users ofQuickBooks Asian edition to upgrade (eg. their old versions cannot run on Win7, need more user license, etc.), as their data files are compatible with one another. If you’re an existing users of QuickBooks Asian edition (any of the versions listed above), you’re entitled to buy Quickbooks Direct Upgrade2011/12 at Upgrade Price. Click here to buy. If you need help to migrate your old data file to the latest version, we also provide Data Migration Service.

Important NOTE:

QuickBooks data files of different country built are not inter-operable.

That is to say, USA edition cannot open/use/import Canadian edition or UK edition or Australian edition database, and vice versa.  Neither can any of these desktop QuickBooks editions’ data file be opened by or imported into the QuickBooks Online edition and vice versa. (Read Pros & Cons of Cloud-based accounting solutions.)

If you are not sure as to how you should continue with your QuickBooks or embark on new QuickBooks; whether to upgrade to Australian edition, move over to Canadian edition or Online edition, please feel free to consult us and we will be more than happy to assist you.

 

 

Multi-currency Account

Software: QuickBooks accounting software

I want to add an expense account in US dollar (Foreign currency), why can’t I do it?

In QuickBooks, only Bank account, Accounts Receivable account and Accounts Payable account can be set in foreign currency. All other accounts will be in home currency.

If you need to record an expense in foreign currency, first, you need to create the supplier in foreign currency.

Next, use this supplier (foreign currency supplier) in your bill and select the expenses account (home currency account) accordingly. Since supplier is in foreign currency, this bill amount will be in foreign currency. Hence, QuickBooks will base on the exchange rate used in this bill to convert the amount into home currency value and update the respective account accordingly.

The double entry for this transaction will be debit expense and credit accounts payable account. Profit & Loss  and Balance Sheet reports will present in home currency value.