How to use RCM GST code in MoneyWorks accounting system?
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 exchange losses, as a positive value. For example, you have an exchange gain of $500 and a loss of $100, you should report as $600 instead of $400 (500 - 100). Please refer to IRAS e-Tax Guide 'How do I prepare my GST Return?' for more information on filing GST Return.
The exchange gains and losses realised when payment (or receipt) and invoice is at a different exchange rate, currency revaluation of a bank account, the exchange rate of a fund transfer is different from the system rate, etc. Moneyworks calculate the exchange gains and losses automatically when payment transactions entered, and a currency revaluation journal recorded once new exchange rate has applied.