MoneyWorks version 9.0.2

Cognito has updated the MoneyWorks accounting system to version 9.0.2.

Besides bug fixes, now the user can set the GST rounding to follow the Banker’s rounding method or round up to the nearest half cents.

The rounding method can change from the GST tab of the Document Preferences. However, you should post all GST related transactions before making a change. Any changes made to the GST rounding method affects the unposted transactions, inclusive of those unposted invoices which you have already sent to your customer.

GST rounding method

Check out the change history at the Cognito website to find out more about changes in 9.0.2.

Insert a new line in Invoice or Order

One of the improvements in MoneyWorks version 9 is inserting an item line in the detail section of the transaction (e.g. Sales Invoice, Purchase Invoice, etc.)

To insert an item in between the list of items in a transaction of an older version, you have to append the new item and drag it to the position you wish to insert.

macOS: Shift + Option + drag to the position
Windows: Shift + Ctrl + drag to the position

It works fine, but we tend to forget the key combination.

Version 9 has improved it by allowing the user to insert line item anywhere in the transaction/order by press down the Shift key and clicking on the Add Line button. That’s it. You no longer require trial and error between the combination of Shift, Control, Option, and Command key 🙂

Go to the position: Shift + clicking on Add Line button.
insert a line in invoice or order

The same method applies to both macOS and Windows.

There are lots of improvement in MoneyWorks version 9. Book a demo or download a trial to test drive.

QuickBooks journal entry number

Journal entry (a.k.a. General Journal) numbering has to be sequential and unique.

Journal sequential numbering can be one sequence for the entire account, different type of journal has a different prefix, or change the order annually or monthly. Each method has its advantages and applies according to the accounting requirement.

Change the sequential numbering monthly may be flexible when adding a backdate journal but may accidentally used a past period journal number for the current month.

Assuming the last journal number for January is JV2101023 (i.e. JV is the prefix, 21 is for the year 2021, 01 for January, and the last three digits is the running number for the month). When adding a new journal for February, the journal number will jump to JV2101024 by default. You have to amend the journal number (e.g. JV2102001) manually before saving the transaction.

Backdated journal

Assuming you are doing the March account and wish to enter a journal for January. You have to:

  • Search for the last journal number used in January.
  • Amend the journal number and save your January journal entry.
  • Then, amend the journal number again to the current sequential numbering when entering a journal for the current period.

You can use the Advanced Search feature in QuickBooks Online to find the last journal number used if you are not using a logbook (an older method of keeping track of the running number).

Advanced Search locates at the bottom of the recent transaction list, which can view by clicking on the Search icon at the top of the QuickBooks Online page.

Then, set your search condition in the Search Wizard page such as the transaction type has to be ‘Journal Entries’, the ‘Entry No.’ contains your ‘journal prefix’ (e.g. JV2101 to find all the 2021 January journal entries). Next, sort the ‘No.’ (Journal number) column if your journal number does not follow the date order.

QuickBooks (QBO) advanced search

That’s it. You found your last journal number used.

Working from home as a default is challenging for a smaller firm when IT resources is limited. Having a cloud-based system (or remotely accessible) is a necessity rather than a luxury these days. Book a QuickBooks demo today to find out the benefit of having a cloud-based accounting system.