Undo Bank Reconciliation

Software: MoneyWorks accounting software

Bank reconciliation is a periodic process to match the bank statement against the information you have recorded in the accounting system. Besides being a fraud control tool, it picks up error such as omitted entry, an incorrect amount recorded, duplicated information has recorded, has recorded transaction into a wrong financial period, etc.

Assuming you invoiced Customer A and Customer B with the same amount $321. Then, you accidentally knock off the payment received from Customer B against the Customer A’s outstanding invoice. You can use the cancel transaction function to reverse the entry and enter a receipt from Customer B to correct it.

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Alternatively, you can also use the ‘undo’ bank reconcile method if there are many mistakes made in the reconciliation. From the Bank Reconcile wizard, click the ‘load old’ button and select the previous bank reconciliation. Then, click the gear icon at the bottom of the wizard and select the ‘clear all reconciliation from this one…’ option. Assuming you have reconciled from January to June, and discover a mistake in March. You have to undo the bank reconciliation one month at a time from June to March.

MoneyWorks is a small business accounting system which can install locally or hosted it in a Cloud. Contact us to find out more about using MoneyWorks for your business.

 

MoneyWorks update 8.1.9

Cognito has released the update 8.1.9 for MoneyWorks accounting software. This update enhanced the performance and bug fixes for the software.

Now, the user allows importing one payment for more than 255 invoices, which this was previously limited.

The full change history is available at Cognito website.

Book a free demo here if you consider switching over to MoneyWorks accounting system.

Upload file to the MoneyWorks Now Cloud Server

Software: MoneyWorks Now Cloud-based accounting software

Once your company file is ready, you can upload to the MoneyWorks Now cloud server from the Users and Security wizard under the File menu. Click the Upload to Server button and follow by login to your MoneyWorks Now account to upload the file.

Upload File to Cloud

MoneyWorks Now uses the Company name which you have stated in the Company Detail; the system will pick up the file name instead if you leave it blank. For example, you have created a company, ABC Pte Ltd, which file name is abc.moneyworks. You will see abc.moneyworks, the file name, in the login page of the MoneyWorks Now if you have left the company detail blank.

login to MoneyWorks Now accounting system

This issue is common if you tried to clone the file from your existing MoneyWorks company file. Often, the user has forgotten to update the company detail after clone a new company file.

MoneyWorks Now is a cloud-based accounting system which allows you to have multiple entities (company files) with a single subscription.

Sign up a demo today, to have an understanding of how to use MoneyWorks to manage your business finance.