Software: Intuit QuickBooks Desktop
QuickBooks has an easy way of recording a transfer fund from a bank to another. You may have a bank for trading and another to facilitate the repayment of a loan or for payroll purposes which you may require to ‘top-up’ from time-to-time,
From the Transfer Fund wizard, record the amount, To and From bank account, enter an exchange rate if it is a foreign currency transfer and hit the ‘Save & Close’ button and the system will take care of the transfer fund in the accounting system without you worry about the double entry.
You can delete a transfer from the Edit menu if you discover a mistake made after the transfer fund. Although QuickBooks has a deleting feature for the transfer, you should not remove any bank related transaction if reconciliation has already done. You should consider passing a general journal to reverse the entry instead.
Contact us if you are considering upgrading your older version of QuickBooks Desktop.
Cognito released an update 8.1.7 for MoneyWorks accounting system. This update includes adding the memo field into the Bill of Material report, and an increase of the number characters for the Job Sheet activity code from 9 to 31 characters. More new features and bug fixes of this updates are available in the change history which you can check it out at Cognito website.
The macOS Catalina will release by this fall, Cognito has advised macOS user to check for software compatibility before installing the new operating system.
Software: MoneyWorks accounting software
You have an option of recording the invoice, payment or receipt transaction either via by account or by item tab. What’s the difference?
You use the ‘By Account’ tab to record transactions which charge directly to the GL (general ledger) such as rent, repayment of the loan, purchase of assets, etc.; or some time cost of goods sold when you are not using the accounting software to track the inventory.
Use the ‘By Product’ tab when you itemised the products and services. Itemised product save time in data entry as the item description filled up automatically when using it in the transaction. It’s unlike the ‘By Account’ scenario where you have to type the item description as and when you use it.
It updates the quantity on hand and debits the inventory asset account when the inventory item has purchased, it then debits the cost of goods sold when the sales invoice has posted. It gives a real-time inventory status when the itemised product has used.
It depends on the business requirement whether to use the ‘By Account’ or ‘By item’ tab to enter data. Itemise your product if you want to standardise the product description and better data analysis on the data which you have captured.
MoneyWorks accounting system is suitable for small businesses managing their business finance. Book a demo today to find out how MoneyWorks works for your business.