Software: MoneyWorks accounting software
Product code is a unique number (or alphanumeric) use to identify an item. The unique product code for reselling a product can be different from ordering from the supplier, the supplier code.
For example, you own a retail shop selling Television. You sell various brands and models which purchase from multiple manufacturers and distributors. To keep a searchable inventory list, you may create the product code such as:
Sort inventory by brands helps in stocktaking, especially in a consignment or SOR (Sales or Return) business model. The product looks neat and searchable but may mean nothing to a vendor when you place an order. Vendor may have their unique product code, the supplier’s product code, which you are required to show on the purchase order.
Use the Lookup (Detail.StockCode, “Product.SupplierCode”) function in the form to find the supplier’s product code of the item. You still use the internal unique product code in the order transaction, but prints the supplier code instead.
To automate the ordering process, add the usual supplier in each item; this generates a Purchase Order from the Sales Order once you have insufficient quantity on hand.
MoneyWorks is simple but yet powerful, sign up a demo to understand how to use MoneyWorks to manage your inventory and finance.
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.