Category Archives: Accounting

Repacking

Posted on May 31, 2019 | Leave a comment

Software: MoneyWorks accounting software

Repacking of products occur in trading or OEM (Original equipment manufacturer) businesses. For example, a spices trader may buy the goods in tons but repack into a smaller bag of 25kg or 50kg; or pack into bags or carton with the customer’s branding or languages as required.

You can consider using an assembly method to repack the item into different UOM (unit of measure); in this case, the UOM has changed from kg to bags. For example, you buy item ABC123 in kg but resell to the customer as a bag of 25kg. After records the purchase of ABC123, you create another item and name it as ABC123-25 with the UOM as ‘bag’. Then, go to the BOM tab and select ABC123 as a component with a quantity of 25 (25kg). To automate the process, you may also select ‘Auto Build’, these allow MoneyWorks to create ABC123-25 and deduct the quantity of the source item ABC123 automatically when sold.

Accounting Software - build assembly

You can create many assembly items with a single source product which you have purchased from the supplier. You may also use the assembly method to repack promotional item; for example, a chocolate retailer may repack the chocolate bar into a gift pack during Christmas or special occasion.

You don’t need to be a manufacturer to use the assembly feature. You can use the assembly feature to convert from a barrel to pint, ml to bottle, or sachets into boxes. Assembly is useful, try it out.

Book a demo today to find out more about how to use MoneyWorks for your business.

MoneyWorks 8.1.6 update

Posted on May 2, 2019 | Leave a comment

Cognito has released an update 8.1.6 for MoneyWorks accounting software.

QR Code

QR Code generation in forms and reports is a new feature launched in version 8.1.6. You can consider adding a QR code on the invoice form to ease the goods return process.

Visit the Cognito website for the change history of version 8.1.6, to find out the bugs fixes and improvements of this new update.

Import journals into accounting software

Posted on March 29, 2019 | Comments Off

Software: MoneyWorks accounting software

You need to have type, date, reference, account, description, and amount field in the spreadsheet when preparing an import file for journal transaction.

For journal transaction, use “Jn” for type field. You can either have the type field in the spreadsheet or preset it in the import MAP. The Date is the date of the journal transaction, which you can either have it in the import file or set it in the import MAP as the date of import.

The account field captured the account code, which has to be the same code you used in MoneyWorks. You do not need to have the account name as it will pick up from the system automatically. The journal memo map to the description field of the detail line and the amount field contains both debit and credit value (with a negative for credit).

Import Journal into accounting software

Import the file from the File menu once you have prepared the spreadsheet. Alternatively, you can save the import MAP if you require to import frequently.

Besides importing journals, you can also import transaction such as Invoices, order, payment or receipt transactions. MoneyWorks is a powerful system which helps an accountant ease the daily accounting task. Book a demo today to find out more about how MoneyWorks helps in managing your business finance.

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Posted in Accounting, Accounting Software Singapore, MoneyWorks

Tagged Import, journal, mac accounting software, MoneyWorks accounting software, Singapore