Category Archives: Accounting

MoneyWorks on macOS High Sierra

You should upgrade to MoneyWorks accounting software version 8, if you are still using version 7 or earlier, before upgrading your Mac to the latest macOS High Sierra.

MoneyWorks 7 or earlier version does not support APFS-formatted drive. You may have an issue accessing the data if you have upgraded the macOS before upgrading MoneyWorks.

Visit Cognito (developer) website to find out more detail on macOS High Sierra compatibility.


How to contra a receivable with the payable?

Software: MoneyWorks Desktop accounting software

You record the Back Charge into the MoneyWorks via Purchase Invoice when received the bill from the Client (your main-contractor). Back Charge is a project related expenses such as damages, work which has done on your behalf, etc. The purchase invoice which you recorded debits the Back Charge and credit the Accounts Payable account.

MoneyWorks does not allow you to contra the purchase invoice (accounts payable) directly with the outstanding sales invoice (accounts receivable), a ‘Clearing Account’ (a bank account type) is used to offset the two.

Clearing account

Then, use the payment feature in MoneyWorks to pay the purchase invoice with the clearing account and a receipt to receive the contra amount of the outstanding sales invoice into the clearing account. The payment debits the Accounts Payable and credits Clearing Account, whereas the receipt debits the Clearing Account and credits the Accounts Receivable. The Clearing Account should not have any balances as a result of contra between receivable and payable.


Account Security

Software: MoneyWorks accounting software

Small businesses, due to resources or cost-effective, may use a spreadsheet to compute payroll or record the wages directly into an accounting system instead of a Payroll system.

Payroll is a sensitive account compare to a general business expense account; therefore, you should protect it, especially if you enter the wages directly into the accounting system.

MoneyWorks version 8 introduces a new Account Security Level feature which allows the administrator to set a security access on each account.

Account Security

Besides the general privileges, which allow a user to access the features in MoneyWorks, you can set a security access on each account. A user who has a lower account security cannot view or access an account which has a higher level security. For example, I have the Enter Payment privileges, which allow me to make payment to supplier bills and record cheque payment for reimbursement, but am not able to view or access the Payroll account which has a higher account security set than my user profile.

Account Security is important, especially if you have multiple users accessing the company file.

Download a trial or book a demo to have an understanding of how MoneyWorks helps in managing your accounts.