Category Archives: Accounting

Non-Current Liabilities account

Posted on October 15, 2018 | Leave a comment

Non-Current Liabilities are financial obligations which the repayment is not within the fiscal year. It includes long-term loan, deferred tax liabilities, the bond payable, etc. (Please check with your accountant on the account classification). Non-current liabilities are also known as Long-term liabilities or term liabilities, depending on the reporting standard which the accounting software has adopted. For example, Intuit QuickBooks accounting software uses long-term liabilities, whereas MoneyWorks uses term liabilities.

Term Liabilities

MoneyWorks has a built-in report writer which allows to create or amend the report. Assuming you want to change the Balance Sheet’s Term Liabilities section header to Non-Current Liability, you open the Balance Sheet report in the Report Designer, scroll to the Term Liabilities section header and amend it.

Amend report.png

Save the amended report into the Custom Plug-ins folder, and then sign (to grant access) and upload it to the MoneyWorks Datacentre server.

Balance Sheet.png

You may not have the necessary programming skill to rewrite the formula and codes, but changing the report label shouldn’t be too difficult. Alternatively, you may export the report to a spreadsheet and amend it.

Consult a MoneyWorks consultant in your area if you are having a problem editing the report.

How to hide cancelled entries from the transaction list in MoneyWorks accounting solution?

Posted on October 11, 2018 | Leave a comment

Software: MoneyWorks accounting solution

MoneyWorks creates a reversed entry if you try to ‘cancel’ a posted transaction. For example, you have wrongly recorded a sales invoice and posted it accidentally. MoneyWorks created a reversed sales invoice instead of removing it from the sales invoice list once you ‘cancelled’. It leaves an audit trail in the ledger, showing both the positive and negative sales invoice contra against each other; this prevents intentional manipulation of financial data. MoneyWorks is a better accounting system for small businesses in preventing accounting fraud.

MoneyWorks Cancelled entries

You can change the colour (such as red colour) of the cancelled transaction to reduce confusion.

Change colour

You can also temporarily hide the cancelled transactions (in Red) from showing (it still in the ledger) by adding a filter to the transaction list. Add the expression to the calculation box of the filter:

Colour <> “Red”

The ‘Colour’ is referring to the colour field of the transaction and ‘< >’ is ‘Not Equal to’.

Then, turn on the filter as and when you need to omit cancelled transaction from the list.

show filter.png

How to use QuickBooks Sales Receipt as an internal maintenance service note?

Posted on October 5, 2018 | Leave a comment

Generally, we use QuickBooks Sales Receipt to record Cash Sales transaction or charitable organisation using it as a donation receipt. However, for those who are in rental services (renting out equipment or facilities such as a conference room, studio, etc.) or chartering service (bus, car, boat, etc.) may use Sales Receipt feature to record the part used in serving the equipment or facilities. For example, you may change the worn out seat belt or car seat on the chartered bus. In this case, seat belt and car seat are your service part which you used it internally to maintain your asset.

Create the service parts as an inventory item, so when the item purchased it will debit the inventory asset of the maintenance part and credit the accounts payable or bank account.

Then, use the QuickBooks Sales Receipt (you can rename the form as ‘Service Note’ or something which relevant to your business) to record the part used on the equipment. The customer name on the receipt can be the equipment/asset name or vehicle number, which depending on businesses. Next, use those service part which you have purchased in the detail line with $0.00 selling price.

QuickBooks Sales Receipt

Assuming the cost of the part used is $1,000, then the double entry of the sales receipt will:

Debit Accounts Receivable 0.00
Debit Cost of Good Sold (or your prefered expense account) 1,000

Credit Sales 0.00
Credit Inventory Asset of the maintenance part 1,000

You can print an Inventory Valuation Detail report to check the transaction history of the part. Inventory Valuation Detail report is like a stock card where you can see the in/out of an item.

QuickBooks Inventory Detail Report

Next, print a Sales by Customer Report, which you can customise the report to something like ‘Service Parts Used by Machine’, to find out the items used on each machine (or vehicle).

QuickBooks Sales by Customer Detail