Software: MoneyWorks accounting software When your customer is also your supplier, in small business, you usually prefer to contra off the amount instead of exchanging cheque. In accounting point of view, contra is a simple process; you just need to debit your Accounts Payable with the Accounts Receivable for the amount owing and follow by […]

Software: MoneyWorks accounting software When purchasing office equipment or machinery, business owner frequently use Hire Purchase to finance their purchases. There are multiple accounts involved in hire purchase transactions; there are fixed asset, Hire Purchase Creditor, Interest in Suspense and HP Interest expense accounts. Assuming you purchase a new Office Equipment at $20,000 and financed […]

Software: MoneyWorks accounting software MoneyWorks allows you to clone a new document (data file) from your existing document. Reasons for cloning a new document could be due to setting up a new company and would like to use the same item list, name list, chart of account and users; or could be you have messed […]

Software: MoneyWorks accounting software MoneyWorks version 6 allows you to export your report to Excel. It exported the file with a coloured background (version 6.0.x to v6.1.1r1 are having the coloured background in Excel when report is being exported). Hence, this background covered the gridlines in Excel. With a coloured background, it made the viewing […]

Software: MoneyWorks accounting software What are the transactions involved in receiving foreign currency amount of an invoice into a base currency bank account? Assuming we have a Sales invoice of USD 10, 000.00 at an exchange rate of SGD1 : USD0.8. Then, we received this amount, USD 10,000.00 and banked into our SGD bank account […]

Software: MoneyWorks accounting software When you try to deposit an advance payment from a foreign currency debtor (example: USD) into your base currency bank (example: SGD), you will be prompted an error message of: Overpayments in foreign currencies are not allowed. You must issue a debit note (and a credit note if desired) for this […]