A bank reconciliation is a process of reconciling the Cash Book account (GL) with the Bank Statement. It is a process of picking the discrepancy between the two, such as omission error, typo error, duplicated transactions, etc..
Occasionally you may make a mistake when reconciling and require to revert the processed reconciliation. To do it, you have to click the ‘Load Old’ button from the Reconciliation window of the MoneyWorks accounting system and select the month of reconciled data to clear. Assuming you have reconciled five months from Jan to May, it will undo the reconcile from March to May if you selected March from the reconciled list. Once the reconciled detail loaded, click the gear icon and select ‘Clear all reconciliations from this month’ option. Proceed to reconciliation again once wrongly reconciled data has cleared.
Malaysia new government has decided to scrap GST (Goods and Services Tax) from June 2018; the standard rated GST is going to reduce from the 6% to 0%. What are those setting which you need to change in MoneyWorks accounting system?
Unlike some other software which requires you to create a new GST code to cater for the rate change, MoneyWorks allows you to set a new GST rate at a specified changeover date within the tax code profile. First, change the default tax rate (Rate 2) of tax code such as G GST Code (for SR and TX GST code) from 6% to 0%, then enter the old rate (6%) in Rate 1 field and set the changeover date to 1 June 2018.
Once the tax rate changed, any transaction which uses the amended GST Code will be 0% automatically.
Go through the list of GST code from the Tax Rate table (under the Show menu) and amend those codes which require changes. You may have to consult your accountant or tax department as the changeover could be complicated especially regards to those bad debts recovered or capital goods acquisition/disposal transactions.
You are still required to process the finalisation of GST at the end of each GST cycle although the rate has changed from 6% to 0% as the GST system is still in place and MoneyWorks is still actively tracking the GST of each transaction.
The newer version of MoneyWorks is v8, contact us if you require upgrading your existing version.
Cognito has released the update 8.1.3 for MoneyWorks. Besides bug fixes, there are few new features introduced in this update, they are:
- Allows the user to import Stock transfer journals.
- Having the user’s email address override the Reply-To when sending the email via SMTP is now optional.
- Backdated Transactions report (under Audit section).
- New calculation features.
- New GST feature for Singapore user: Customer Accounting for Prescribed Goods.
Click here to view the full change history of MoneyWorks accounting software version 8.1.3.