Category Archives: MoneyWorks

Non-Current Liabilities account

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.

Sign up a free demo if you like to find out more about how MoneyWorks helps in managing your business finance.

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

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’.

Filter.png

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

show filter.png

Sign up a free demo to understand how MoneyWorks helps in managing your business finance more efficiently.

 

Overpayment received in foreign currency

Software: MoneyWorks accounting system

You get an error of ‘Receipt amount exceeds amounts allocated to invoices’ when try applying an overpayment to a foreign currency invoice. You have to use dummy invoices to transit the additional amount received between the Overpayment Received and the Accounts Receivable account.

Assuming Singapore dollar is your base currency. You received a payment of US$10,960 from a customer for an invoice of US$10,690. This cause an overpayment of US$270 which you need to capture as an outstanding to the customer.

For illustration purpose, we create a current liability account and name it as ‘Overpayment Received’ (Check with your accountant for an appropriate name use).

To offset the full amount received, you create a dummy sales invoice of US$270 to the customer. This invoice debit USD Accounts Receivable and credit Overpayment Received account of US$270, which will add to the outstanding of US$10,690.

overpayment invoice

Then, record a receipt of US$10,960 into your USD bank account and offset both sales invoices. This receipt debits USD Bank US$10,960 and credit USD Accounts Receivable US$10,690 and US$270.

receipt

Next, record a dummy negative sales invoice (credit note) to reverse the US$270 from Overpayment Received account. This negative sales invoice debit Overpayment Received and credit USD Accounts Receivable.

credit note

You have an option to offset the credit note with the future sales invoice or send a refund to the customer. The ‘Send a refund to debtor’ feature is under the Command menu which debits the USD Accounts Receivable and credit USD Bank account.

send refund to debtor

Sign up a free demo to find out how MoneyWorks can help in managing your business finance.