Category Archives: MoneyWorks v6

Fixed Assets account

Software: MoneyWorks accounting software
When purchasing an asset in foreign currency, you need not convert manually into a home currency value before recording it into the MoneyWorks accounting software.

The currency type of the Bank, Accounts Receivable and Accounts Payable account can be in foreign currency. Therefore, when you record a purchase invoice with a supplier that has a foreign currency set as a transaction currency, MoneyWorks will convert to a home currency value based on the exchange rate set.

For example, you purchase a machine at US$60,000. You record the purchase invoice into MoneyWorks at an exchange of 1 Singapore dollar to 0.74 US dollar. The double entry will be:

Debit Machinery 60,000.00
Debit Machinery 21,081.08
Debit GST Input 5,675.68

Credit USD Accounts Payable 64,200.00
Credit USD Accounts Payable ~~ Del 22,556.76


S$81,081.08, the Machinery cost, will print on the Balance Sheet report. The USD Accounts Payable will follow the rule of the exchange gain/loss, whereas the fixed asset will maintain in home currency.

Posting transactions in MoneyWorks accounting software

Software: MoneyWorks #accounting software

When a transaction posted, it updates the relevant accounts such as receivable and payable, stock on hand and prevents others from modifying the accounting entry.

A posted invoice will show in the “Payment on Invoices” list of a Receipts or Payment transaction, which allows the user to knock off against the payment.

Before you save a transaction, you can post it by clicking the POST icon next to the OK button or do it in a batch form. MoneyWorks store all the unposted transactions in the Unposted transaction list. From the Unposted transaction list, highlight those or all the transactions which you like to post and click the POST button.


You may consider backing up the file before posting and restore the file if there is a mistake. Rollback is another alternative which you can consider. Rollback if a mistake has discovered immediately after posting.

Posting helps prevent others from modifying it. especially when the financial report has printed. You can use “Cancel Transaction” (reverse an entry) if a mistake has discovered some time after posting.

Posting is important. You should do it regularly.

For more information on posting transaction, you can refer to page 99 of the MoneyWorks v7 User Guide.


How does the auto backup work in MoneyWorks accounting software?

Sofware: MoneyWorks #accounting software

MoneyWorks Datacentre does auto backup the company file (data file).

The backup and archive path are both set in the MoneyWorks Datacentre Console. The backup and archive path, by default, are set to point to local drive. You need to set the MoneyWorks Datacentre as a user who has the privileges to access the networks drive if you prefer to backup over the network.

If checked, documents will get automatically backed up on any day that they are used (on first save or when they close*). If a new period has been opened, then the backup goes into the Archives folder and is dated so that it will not get overwritten. Otherwise backups go into the backups folder and are stamped with the day of week (1-7). Week-old backups will therefore get overwritten.

— MoneyWorks Administrator Guide, page 8.

How does the automatic backup work?

MoneyWorks Datacentre console - Configuration

Assuming you are the only user accessing the company file on Tuesday morning, you disconnected during lunch time. When a user has disconnected from the company file, Moneyworks saved the session and a backup file is created.

Sample of a backup file:
Acme Widgets Gold.mwd7.2.mwgz

The “2” in the above backup file name is representing Tuesday. So, Wednesday’s backup file name will be “Acme Widgets Gold.mwd7.3.mwgz”.

After your lunch, you connected to the company file again and disconnected after work. Since this is the second backup of the day, MoneyWorks overwritten the earlier file.

There will be a daily backup, from Monday to Sunday, once you saved or disconnected from the company file. The weekly backup cycle will continue, the old backup file will get overwritten on the following week. MoneyWorks will not create a backup file if there are users connected to the company file. As an administrator, you have to ensure all users have disconnected at day end.

Whenever a new period created in MoneyWorks, usually after the month end process, it creates an archive file and store it in the Archive folder. If you have created the period on a monthly basis, the archive file serves as a monthly backup.

Sample of an archive file:
Backup of Acme Widgets Gold.mwd7 [160521].mwgz

The monthly archive file will not get overwritten since the archive file includes a backup date. However, only one archive file will be stored if a user has opened up new periods in advance. For example, if a user opens up period March to September on 1 March, then only the final archive file, which has the period September stored in the archive folder. Those earlier archive files, which from the period March, have the same file name as the archive file with period September; hence, being overwritten.

As an accountant, other than the automatic backup done by the MoneyWorks Datacentre, you can do a manual backup with the “Save a backup as” feature from the File menu of the MoneyWorks Gold. The accountant or MoneyWorks administrator should consider monthly manual backup if you have open the period in advance.

We suggest you should do a manual backup before you posted the transactions, bank reconciliation, start a stocktake, or finalised the GST. Although a rollback does help, backup is a better choice.