When entering a transaction (e.g. a purchase invoice) in MoneyWorks, the GST code used in the detail line follows the GST code set in the account used.

Although the accounting system does not compute payroll, you still have to record the monthly payroll via a general journal or payment transaction to update the ledger.

Cognito has released MoneyWorks version 9.0.8 update. The new feature includes downloading the sales from Shopify, BigCommerce, and WooCommerce eCommerce store as a service for MoneyWorks Gold/Datacentre. Besides, the stock transfer journals now support auto-split lines to streamline entering serial numbers for created stock. The change history of v9.0.8 is available on the Cognito website; […]

The current standard rated GST (G GST code) rate set in MoneyWorks is 7%, pre-loaded when you first created the document (the company file). You need to update the tax rate for the standard rated GST code to facilitate the rate change on 1 January 2023. 

A credit note (a.k.a. Adjustment Note) is a document, usually for returns of goods or adjustments to past invoices. Whereas the cancel transaction process in MoneyWorks is for reversing a wrong entry.

Small businesses are usually more concerned about cash flow and day-to-day operation, but having a budget is extremely important when moving towards a new normal. With limited resources, it is more crucial to monitor the performance in an uncertain market.