Software: Intuit #QuickBooks Desktop #accounting software The ledger balance of the bank account as at the last financial year-end closing can be use as the opening balance of the bank account in QuickBooks, or derive the opening balance from the closing balance of the bank statement and record the un-presented cheque and deposit separately. Most […]

Software: MoneyWorks #accounting software You can have foreign currency set in accounts such as the bank, accounts receivable and accounts payable. When there is a rate change, MoneyWorks automatically creates two exchange rate journals. One is to revalue the foreign currency balances due to a change in the exchange rate; another is a reverse of […]

Software: Intuit #QuickBooks #accounting software A debtor (the customer) can also be your creditor (the vendor) if you purchased goods and services from them. You get an error of “This name is already in use…” if you try to add a vendor with the same name as the customer into QuickBooks or vice versa. The […]

Software: MoneyWorks #accounting software Bank Reconciliation is a process of matching the transactions and balances in the ledger against the Bank Statement and ensure consistency between the two. You should use the bank reconciliation feature in the accounting software to reconcile the bank account and NOT manually reconcile the bank with your spreadsheet or manual […]

Software: MoneyWorks #accounting software You get an error message of “Only base currency accounts are allowed” when you tried to record a payment transaction from a bank account of a foreign currency such as US dollars to another bank account. Instead of using a payment transaction, you should consider using a Transfer Funds from the […]

Software: Intuit #QuickBooks #accounting software Data verification is a process in QuickBooks to check for data integrity of a company file. Under the backup option, you can have a complete, quicker or no verification done during backup. By default, it is recommended to have a Complete Verification. QuickBooks will run a thorough check of the […]