Cancel Transaction and Credit Note are both reverse entry but use differently. You use Cancel Transaction for correcting duplicated entry, and a Credit Note for adjusting the account.
It does not delete when you cancel a transaction; instead, it creates a reverse entry to correct it and forms an audit trail for the accountant. Unlike Credit Note, both the cancelled and cancellation transaction does not show on the GST report; therefore, you should not use Cancel Transaction as a shortcut for adjusting the account.
Although the journal behind the Cancellation and Credit Note is the same, the GST treatment is different. Consult your accountant if you are not sure of the method used. Use a Credit Note instead of a Cancellation if you are uncertain.
MoneyWorks is a hybrid accounting system that gives the accountant the flexibility of working remotely and enjoying the rich feature of a desktop application. Sign up for a demo to find out more.
You can transfer and track the stock of each store with the Multiple Locations plug-in for MoneyWorks accounting software. Example, the retailer can do a store to store transfer or view the stock on hand (or stock value) of each item in each store from the item list if he/she has a few stores in the city.
MoneyWorks create a new stock code such as “StockCode/A” or “StockCode/B” to show stock in a different location. The Alpha-numeric code behind the stock code, which representing the stock location, is also recorded in the Category 4 field of the item profile. Hence, to do a stocktake of each store, you can print a stocktake list report with page break by location (Category 4).