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 […]

Software: MoneyWorks #accounting software The three Tax Types available in MoneyWorks are G.S.T. or V.A.T., Sales Tax and Composite Tax. Different country has a different tax requirement, example, Singapore and Malaysia are using “G.S.T. or V.A.T.” whereas United State uses “Sales Tax”. Unlike Sales Tax which only has a Tax Received account, the “G.S.T. or […]

Software: Intuit #QuickBooks #accounting software Overpayment — The amount paid is greater than the amount due. An accounting software helps the business owner track the receivable and payable efficiently and minimises accounting error such as overpayment. When an overpayment occurred, you can either give a refund or keep it as a negative receivable and offset […]