Tag Archives: accounting software Taiwan

Multiple locations plug-in for MoneyWorks accounting software

Software: MoneyWorks accounting software

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).

multiple-warehouses

Financial year-end

Software: MoneyWorks accounting software

Financial Year (aka Fiscal Year) consist of financial periods used to calculate annual income statement for businesses. If you are following the Calendar month, then your financial year-end closing is December.

During financial year-end closing, besides preparing the accounting schedules and post all transactions, you have to do a stocktake, bank reconciliation and set a closing exchange rate.

Do a backup before you start a stocktake process from the command menu of the MoneyWorks accounting software. You have to do the stocktake process before your new financial year. Once the stock count has entered, complete the stocktaking process by activating the Finish Stocktake from the Command menu (ensure dated as the start stocktaking date). Then, print the Stock Valuation Report (usually I will keep a PDF copy as well) and backup your company file.

stocktake

You should reconcile your banks that are in foreign currency before set the exchange rate for the year-end closing. Once you entered the exchange rate, MoneyWorks will automatically generate unrealised exchange gain/loss journal to adjust the banks, accounts receivable and accounts payable which are in foreign currency.

Backup and lock the period once you have completed the financial year-end closing to prevent other users from recording transaction into the wrong period.

Merry Christmas!

Contra QuickBooks’ Credit Memo with Sales Invoices

Software: Intuit QuickBooks Desktop accounting software

Credit Memo (aka Credit Note or Adjustment Note) is an accounting document given by the seller to the buyer for goods or services returned. A refund of the credit amount can be given or offset against the future purchase.

Use the “Create Credit Memo/Refund” feature in QuickBooks to record the return of goods/services from a customer. QuickBooks gives the user an option to retain as an available credit to offset against the future purchase, give a refund immediately, or apply to an invoice when the credit memo saved. Among the three options, “Retain as an available credit” is most commonly used.

quickbooks-credit-memo

“Retain as an available credit” is use to contra the credit memo against the future purchases. Let’s say you have issued a credit memo and some invoices for a customer. When making payment, the customer can opt to apply the credit memo to the outstanding sales invoices. In the QuickBooks’ Receive Payment transaction, click the “Discount & Credit” button after you have highlighted the sales invoice and apply the credit memo to an invoice accordingly.

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