Tag Archives: accounting software

Product Code and Supplier’s Code

Software: MoneyWorks accounting software

Product code is a unique number (or alphanumeric) use to identify an item. The unique product code for reselling a product can be different from ordering from the supplier, the supplier code.

For example, you own a retail shop selling Television. You sell various brands and models which purchase from multiple manufacturers and distributors. To keep a searchable inventory list, you may create the product code such as:

ABrand32LEDTV
ABrand43LEDTV
ABrand52LEDTV
BBrand32LEDTV
BBrand41LEDTV
BBrand61LEDTV
CBrand52LEDTV
CBrand61LEDTV

Sort inventory by brands helps in stocktaking, especially in a consignment or SOR (Sales or Return) business model. The product looks neat and searchable but may mean nothing to a vendor when you place an order. Vendor may have their unique product code, the supplier’s product code, which you are required to show on the purchase order.

SupplierCode

Use the Lookup (Detail.StockCode, “Product.SupplierCode”) function in the form to find the supplier’s product code of the item. You still use the internal unique product code in the order transaction, but prints the supplier code instead.

To automate the ordering process, add the usual supplier in each item; this generates a Purchase Order from the Sales Order once you have insufficient quantity on hand.

MoneyWorks is simple but yet powerful, sign up a demo to understand how to use MoneyWorks to manage your inventory and finance.

Multiple Branches

Software: MoneyWorks accounting software

You may have customers that have multiple branches which require you to invoice and deliver goods to the outlets but send a consolidated statement to the HQ at the month-end.

First, have the debtor setup with same company name but a different delivery to address in MoneyWorks accounting system. Then, add a dot (.) after the customer name code to group the debtors, and a branch code after the dot to differentiate the branches. Each branch is a debtor, which allow the user to create invoices and print a consolidated statement at the end of the month.

consolidated

Assuming debtor ABC Co (name code ABC_CO) has two branches. To create them in MoneyWorks, first, you amend the debtor code to ‘ABC_CO.’; and two more debtors as ‘ABC_CO.br1’ and ‘ABC_CO.br2’. Any debtor with name code started with ‘ABC_CO.’ will group as one company when printing statement.

You can improve the presentation of the Accounts Receivable Ageing report by adding the HQ Name code (ABC_CO.) into a category or custom field and subtotal by this field when printing report. Highlight the main (ABC_CO.) to print a consolidated statement or print a branch statement by highlighting the branches code.

Book a free demo today to have an understanding of how MoneyWorks helps in managing your business finance.

Auto reverse journal

Software: MoneyWorks accounting software

Assuming your fiscal year ended as at December and you have paid for insurance from October to March. The premium paid from January to March is not a current year expense which you have to reclassify it to a prepayment account when processing the year-end closing and then reverse it on the following year.

A prepayment is an advance payment for goods and services which you received later.

The reversal process can automate with the recurring feature. From the prepayment journal, click the ‘Setup’ button next to the ‘Make Recurring’ checkbox. Then, select ‘Once Only’ option from the wizard, enter a recurring date, and check the ‘Reverse’ checkbox to complete the reversal set up. A reverse journal will create when due.

Auto-Reverse Journal

The recurring feature helps reduce the tedious accounting task such as recurrent rent, payroll, depreciation, accruals, invoices for subscription and school fee; or use it as a reversal entry for prepayment or work-in-progress (WIP), etc.

Sign up a free demo to find out how MoneyWorks can help to manage your business finance efficiently.