Software: MoneyWorks accounting software Assume that you own 2 companies, CoA and CoB. You have a debtor, DebtorA, owes CoA $1,000 and CoB $2,000. Instead of making payment to both CoA and CoB individually, DebtorA made payment of $3,000 to CoA and indicated that it was paying for the outstanding invoices of both companies. It […]

Software: Intuit QuickBooks accounting software Contra is to knock off an outstanding Sales Invoice against a Purchase Invoice (Supplier Bill); usually, the customer is also your supplier (sometimes it may be three parties). There is no cash payment, just to knock off the accounts receivable with the accounts payable. For the contra transactions, in addition […]

Software: Intuit QuickBooks accounting software When recording the cheque payment using the Write Cheque function, you may wonder where to record the cheque number. By default the cheque number field, “NO”, is grey out and prevent user from editing. To input the cheque number manually, you can uncheck the “Print Later” checkbox and record cheque […]

Software: QuickBooks accounting software QuickBooks does not allow you to make payment for a foreign currency bill (example: JPY) with another foreign currency bank account (USD) directly. Assuming your base currency is SGD. You received a supplier bill in Japanese Yen (JPY) with an amount of 100,000Yen and you decided to make payment via the […]

Software: Quickbooks accounting software If you have received the supplier’s bill before the goods received, you should not convert the Purchase Order to Bill. Instead, you should consider to record the bill from the supplier and park it to the “Advance to Supplier” account. The “Advance to Supplier” account (You may consider to use “Stock […]

Software: MoneyWorks accounting software The Contra feature in MoneyWorks is referring to contra a credit note against an invoice for the same debtor or creditor. You can’t use the Contra feature to contra invoices between a debtor and a creditor. From the Command menu, select Adjustments and follow by the Contra Invoices function to contra […]