Prompt Payment Discount (Sales Discount)

Software: MoneyWorks #accounting software A Sales Discount (or Cash Discount) is a discount given at the point of payment. It encourages prompt payment and helps in cash flow management. Example, you give a 10% discount for invoices which has paid within the payment terms or earlier. To help in managing the accounts receivable, you can […]

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QuickBooks Ageing

Software: QuickBooks accounting software You have invoiced both Customer A and Customer B on 25th February, but the Ageing Report shows the Customer A’s outstanding is in the “1-30” days ageing cycle whereas the Customer B’s outstanding is in the “Current” ageing cycle. The payment terms set in the customer profile affects the due date […]

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Transactions to accounts payable must include a vendor

Software: Intuit QuickBooks accounting software General Journal is often being used during month-end or year-end closing. You may use a general journal to reclassify accounts, prepare accrual or record a depreciation of the fixed assets. However, sometimes when recording a journal with an accounts payable, you get a warning message of “Transactions to accounts payable […]

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Prepare an Aged Receivable report by debtor’s name

Software: MoneyWorks accounting software By Default, the Aged Receivable and Aged Payable report of MoneyWorks accounting software is sorted by Name Code. For example: Name Code         Name BROWN               Brown Suppliers FEB001                 ACE Logistic Co Brown Suppliers […]

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Payment Terms – Next Month vs. Within Days

Software: MoneyWorks accounting software The Terms (Payment terms), which under the “Pricing & Terms” tab of the name profile (A debtor or a creditor), have an option of “Next Month” or “Within Days”. The “Within Days” terms calculate the due date based on the number of days set from the invoice date. Whereas the “Next […]

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Print Statement

Software: MoneyWorks accounting software If you prefer to send the Statement to a few customers instead of all the customers in the debtors list, you can do it by highlighting the debtors from the Names list, then prints the Statement from the Command menu. Reference: MoneyWorks v7 User Guide, page 143, Printing and emailing Statements.

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