Software: MoneyWorks accounting software  The transactions, which are recorded in MoneyWorks needs to be posted before it updates the general ledger (GL). Therefore, the aged receivables show only the posted sales invoices. From the Show menu | Transactions | Receivable (under the Transactions by Status) gives a quick overview of the outstanding sales invoices, whereas […]

Software: MoneyWorks accounting software When crossing over from the existing accounting software to MoneyWorks accounting software, you need to record all the outstanding sales invoices. Some user may record as a lump sum (total amount owing) owe by the customer in one single entry, while some user may prefer to record as an individual sales […]

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 Reckon Accounts does provide users an additional Tax Amount (TAX AMT) column in the invoice transaction screen, it allows user to view the Tax amount of the individual line item. However, Intuit QuickBooks only provide a Tax Code column and a tax total at the bottom of the invoice transaction. […]

Software: Intuit QuickBooks Online Singapore (QBO) The QuickBooks Desktop accounting software allows user to select a different Accounts Receivable account when preparing a Sales Invoice transaction. Some users may have set up multiple Accounts Receivable accounts such as Trade Debtors, Other Debtors, and Inter-companies; and use them accordingly in the relevant transaction. However, the multiple […]