Tag Archives: business

Specify the currency conversion rate (Exchange Rate)

Software: MoneyWorks accounting software

For purchases made from a GST register trader in foreign currencies, the supplier has to reflect the GST payable on the invoice in Singapore dollars with an approved exchange rate. You, the buyer, should claim input tax based on Singapore dollar amounts shown on the tax invoice instead of conversion based on your in-house exchange rate.

For example, your in-house exchange rate is 1SGD:0.7400USD, but received a Bill from a supplier at a rate of 1SGD:0.7431USD. Then, you should record the Bill (Purchase Invoice) with an exchange rate of 1SGD:0.7431USD instead of using the system rate 1SGD:0.7400USD.

Assuming the GST amount of a Purchase Invoice is US$700. It will be $$945.95 (700/0.7400) if recorded based on system exchange rare of 1SGD:0.7400USD and S$942.00 if the exchange rate has changed to 1SGD:0.7431USD.

As you can see from the above illustration when the exchange rate changed, the GST amount in Singapore dollar changed.

Click the exchange rate button on top of the purchase invoice to change the exchange rate of a transaction in MoneyWorks accounting software.

Change exchange rate

Then, uncheck the ‘Use system rate at posting time’ checkbox from the Currency Rate wizard and amend the exchange rate for the transaction.

You should check with your accountant or IRAS if you have doubt on GST transactions.


Output Report from MoneyWorks to MS Excel

Software: MoneyWorks accounting software

MoneyWorks give you various options to output the reports. You can output reports from MoneyWorks to Preview, Printer, Email, HTML File, Text File, Numbers, Excel, Word, Clipboard, and PDF File. The integration between apps is seamless; for example, if your computer has Microsoft Excel installed it will open in Excel automatically when the report has output.

MoneyWorks Reports

If you are connecting MoneyWorks Datacentre via Microsoft Remote Desktop instead of manual IP address method, you need to have Microsoft Excel installed on the server to output report in Excel. You are working on the server directly when you are in a Remote Desktop environment, having a Microsoft Excel installed on the local computer alone will not work. Output report from a Remote Desktop, which does not have an Excel installed, will not open automatically in Excel from the local computer.

If you are in a Microsoft Remote Desktop environment and require reports to be readable in Microsoft Excel, here is a method which you can consider.

First, create a Shared folder in the Microsoft Remote Desktop Console. A Shared folder helps interchange documents between the host and the client computer. When the report has output from MoneyWorks to Excel in the Remote Desktop Server, it creates a *.htm formatted report in the ‘Local>Temp’ folder automatically if required software is missing.

Then, transfer the report from the Temp folder to the Shared folder once created and open the file in Microsoft Excel locally.

MoneyWorks gives you various methods to connect to a Datacentre; you can connect via local network, manual IP address, Remote desktop, Cloud server, and MoneyWorks Now. Discuss with your MoneyWorks Consultant to find the best method to connect to the MoneyWorks Datacentre to achieve your desired result.



* Numbers is an Apple product.
* Excel and Word are Microsoft product.


0-day payment term

Software: MoneyWorks accounting software

When you set the payment term for a customer as ‘0’ (zero) day in the Debtor control, it will print on the invoice as ‘0’ day as default if the Term field has added to the form template. The Invoice due date is calculated based on the value set in the Term field of the name profile, therefore only numeric is acceptable. For example, when you issued an invoice dated as 1st January and the Term set is ‘Within Days 30’, the due date of the invoice will be 31st January.

Although you cannot change the field setting, you can modify the print. An ‘if()’ function can be added to the invoice template if you prefer to name the payment term as instant, immediate, C.0.D. (Cash on Delivery), etc. instead of ‘0-days’ when printed.

Let’s say you prefer ‘immediate’ than 0-day, then add an if() into the payment term field from the form designer:

if (Name.DebtorTerms = “0”, “Immediate”, Name.DebtorTerms + ” Days”)

Payment Term

The above will tell MoneyWorks to print the term as ‘immediate’ if the term set in the name profile is ‘0’, or else print as the value set in the term field and add the text ‘ Days” behind it. In short, MoneyWorks will print as ‘immediate’ if the term is ‘0’ and ’30 Days” if the term is 30.

There are sample forms available which you can use or amend to suit your business. You can also create a new one from the File menu. Refer to the Forms Designer chapter on MoneyWorks User Guide to learn more about form design or get a Consultant to design a form for you.