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 […]

Software: Intuit QuickBooks Desktop QuickBooks has an easy way of recording a transfer fund from a bank to another. You may have a bank for trading and another to facilitate the repayment of a loan or for payroll purposes which you may require to ‘top-up’ from time-to-time, From the Transfer Fund wizard, record the amount, […]

Software: MoneyWorks accounting software You have an option of recording the invoice, payment or receipt transaction either via by account or by item tab. What’s the difference? You use the ‘By Account’ tab to record transactions which charge directly to the GL (general ledger) such as rent, repayment of the loan, purchase of assets, etc.; […]

You can use the cost of goods sold or an expense account as a dummy account in the account tab of a payment transaction to record the GST paid on the imported goods.

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.

Cognito has released MoneyWorks version 8.1.5 update. The complete change history (a list the bug fixes and improvements) of version 8.1.5 is available at Cognito website.