Functional currency, also known as Base Currency or Home Currency, is a reporting currency used in businesses. Transaction currency in another hand is a currency used in the transaction such as Invoices, Payment or Receipts, which could be a foreign currency.
You have to convert the transaction amount to the functional currency based on the exchange rate if the transaction is a foreign currency. Software which supports multiple currencies will do the conversion automatically once the exchange rate has set.
By default, QuickBooks ageing report prints in functional currency. For example, you have an outstanding receivable of US$10,000 at an exchange rate of 1USD:1.3SGD, the receivable report prints S$13,000 instead of US$10,000. You have to customise the report if you want the ageing report show in transaction currency (USD) instead of functional currency (SGD). Select The Transaction Currency’ radio button from the Display tab of the Customise Report wizard allow the ageing report to print in transaction currency instead. You can also do a currency filtering from the filter tab of the Customise Report wizard to limit the number of currency show in the ageing report.
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When working in a multiple users environment, tasks which affecting other users are required to perform in a single user mode. Opening a new financial period in MoneyWorks, change or delete the code (like names, products, jobs, and accounts), or changing of account type, etc.. are examples which required to perform in a single user mode.
To alter the code like name, account, job or product, press and hold the Option key (Mac) or the Cltr key (Window) and then click the Modify button on the toolbar. This command instructs MoneyWorks server entered single-user mode, allow you to modify the code field. It locks the record from other users until modification has completed.
Refer to the MoneyWorks v8 user guide page 307 for more detail on Single-User Mode.
By default, the system will not change the existing transactions when altering a product code. You need to check the checkbox for ‘When altering an item master record, ask to alter existing transactions’ from the Data Entry tab of the Document Preferences to have an option to change the existing transactions when product code changed. It may be difficult to search for the product history without turning on this feature since the old product code is no longer in the item list.
Another method is to create a new product code instead of replacing it. Then, do a stock journal to transfer the balanced inventory on hand from old product code to the new product code. This method could be a better option for showing full transaction history of both old and new product code.
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A bank reconciliation is a process of reconciling the Cash Book account (GL) with the Bank Statement. It is a process of picking the discrepancy between the two, such as omission error, typo error, duplicated transactions, etc..
Occasionally you may make a mistake when reconciling and require to revert the processed reconciliation. To do it, you have to click the ‘Load Old’ button from the Reconciliation window of the MoneyWorks accounting system and select the month of reconciled data to clear. Assuming you have reconciled five months from Jan to May, it will undo the reconcile from March to May if you selected March from the reconciled list. Once the reconciled detail loaded, click the gear icon and select ‘Clear all reconciliations from this month’ option. Proceed to reconciliation again once wrongly reconciled data has cleared.