Tag Archives: Cloud-Based accounting systems

Password alone is not safe!

QuickBooks Online (QBO) is a cloud-based accounting system, using a web browser to access your accounting data. No software program installed on your local computer, and the data (company file) hosted in Intuit’s secure cloud server.

The advantage of using a cloud-based system is that you do not need to invest in a computer server to host your data; it is a cost-saving, especially for a new startup. 

You always have the updated software version, do not need to worry about compatibility, or migrate the database from one version to another.

You can access your account anywhere, anytime. Be it at home or office, either using a Windows or macOS, open up a web browser, go to the QuickBooks Online (QBO) sign-in page, enter your ID and password. That’s it! 

Remotely accessible is essential these days when working from home is the norm.

A browser-based software solution is simple to use and convenient to access, but password alone is not safe! Anyone with your credentials can access your account and make unauthorised changes. Scary.

To protect you from password thieves, you can and should set up two-step verification. 

What is two-step verification?

Two-step verification is an extra security layer on top of your usual sign-in ID and password. A one-time security code will send to your mobile phone number whenever you sign-in to QuickBooks Online.

How to set up two-step verification?

QuickBooks Online two-step verification
QuickBooks Online two-step verification
  • Click on the User Profile icon (at the top-right corner of the QBO page) after signing into QuickBooks Online with your credentials. 
  • Click on the Manage Your Intuit Account link.
  • Select Manage Sign In & Security option from the User Account page.
  • Check! Ensure you have entered your mobile phone number correctly.
  • Switch on Two-step verification.
  • Select Text Message in ‘How should we contact you?’ option (you can opt for Voice Call if that is better for you).
  • Close and exit your setting.

How does two-step verification work?

On the subsequent sign-in to QuickBooks Online, you will receive a 6-digit security code via SMS message or voice call depending on your setting. Then, enter the 6-digit security code into the Verification Code box shows on the web browser to continue accessing your QBO file(s).

Two-step verification protecting your account by making sure it is you that sign in to QuickBooks Online; an extra layer of protection you should set it up to safeguard your valuable financial data.

New year, new sequence number!

The official document (e.g. Invoice, Credit Note, or Purchase Order) reference number must be unique and sequential.

The invoice reference number is auto-generated if you are using a computerised accounting system. Some users may preset the running sequence (e.g. IN100001) when rolling out and leave it running without resetting.

And some users may prefer to reset it once a month or yearly. For example, you may preset the invoice as IN20-10001 for invoices issue in the year 2020, and reset it to IN21-10001 on the first day of 2021.

Edit invoice number
Edit invoice number

If you are using MoneyWorks and would like to reset the invoice number, you can go to the Edit menu and select Document Preferences from the pull-down menu. Then, click the ‘Seq Nos’ tab and change the Invoice number to your preferred running order. Check the checkbox for ‘Change starts new seq’ before you save the setting.

That’s it!
Your next invoice will run in a new sequence.

How to use the contra feature in MoneyWorks accounting system?

The contra feature in MoneyWorks is not to offset between customers owing or between the outstanding of a customer and a supplier. A contra, in MoneyWorks accounting system, is to knock off the credit note of the same customer or supplier with their invoice.

Let’s say you received a credit note of US$414.30 from a foreign currency supplier and going to use it to offset the outstanding purchase invoice of $41,430.

Method one

The first method is to select the credit note while making a payment to the supplier. This method may be more “controlled’ to some users as you can dictate the bank account, date, and credit amount to use.

Method two

Another method is to use the contra invoice feature from the command menu to offset the credit note against the invoice. Highlight the available credit note and follow the contra invoice wizard to select the invoice to offset. It’s simple and easy.

Contra a credit note with an invoice

However, this method does not have an option of changing the contra date and credit amount used. A dummy bank account, which is the bank account used in your last transaction, will add to the contra payment transaction. Since the dummy bank account is the account used in the previous transaction, and there is no accounting impact; therefore, whether the currency matches the transaction currency or not is immaterial.

Sign up a free demo to find out more about MoneyWorks Now, the cloud-based accounting system for your business.