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.

You can use the overpayment method in MoneyWorks accounting system to record the advances paid to the supplier if you are not using the purchase order system.

MoneyWorks accounting system has a receive deposit for order feature built-in the orders systems (on both Sales Order and Purchase Order system); you have an option to process a receipt from the Sales Order system when a deposit has collected, or a payment transaction once a deposit has paid for the purchase order.

When working in a multiple users environment, tasks which affecting other users are required to perform in a single user mode.

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..