Malaysia new government has decided to scrap GST (Goods and Services Tax) from June 2018; the standard rated GST is going to reduce from the 6% to 0%. What are those setting which you need to change in MoneyWorks accounting system?

Cognito has released the update 8.1.2 for MoneyWorks accounting software. This update includes an updated GST F5 Guide (Form 5) for Customer Accounting for prescribed goods.

“Discountable” is a feature in MoneyWorks accounting software which allows a user to turn off when an account is not eligible for a discount.

Software: MoneyWorks #accounting software When a transaction posted, it updates the relevant accounts such as receivable and payable, stock on hand and prevents others from modifying the accounting entry. A posted invoice will show in the “Payment on Invoices” list of a Receipts or Payment transaction, which allows the user to knock off against the […]

Software: MoneyWorks #accounting software A department is basically a further level of breakdown in an account (in accounting parlance, a department is a subledger). . Departments are useful when the same income or expense codes are applicable to more than one similar item. Without departments each item would need an individual general ledger code, and […]