Tag Archives: error

The name is already in use…

Software: Intuit #QuickBooks #accounting software

A debtor (the customer) can also be your creditor (the vendor) if you purchased goods and services from them.

You get an error of “This name is already in use…” if you try to add a vendor with the same name as the customer into QuickBooks or vice versa. The name has to be unique as both of them are sharing the same name table.

name-already-in-use

Although the name has to be unique, they can have a same Company name in the name profile. For example, you have a customer, ABC Office Supplies Pte Ltd, who is also your vendor. Under the Customer Centre, you create ABC Office Supplies as:

Customer name: ABC Office Supplies (C)
Company name: ABC Office Supplies Pte Ltd

When adding ABC Office Supplies Pte Ltd as a vendor, you leave the company name as “ABC Office Supplies Pte Ltd” but change the Vendor name to “ABC Office Supplies (V)”.

Vendor name: ABC Office Supplies (V)
Company name: ABC Office Supplies Pte Ltd

name

Both names have the same Company name as “ABC Office Supplies Pte Ltd”, but the “(C)” in the Customer name and the “(V)” in the vendor name make them unique.

 

How to do a stock correction in MoneyWorks accounting software?

Software: MoneyWorks accounting software

Assuming when cross over to MoneyWorks accounting software as at 31 December 2014, you created a stock item, P101, but forgotten to add the “buy price” (average cost as at the closing date) in the item profile. When 3 pieces of P101 were recorded as a closing stock quantity, due to zero “buy price”, MoneyWorks created a stock journal by debiting the “Stock on Hand” account and credit the “Setup” account at zero value.

Without noticing the closing balance error, 1 piece of P101 was sold at $300 in January and posted; it debited the “accounts receivable” and credited the “sales” account, but due to no stock cost, the cost of sales account was not being debited.

You realised the error and a “Revalue Journal” was passed to adjust the unit cost to $100. Although the transaction date of the revaluation journal was dated as at 31 December 2014, the actual stock on hand as at the date of passing the “Revalue Journal” was 2 pieces (after the sales invoice transaction was posted). Hence, MoneyWorks only debited “Stock on Hand” account 200 instead of 300. You need to pass a “General Journal” to debit 100 to the “Stock on Hand” account to manually adjust the closing balance.

As of 31 December 2014, the Balance Sheet report should be:

Stock On Hand: 300
Setup: 300

A journal also need to be passed in January to manually adjust the “Cost of Goods Sold” account. You should be debited 100 to the “Cost of Goods Sold” account and credited the “Stock on Hand” account.

The Profit and Loss report for the month of January 2015 should be:

Sales: 300
Cost of Goods Sold: 100
Gross Profit: 200

MoneyWorks | Rollback

Software: MoneyWorks accounting software

You can revert your document to the last saved version, or (if you have the Enable Rollback and Crash Recovery File Preference option set—page 188), restore it to a particular point in time since the last save. This is useful if you find you have made some catastrophic error, such as posting heaps of incorrect transactions or inadvertently deleting all your customers.
— Page 22 of the MoneyWorks User Guide

 

You can rollback your transaction if you have not exited your MoneyWorks’ document (Company file which you are working on).

Assuming you had accidentally posted a transaction and you wanted to undo the posting, you may use the Rollback “Company Name” function from the File menu to rollback your last entry.

A Rollback Changes window will be popped up showing a list of transactions which you had recorded since the last save.

MoneyWorks - Rollback

To undo the last entry, Post Transactions, you simply click on the entry (this entry will not be highlighted) and click the Rollback button to rollback your transaction till before you posted the transaction (Note: those highlighted transactions are the transactions which you wanted to keep).