Tag Archives: mac accounting software

Currency description and currency code on sales invoice template

Software: MoneyWorks accounting software

It’s important to show the currency code or currency name in invoices if you are trading in multiple currencies. Showing USD100,000, EUR100,000 or S$100,000 is better than printing 100,000 alone on the sales invoice (it’s much clearer to the recipient). The default sales invoice template in MoneyWorks accounting software has the built-in formula which prints the transaction gross with a currency code in front.

Below is the formula in the default template such as Product1, which you can copy and paste it to the custom template you have created.

CurrencyFormat (Transaction.Gross, Transaction.Currency)

However, if you prefer to have a transaction gross in English on the sales invoice, you can add a calculation box field with a formula:

Lookup (Transaction.Currency, “Offledger.description”) + ” ” + NumToEnglish (Transaction.Gross) + ” Only”

this formula will print the transaction gross of USD100,000 in English as ‘UD dollars One hundred thousand Only’.

Currency name and code

You can also add a currency field on the sales invoice showing the currency (currency description) used. The formula for the calculation box is:

Lookup (Transaction.Currency, “Offledger.description”)

This formula prints the currency name such as US dollars, EURO, Malaysia Ringgit, etc. (Use the Transaction Currency field alone without any function if you prefer to show only the currency code instead of the currency description on invoice). It is good to indicate the currency used on the Sales Invoice to omit discrepancy.

 

Financial year-end

Software: MoneyWorks accounting software

Financial Year (aka Fiscal Year) consist of financial periods used to calculate annual income statement for businesses. If you are following the Calendar month, then your financial year-end closing is December.

During financial year-end closing, besides preparing the accounting schedules and post all transactions, you have to do a stocktake, bank reconciliation and set a closing exchange rate.

Do a backup before you start a stocktake process from the command menu of the MoneyWorks accounting software. You have to do the stocktake process before your new financial year. Once the stock count has entered, complete the stocktaking process by activating the Finish Stocktake from the Command menu (ensure dated as the start stocktaking date). Then, print the Stock Valuation Report (usually I will keep a PDF copy as well) and backup your company file.

stocktake

You should reconcile your banks that are in foreign currency before set the exchange rate for the year-end closing. Once you entered the exchange rate, MoneyWorks will automatically generate unrealised exchange gain/loss journal to adjust the banks, accounts receivable and accounts payable which are in foreign currency.

Backup and lock the period once you have completed the financial year-end closing to prevent other users from recording transaction into the wrong period.

Merry Christmas!

Discountable

Software: MoneyWorks accounting software

Turned off the Discountable option in an account if you do not want an invoice line coded with the account to be eligible for prompt payment discounts.

[Refer to Page 37 of the MoneyWorks v7 User Guide for more information.]

Discountable works with the “Prompt Payment Discount” (In the Pricing & Term tab of the Name). Assuming the customer enjoy 10% discount, all items except freight charges, if he settles his outstanding within 30 days from the invoice date. You can uncheck the “Discountable” checkbox of the Freight Charges account since it is not eligible for a discount even the customer paid within the payment terms.

discountable

Let’s say the detail of an invoice (Price is inclusive of 7% GST):

Item 1 at $3,210
Item 2 at $7,490
Freight Charge at $535
Total of the invoice: $11,235

When the customer pays within the given terms, the discounted amount will be $10,165. That is:

3,210 + 7,490 = 10,700 – 10% = 9,630 + 535 = 10,165

The “Discountable” feature helps prevent giving discount accidentally on a non-eligible account.