Tag Archives: mac accounting software

Overpayment received in foreign currency

Software: MoneyWorks accounting system

You get an error of ‘Receipt amount exceeds amounts allocated to invoices’ when try applying an overpayment to a foreign currency invoice. You have to use dummy invoices to transit the additional amount received between the Overpayment Received and the Accounts Receivable account.

Assuming Singapore dollar is your base currency. You received a payment of US$10,960 from a customer for an invoice of US$10,690. This cause an overpayment of US$270 which you need to capture as an outstanding to the customer.

For illustration purpose, we create a current liability account and name it as ‘Overpayment Received’ (Check with your accountant for an appropriate name use).

To offset the full amount received, you create a dummy sales invoice of US$270 to the customer. This invoice debit USD Accounts Receivable and credit Overpayment Received account of US$270, which will add to the outstanding of US$10,690.

overpayment invoice

Then, record a receipt of US$10,960 into your USD bank account and offset both sales invoices. This receipt debits USD Bank US$10,960 and credit USD Accounts Receivable US$10,690 and US$270.

receipt

Next, record a dummy negative sales invoice (credit note) to reverse the US$270 from Overpayment Received account. This negative sales invoice debit Overpayment Received and credit USD Accounts Receivable.

credit note

You have an option to offset the credit note with the future sales invoice or send a refund to the customer. The ‘Send a refund to debtor’ feature is under the Command menu which debits the USD Accounts Receivable and credit USD Bank account.

send refund to debtor

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How to show the cost price of a product in the item list?

Software: MoneyWorks accounting software

The cost price (standard cost) is different from the ‘Buy Price’; the Buy Price is a price used in the purchase invoice transaction, whereas the Cost Price is the average cost (standard cost) of an item.

Standard Cost

By default, the CostPrice field is not in the item list. To have it in the item list, you need to add it from the Customise List View (under the Edit menu). You can add the CostPrice field from the Available Field Window (the left Window) but you may not able to change the value to 2 decimal places. Alternatively, you can add a Heading field and follow by adding the CostPrice field into the calculation box of the Heading field.

Heading field

Then, change the alignment of the Heading field to ‘decimal’ to allow the value to show in the item list as 2 decimal places.

Alignment.png