Posted onMay 17, 2021|Comments Off on New release! MoneyWorks version 9
Cognito has released MoneyWorks version 9.
MoneyWorks accounting software runs on either Windows or macOS. It can be a standalone, installed in a client-server environment, or host it in a cloud. Having a cloud-based system could be essential these days when a majority of us is working from home.
What’s new in MoneyWorks version 9?
MoneyWorks version 9 has lots of enhancement, and the main changes include:
Optimising the performance when running in the newest Macs with M1 processors.
3rd party services.
A Search function in the report preview window.
An integrated Fixed Assets module.
3rd party services such as Bank Feed, Invoice Automation, and e-invoicing (Send and receive invoices electronically using the international PEPPOL standard) can install easier into MoneyWorks without having a separate script. Although some of the services are only available for New Zealand and Australian user, it is a good start for all.
With a search function, you do not need to scroll up and down the report, looking up information within hundreds or thousands of transaction. Enter the keyword that you wish to find and the results presented to you within seconds.
It is not just a fixed asset register that shows the number of assets you owned. MoneyWorks fixed asset is a complete fixed asset module that allows the accountant to process depreciation, revaluation, and disposing of assets.
Process the depreciation monthly or annually, or whenever you need to revalue or dispose of the asset, once you have set up the fixed asset. A journal posted automatically adjusting your asset value when processed.
We will discuss more on MoneyWorks fixed asset in our future post. In the meantime, you may download a trial to test drive the fixed asset (install version 9 onto a separate computer if you are still using an older version of MoneyWorks); or book a demo to find out how to using MoneyWorks to manage your business finance.
Visit the Cognito website to check out the change history of the MoneyWorks version 9.
Posted onOctober 6, 2020|Comments Off on Setup inter-company in QuickBooks Online (QBO)
Although you can create multiple receivable accounts in QuickBooks Online Singapore version, the receivable field is not available in the sales invoice form. The intention ‘could be’ trying to simplify the process by having one receivable for each currency to prevent a mistake in the classification of account. For those who are using multiple receivable accounts in QuickBooks Desktop may take note of the differences.
Some user may create the subsidiary as a customer or supplier in QuickBooks. You can print a standard Profit & Loss or Balance Sheet report and set the column to display either by customer or supplier. You do not require any additional setting but have to separate the customer and supplier into two difference report. It’s workable but maybe a little tedious to some accountants.
How about using the class feature?
QuickBooks Online manages the class slightly different from the Desktop version. The class selection is only available for the detail line of the transaction, but not for the transaction header account such as a bank, receivable or payable. For example, you can select a class for the expense account but not the payable when entering a bill. You can have a Profit & Loss with the column by the class report, but not an accurate Balance Sheet by Class.
Consider location instead.
QuickBooks introduces the location feature in the Online version to categorise the data from multiple warehouses, branches, or inter-companies. The usage is similar to the class feature, but it affects both header and detail line accounts when a location has tagged. You can prepare column by location for both Profit & Loss and Balance Sheet, which helps the accountant prepare contra during consolidation.
Try location feature if you haven’t done so. Let us know how you managing inter-company billing in QuickBooks Online 🙂
Comments Off on Setup inter-company in QuickBooks Online (QBO)
Posted onSeptember 29, 2020|Comments Off on How to use the contra feature in MoneyWorks accounting system?
The contra feature in MoneyWorks is not to offset between customers owing or between the outstanding of a customer and a supplier. A contra, in MoneyWorks accounting system, is to knock off the credit note of the same customer or supplier with their invoice.
Let’s say you received a credit note of US$414.30 from a foreign currency supplier and going to use it to offset the outstanding purchase invoice of $41,430.
The first method is to select the credit note while making a payment to the supplier. This method may be more “controlled’ to some users as you can dictate the bank account, date, and credit amount to use.
Another method is to use the contra invoice feature from the command menu to offset the credit note against the invoice. Highlight the available credit note and follow the contra invoice wizard to select the invoice to offset. It’s simple and easy.
However, this method does not have an option of changing the contra date and credit amount used. A dummy bank account, which is the bank account used in your last transaction, will add to the contra payment transaction. Since the dummy bank account is the account used in the previous transaction, and there is no accounting impact; therefore, whether the currency matches the transaction currency or not is immaterial.