Software: MoneyWorks #accounting software The year is broken into periods. You normally have 12 periods in your financial year, each one corresponding to a calendar month. However MoneyWorks lets you have anywhere from two to fifteen periods. — MoneyWorks version 7 User Guide page 10, Period. A Financial Year normally has 12 financial periods and […]

Software: MoneyWorks #accounting software The double entry accounting consists of a debit and a credit entry. The Bookkeeper has to pass the journals and updates the ledger, which represented with a T account. These are the fundamental of accounting. However, with a computerised accounting system, the double entry is done behind the daily transactions such […]

Software: MoneyWorks #accounting software A Sales Discount (or Cash Discount) is a discount given at the point of payment. It encourages prompt payment and helps in cash flow management. Example, you give a 10% discount for invoices which has paid within the payment terms or earlier. To help in managing the accounts receivable, you can […]

What is a Pro Forma Invoice? A Pro Forma Invoice is not a “real invoice”. It is a document states the goods or services, which you yet to supply. Often, the Pro Forma Invoice is used to declare the quantity, value and other shipping detail of the goods for the customs purpose. For software that […]

Software: MoneyWorks #accounting software Often, the retailer creates a bundle to encourage sales, especially toward the end of the school holiday, The Great Singapore Sales or Christmas season. For example, the computer retailer may bundle the computer with a headphone or a wireless mouse; or a sports shoe seller may give away a sports shoe […]

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 […]