Software: MoneyWorks accounting software How it works? Assume that as of 31 May you had set the exchange rate for 1SGD to 0.8000USD (using the month end exchange rate). You recorded a USD bill (Purchase Invoice) as of 12 June for the amount of USD10,000, the base currency equivalent amount will be SGD12,500 (10,000/0.8000). The double […]

Software: MoneyWorks accounting software MoneyWorks does keep track of the monthly exchange rate you set for the foreign currencies. The exchange rate report can be found in the Reports menu | Foreign Currency | Exchange Rate. The exchange rate shown is the rate set on the last day of the month.

Software: MoneyWorks accounting software What are the transactions involved in receiving foreign currency amount of an invoice into a base currency bank account? Assuming we have a Sales invoice of USD 10, 000.00 at an exchange rate of SGD1 : USD0.8. Then, we received this amount, USD 10,000.00 and banked into our SGD bank account […]

Software: MoneyWorks accounting software When you try to deposit an advance payment from a foreign currency debtor (example: USD) into your base currency bank (example: SGD), you will be prompted an error message of: Overpayments in foreign currencies are not allowed. You must issue a debit note (and a credit note if desired) for this […]

Software: MoneyWorks accounting software If your company needs to trade in multiple currencies, when you were sourcing for accounting software, one of the most common questions you usually asked will be “How does the multicurrency feature works?” So, how about MoneyWorks? How does its multicurrency works?  If my Home currency (SGD) against USD (foreign currency) […]