Software: MoneyWorks #accounting software The default setting of an item’s unit price in MoneyWorks is Tax-exclusive. For example, if $100 is the unit price, the tax will be $7 (7% GST on $100). As stated in the IRAS e-Tax Guide “GST: Guide for Retailers”, you must show GST-inclusive prices on all your price displays to […]

Software: MoneyWorks #accounting software By default, MoneyWorks does not show the tax column in transactions windows such as Sales Invoice and Purchase Invoice. When recording a transaction, you just need to select the tax code and let MoneyWorks do the tax calculation automatically. However, due to rounding differences, the GST amount on the bill you […]

Software: MoneyWorks #accounting software You can have foreign currency set in accounts such as the bank, accounts receivable and accounts payable. When there is a rate change, MoneyWorks automatically creates two exchange rate journals. One is to revalue the foreign currency balances due to a change in the exchange rate; another is a reverse of […]

Software: MoneyWorks #accounting software Bank Reconciliation is a process of matching the transactions and balances in the ledger against the Bank Statement and ensure consistency between the two. You should use the bank reconciliation feature in the accounting software to reconcile the bank account and NOT manually reconcile the bank with your spreadsheet or manual […]

Software: MoneyWorks #accounting software The three Tax Types available in MoneyWorks are G.S.T. or V.A.T., Sales Tax and Composite Tax. Different country has a different tax requirement, example, Singapore and Malaysia are using “G.S.T. or V.A.T.” whereas United State uses “Sales Tax”. Unlike Sales Tax which only has a Tax Received account, the “G.S.T. or […]

Software: MoneyWorks #accounting software You should. It is important that you register your copy of MoneyWorks accounting software. Besides claiming ownership of the licence purchased, you receive regular Cognito’s MoneyWorks newsletters and notification of updates and upgrades. As a registered user, you will be informed on any bugs fixed and the tips and tricks in using […]