Tag Archives: MoneyWorks Singapore

MoneyWorks updates 9.1

Cognito has released the MoneyWorks updates version 9.1

This update resolved some of the issues and added a few new features, such as a date picker allowing the user to pick the date from a pop-up calendar and supporting batch/serial number tracking when building a product.

Build assembly item

Visit the Cognito website to view the change history.

Cancel Transaction

Posting is a fraud control feature in MoneyWorks to prevent editing once the account has finalised. You cannot modify the transaction once posted. However, you can use the Cancel Transaction feature (from the Command menu) to correct the error.

Cancel Transaction in MoneyWorks
Cancel Transaction

By cancelling, it does not delete the transaction. Instead, it creates a reverse entry to correct the mistake.

For example, you entered a purchase invoice twice. You can use the cancel transaction method if the error is still within the current period. What the system does is that it creates a reverse transaction to correct the duplicate error.

Correct duplicated error
Correct duplicated error

However, if the mistake is fall in the past period, then you should consider entering a credit note or journal in the current period to correct an error made in the past.

New year, new sequence number!

The official document (e.g. Invoice, Credit Note, or Purchase Order) reference number must be unique and sequential.

The invoice reference number is auto-generated if you are using a computerised accounting system. Some users may preset the running sequence (e.g. IN100001) when rolling out and leave it running without resetting.

And some users may prefer to reset it once a month or yearly. For example, you may preset the invoice as IN20-10001 for invoices issue in the year 2020, and reset it to IN21-10001 on the first day of 2021.

Edit invoice number
Edit invoice number

If you are using MoneyWorks and would like to reset the invoice number, you can go to the Edit menu and select Document Preferences from the pull-down menu. Then, click the ‘Seq Nos’ tab and change the Invoice number to your preferred running order. Check the checkbox for ‘Change starts new seq’ before you save the setting.

That’s it!
Your next invoice will run in a new sequence.