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.
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.
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.
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.
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.
2020 was like travel in a dark tunnel, full of fear and uncertainty. Hope everyone has a good start in 2021, leave the fear behind, moving forward better and stronger.
New year, new start, new plan.
It is time to set a budget for 2021; project a healthy growth and monitor the spending for a better and profitable year.
Budget? Yes, the budget. Although most SOHO and smaller businesses seldom use a budget, it is good to monitor the expenditures during this uncertain period.
How to set a budget?
Consider using the average of your past few years actual (maybe past two to three years) if you do not know how to set a budget.
MoneyWorks support two alternative budget, A and B, for each financial year. You can enter directly into the budget editor, import, or paste from a spreadsheet. From the Show menu, select budgets to launch the budget editor.
The budget editor is like a spreadsheet, rows of account and period in columns. Scroll down to the Profit and Loss account if you intend to prepare a budget for revenue and expenses. The sub-ledger, separated by a ‘~’, form part of the account list if you are using the departmental account.
Enter the monthly average of each account and copy across the periods. Save the budget, that’s it!
Monthly, you can view the progress by printing a Committed Budget report, compare the actual against budget.
QuickBooks Online has an easy-to-use budgeting tool for SOHO and small businesses. It allows budget for the entire year, or budget for a specific project, class, or location.
Click the Gear icon (setting) and select budgeting. Then, click the Add Budget button from the budget list to add a new budget.
Enter the budget name, set the interval and continue with the budget value.
Use the QBO built-in Budget vs Actual report to monitor the actual performance against the budgeted value.
Plan it; monitor the spending, watch out the bottom line while you are busy with day-to-day.