Tag Archives: Singapore

MoneyWorks Now v8.2.1 update

Cognito has released MoneyWorks Now update version 8.2.1. This update mainly fixed general bugs found in the previous version (change history is available at Cognito website).

Click the Install button if you see the software update window pop up when logging in to MoneyWorks Now.

MoneyWorks Now, cloud-based accounting software for small businesses, allows you to access your business accounts anywhere, anytime. Download a trial or sign up a demo to find out more!

Refund a deposit paid

Software: MoneyWorks accounting software

A deposit received is a part payment from the customer to the business for goods and service which not yet fulfilled.

A deposit received from a customer (current liabilities) can process from a sales order or record via a sales invoice. A receipt recorded automatically into MoneyWorks once deposit processed from the sales order; both methods credit the deposit account. A refund can process via a payment transaction but has to first enable the customer as a creditor or cash only supplier (from the name profile).

Another method which commonly used by small businesses is creating a full invoice with all the products and services sold for collecting partial payment from the customer. In this case, a credit memo has to record to offset partially with the sales invoice and then use the ‘Send Refund to Debtor’ feature to record a payment for the balanced credit amount.

Assuming you issue a sales invoice of $100,000 to a customer for goods and services which you are going to deliver within the same financial month, and the customer made a partial payment of $10,000. You cannot use a payment method to refund the deposit paid as what we have discussed earlier when the order has cancelled.

There are still an outstanding of 90,000 after the deposit of 10,000 has collected. A credit memo of 100,000 has to record to offset against the outstanding receivable. Then, use the ‘Send Refund to Debtor’ feature from the command menu to clear off the 10,000 credit balance.

Send Refund to Debtor

MoneyWorks Now is cloud-based accounting software and create more than a company file with a single subscription. Sign up a free MoneyWorks demo to understand how to use MoneyWorks to manage your business accounts remotely anytime.

Note: Follow the COVID-19 safe distancing measure we only provide the web-based demonstration.

How to record JSS (Job Support Scheme) payout?

JSS (Job Support Scheme) is a cash grant given by the government to offset part of the local employee wage costs during the outbreak of COVID-19.

If you are using MoneyWorks accounting software:

There are two income account types (Sales and Income) in MoneyWorks. The Sales account type is a trading income, whereas the Income account type is for capturing non-trading income such as interest income or cash grant received. The Income account (a.k.a. Other Income) presented after the gross profit of the Profit and Loss report (You can have a custom report if you prefer to change the default presentation).

Create an Income account and name it as JSS (or Job Support Scheme if you preferred). Then, use a receipt transaction to record the cash grant received from the government (IRAS), the entry debits the Bank account and credit the JJS income account.

if you are using QuickBooks accounting software:

QuickBooks uses the Income account type for trading income and Other Income account type for capturing non-trading income such as the interest income mentioned earlier. The Other Income presented at the bottom of the Profit and Loss report after the expenses.

Create JSS as an Other Income account type and use a Make Deposit feature or a General Journal to record the cash grant received, it debits the Bank and credits the JSS income account.

Stay safe and healthy.