Tag Archives: Singapore

Refund an overpayment in QuickBooks

Software: QuickBooks Desktop accounting software

You have an option in QuickBooks Desktop accounting software to offset the overpayment received with the outstanding invoices via set credit feature or refund customer the overpaid amount.

Highlight the outstanding sales invoice from the customer payment transaction, click the Set Credit button and select the credit (overpayment) to offset with the invoice. You have to do the offset process a few times if the overpaid amount is supposed to knock off with multiple invoices.

On the other hand, you need to amend the original customer payment (the overpaid transaction) if you need to create a refund to the customer. At the lower left corner of the customer payment window, select the ‘Refund the amount to the customer’ radio button and click the ‘Save & Close’ button to continue with the refund.

Refund from customer payment in QuickBooks

You will see a payment transaction window on the following page, and then select the relevant bank account, payment mode and change the date if required.

Refund overpayment in QuickBooks.png

QuickBooks will update the accounts receivable and bank account once you have clicked the OK button.

Intuit QuickBooks 2019 is available, contact us if you like to upgrade your QuickBooks.

 

Currency name versus currency code

Software: MoneyWorks accounting software

When adding a Transaction.currency field into the sales invoice or receipt template, it prints the currency code used in the transaction. For example, to print an invoice total of US$1,000, you use:

Transaction.currency+Transaction.gross

The invoice total prints as ‘USD1,000.00’.

On the other hand, it may be more appropriate to show the currency name instead of the currency code when converting the invoice total in English. That is, print the invoice total as ‘US Dollar One thousand dollar only’ is better than showing the currency code ‘USD’.

The currency name, such as ‘US Dollar’, stores in the Off-ledger table, which require to use a Lookup function

Lookup (Transaction.currency, “Offledger.description”)

to pull out the currency name.

It prints as ‘US Dollar One thousand dollar only’ when adding the formula in front of the DollarsToEnglish ( ) function of the Transaction.gross.

Lookup (Transaction.currency, “Offledger.description”) + ” ” + DollarsToEnglish (Transaction.gross)

template design

You may refer to the MoneyWorks user guide to have more information on form design and formula use.

Sign up a free demo to find out how MoneyWorks accounting software helps manage your business finance more efficiently.

Financial and analysis reports

Software: MoneyWorks accounting solution

MoneyWorks has lots of financial and analysis reports built-in. The reports come with the standard ‘output to’ option of Preview, Printer, Email, HTML, Text file, Numbers, Excel, Word, Clipboard, and PDF file. These give the user an option to output the report into a spreadsheet to analyse with tools which they are familiar with, create a chart or graph from the exported data, import into another system, or keep a soft copy instead of hard copy prints (save the earth 🙂

page setup

Besides, you also have an option of adding a report title, page number, date printed or change the page orientation from portrait to landscape from the print setting.

page setting

It has a powerful report writer built-in which allow the user to create a custom report or use the analysis function (from the File menu) to analyse the sales, purchases or job profitability. For example, you may tag ‘xmas18’ (for Christmas 2018) to a transaction user field, and then create an analysis report to measure the product sold or profitability of this year’s Christmas promotion. Or you may analyse sales from an advertisement, trade show, or a government grant (such as PIC, SMEs Go Digital, etc.)

Download a trial today to test drive MoneyWorks accounting software or sign up a free demo to find out more about MoneyWorks.