Software: MoneyWorks accounting software Based on the financial period set, MoneyWorks automatically transfer the net income, “Plus Current Year Operating Surplus (Deficit)”, from the current year to the Retained Earnings for the following year. To prevent users from accidentally recording current year transaction in the prior year (or period), you may consider to “lock” the […]

Software: MoneyWorks accounting software The MoneyWorks 7.1.4 Datacentre update is now available as part of your annual software maintenance. Amongst other enhancements, this corrects a problem for Windows users where an in-field calculation was not returning the expected results. For a complete list of changes, please view the MoneyWorks 7.1.4 Change History.  

Software: QuickBooks accounting software By default, QuickBooks has used the Undeposited Funds account as a default deposit to account. That is, when you received payment from customers, it will be deposited to the undeposited Funds account automatically. The double entry will be: Debit Undeposited Funds account Credit Accounts Receivable Then, you need to use the […]

Software: QuickBooks accounting software QuickBooks does not allow you to make payment for a foreign currency bill (example: JPY) with another foreign currency bank account (USD) directly. Assuming your base currency is SGD. You received a supplier bill in Japanese Yen (JPY) with an amount of 100,000Yen and you decided to make payment via the […]

Software: QuickBooks accounting software Landing cost is costs such as insurance, freight, etc., which incurred during importing of goods. Some accountants may expense the landing cost off, but some may prefer to cost the landing cost into the product unit cost. Assuming the actual unit cost for product A1001 is at $100 each and A2002 […]

Software: QuickBooks accounting software The Collections Centre helps you manage collecting payments from your customers. It lists all overdue and almost due invoices in a single place. You can send email reminders to one customer or many customers, and it tracks customer notes about your collection efforts. — From QuickBooks help From the “Sales & […]