Non-Current Liabilities are financial obligations which the repayment is not within the fiscal year. It includes long-term loan, deferred tax liabilities, the bond payable, etc. (Please check with your accountant on the account classification). Non-current liabilities are also known as Long-term liabilities or term liabilities, depending on the reporting standard which the accounting software has adopted. For example, Intuit QuickBooks accounting software uses long-term liabilities, whereas MoneyWorks uses term liabilities.
MoneyWorks has a built-in report writer which allows to create or amend the report. Assuming you want to change the Balance Sheet’s Term Liabilities section header to Non-Current Liability, you open the Balance Sheet report in the Report Designer, scroll to the Term Liabilities section header and amend it.
Save the amended report into the Custom Plug-ins folder, and then sign (to grant access) and upload it to the MoneyWorks Datacentre server.
You may not have the necessary programming skill to rewrite the formula and codes, but changing the report label shouldn’t be too difficult. Alternatively, you may export the report to a spreadsheet and amend it.
Consult a MoneyWorks consultant in your area if you are having a problem editing the report.
Sign up a free demo if you like to find out more about how MoneyWorks helps in managing your business finance.
Software: MoneyWorks accounting solution
MoneyWorks creates a reversed entry if you try to ‘cancel’ a posted transaction. For example, you have wrongly recorded a sales invoice and posted it accidentally. MoneyWorks created a reversed sales invoice instead of removing it from the sales invoice list once you ‘cancelled’. It leaves an audit trail in the ledger, showing both the positive and negative sales invoice contra against each other; this prevents intentional manipulation of financial data. MoneyWorks is a better accounting system for small businesses in preventing accounting fraud.
You can change the colour (such as red colour) of the cancelled transaction to reduce confusion.
You can also temporarily hide the cancelled transactions (in Red) from showing (it still in the ledger) by adding a filter to the transaction list. Add the expression to the calculation box of the filter:
Colour <> “Red”
The ‘Colour’ is referring to the colour field of the transaction and ‘< >’ is ‘Not Equal to’.
Then, turn on the filter as and when you need to omit cancelled transaction from the list.
Sign up a free demo to understand how MoneyWorks helps in managing your business finance more efficiently.
Intuit QuickBooks Desktop 2019 Premier features include:
- Invoice Tracker
Improve your cash flow by tracking invoice status at a glance.
- Convert to cheque
View unpaid bills from a vendor to manage payments.
- Transfer Credits
Transfer customer credit across jobs quickly and easily.
- Easily manage inventory items
Locate items and view inventory related tasks in QuickBooks Inventory Centre.
- Track your balance sheet by class
Use this built-in, easy-to-access report to track financial data separately by location, department, or profit centre.
- Bill clients progressively
Track and bill clients by time and material, job phase, or percentage completion, it’s your choice.
Contact us if you like to upgrade your QuickBooks Desktop.
QuickBooks demo is available every Tuesday, book a demo now to understand how QuickBooks can help to manage your business finance.