EH Lim
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MoneyWorks accounting system lightens the accountant workload, reduces the expense claim process, and gear up small businesses toward a pape
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EH Lim
- Jul 10, 2018
- 3 min
Receive deposit for the order (overpayment method)
MoneyWorks accounting system has a receive deposit for order feature built-in the orders systems (on both Sales Order and Purchase Order system); you have an option to process a receipt from the Sales Order system when a deposit has collected, or a payment transaction once a deposit has paid for the purchase order. Unlike the Purchase Order system, which allows generating a Prepayment Invoice, Sales Order only has processes for 'Receive deposit for order' and 'Ship goods with
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EH Lim
- Jun 6, 2018
- 1 min
How to use RCM GST code in MoneyWorks accounting system?
The Tax Rate list includes RCM, which mapped to the ES33 (Reg 33 Exempt) GST code when localisation in MoneyWorks has set to 'Singapore G.S.T.'. You are supposed to tag RCM GST code to the exchange gain/loss account once the multiple currencies feature has turned on, it helps to segregate exchange gains and loses and record the absolute value to the Box 3 (Total value of exempt supplies) of the GST Form 5 report. An absolute value is to report a negative value, such as exchan
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EH Lim
- May 30, 2018
- 1 min
Single-User mode operations
When working in a multiple users environment, tasks which affecting other users are required to perform in a single user mode. Opening a new financial period in MoneyWorks, change or delete the code (like names, products, jobs, and accounts), or changing of account type, etc.. are examples which required to perform in a single user mode. To alter the code like name, account, job or product, press and hold the Option key (Mac) or the Cltr key (Window) and then click the Modify
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EH Lim
- May 21, 2018
- 1 min
Undo Bank Reconciliation in MoneyWorks accounting systems
A bank reconciliation is a process of reconciling the Cash Book account (GL) with the Bank Statement. It is a process of picking the discrepancy between the two, such as omission error, typo error, duplicated transactions, etc.. Occasionally you may make a mistake when reconciling and require to revert the processed reconciliation. To do it, you have to click the 'Load Old' button from the Reconciliation window of the MoneyWorks accounting system and select the month of reco
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EH Lim
- May 17, 2018
- 1 min
Malaysia scrapping GST from June 2018
Malaysia new government has decided to scrap GST (Goods and Services Tax) from June 2018; the standard rated GST is going to reduce from the 6% to 0%. What are those setting which you need to change in MoneyWorks accounting system? Unlike some other software which requires you to create a new GST code to cater for the rate change, MoneyWorks allows you to set a new GST rate at a specified changeover date within the tax code profile. First, change the default tax rate (Rate 2)
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EH Lim
- May 8, 2018
- 1 min
MoneyWorks accounting software update 8.1.3
Cognito has released the update 8.1.3 for MoneyWorks. Besides bug fixes, there are few new features introduced in this update, they are: Allows the user to import Stock transfer journals. Having the user’s email address override the Reply-To when sending the email via SMTP is now optional. Backdated Transactions report (under Audit section). New calculation features. New GST feature for Singapore user: Customer Accounting for Prescribed Goods. Click here to view the full chan
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EH Lim
- Apr 25, 2018
- 1 min
Blanket Purchase Order
A Blanket Order is a purchase order; is a contract between the customer and supplier to supply goods (usually is expandable goods and recurring) at a predetermined price over an agreed period. Assuming you are a manufacturer and require to use a large quantity of a product each month. You may issue a blanket order to the supplier to supply the goods at a predetermined price on a regular basis instead of having to negotiate the price and send a purchase order monthly. A Blanke
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EH Lim
- Apr 5, 2018
- 1 min
MoneyWorks accounting system supports multiple entities
There is no restriction on the number of company files you can create in MoneyWorks. You can create as many files as you wish with a license
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EH Lim
- Apr 3, 2018
- 1 min
We have moved!
You need to change the business address in forms such as Sales Invoice, Purchase Order, etc. when moved to a new location. Update the Postal and the Delivery address from the Company Details, under the Show menu, if you are not using a preprinted form. If the template designed with the Address fields inserted instead of using a text box for addresses, then MoneyWorks will pick up the new address automatically. However, if you are using a text box for addresses, then manually
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EH Lim
- Mar 12, 2018
- 1 min
How to record a dividend?
When the company is profitable, part of the earnings may return to the investor as a dividend. A Dividend is not an expense but a shareholder fund (equity), which the declared value will be less off from the Retained Earnings. The accountant may debit the Retained Earnings and credit the Dividend Payable account, which is a Current Liabilities account type when a dividend has declared. Instead of directly debiting the Retained Earnings account, the accountant may sometimes de
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EH Lim
- Mar 2, 2018
- 1 min
Specify the currency conversion rate (Exchange Rate)
For purchases made from a GST register trader in foreign currencies, the supplier has to reflect the GST payable on the invoice in Singapore dollars with an approved exchange rate. You, the buyer, should claim input tax based on Singapore dollar amounts shown on the tax invoice instead of conversion based on your in-house exchange rate. For example, your in-house exchange rate is 1SGD:0.7400USD, but received a Bill from a supplier at a rate of 1SGD:0.7431USD. Then, you should
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EH Lim
- Jan 30, 2018
- 1 min
MoneyWorks accounting software update version 8.1.2
Cognito has released the update 8.1.2 for MoneyWorks accounting software. This update includes an updated GST F5 Guide (Form 5) for Customer Accounting for prescribed goods. Prescribed goods refer to mobile phones, memory cards, and off-the-shelf
software. Please visit Cognito website for a detailed Change History of version 8.1.2. #Updates #MoneyWorksAccountingSingapore #Cloudbasedaccountingsystems #DesktopAccountingSystems
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EH Lim
- Jan 30, 2018
- 2 min
Specify the currency conversion rate
GST register trader who supplies goods in foreign currency instead of Singapore dollar has to indicate the Singapore dollar equivalent GST amount on the invoice. The buyer who received the Bill has to record it based on the exchange rate stated in the Bill instead of the in-house exchange rate set in the accounting systems. Assuming your in-house exchange rate is 1SGD:0.7400USD but received a bill of USD10,000 with a GST of USD700 at an exchange rate of 1SGD:0.7431USD. In thi
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EH Lim
- Dec 20, 2017
- 2 min
Output Report from MoneyWorks to MS Excel
MoneyWorks give you various options to output the reports. You can output reports from MoneyWorks to Preview, Printer, Email, HTML File, Text File, Numbers, Excel, Word, Clipboard, and PDF File. The integration between apps is seamless; for example, if your computer has Microsoft Excel installed it will open in Excel automatically when the report has output. If you are connecting MoneyWorks Datacentre via Microsoft Remote Desktop instead of manual IP address method, you need
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EH Lim
- Dec 12, 2017
- 1 min
MoneyWorks v8.1.r1 update
Cognito has released version 8.1r1 update for MoneyWorks Datacentre and Gold accounting software. This update fixes incorrect cost value for non-inventoried products in margin display of sales transactions. Visit Cognito website to view the change history. Upgrade to version 8 if you are still using an older version of MoneyWorks accounting software, or contact your MoneyWorks consultant to find out more about version 8. #MoneyWorksAccountingSingapore #DesktopAccountingSystem
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EH Lim
- Dec 8, 2017
- 1 min
MoneyWorks accounting software version 8.1 update
The MoneyWorks version 8.1 update is now available. Update your MoneyWorks as soon as possible as it improves the performance and bug fixes. Click here to view the complete list of Change History. #Updates #MoneyWorksAccountingSingapore #DesktopAccountingSystems #Cloudbasedaccountingsystems
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EH Lim
- Nov 24, 2017
- 2 min
0-day payment term
Although you cannot change the field setting, you can modify the print. An 'if()' function can be added to the invoice template if y
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EH Lim
- Oct 24, 2017
- 1 min
An accounting software with batch and expiry date tracking
You will want to sell off those products which have an earlier expiry date or belong to an early batch if you are in a food-related or medical-related business. Hence, indicate the batch number in Sales Invoice or Pick List is important to you. MoneyWorks accounting software version 8 comes with the batch number and expiry date tracking feature which helps to track the batch number of the product in invoices and stock on hand. This feature can be turned on from the Document P
71 views0 comments
EH Lim
- Oct 19, 2017
- 1 min
MoneyWorks on macOS High Sierra
You should upgrade to MoneyWorks accounting software version 8, if you are still using version 7 or earlier, before upgrading your Mac to the latest macOS High Sierra. MoneyWorks 7 or earlier version does not support APFS-formatted drive. You may have an issue accessing the data if you have upgraded the macOS before upgrading MoneyWorks. Visit Cognito (developer) website to find out more detail on macOS High Sierra compatibility. #DesktopAccountingSystems #Cloudbasedaccounti
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