A salesperson is a representative of a company selling goods and services to the other parties (the client). Often, we measure the productivity of the salesperson by the revenue they bring into the company. You can use the Salesperson field in MoneyWorks to record the name of the salesperson in charge. Then, use an analysis report to analyse the revenue by each salesperson. You can learn more about analysis report from the page G-345 of MoneyWorks v7 User Guide. Below sample

You can transfer and track the stock of each store with the Multiple Locations plug-in for MoneyWorks accounting software.

Financial Year (aka Fiscal Year) consist of financial periods used to calculate annual income statement for businesses. If you are following the Calendar month, then your financial year-end closing is December. During financial year-end closing, besides preparing the accounting schedules and post all transactions, you have to do a stocktake, bank reconciliation and set a closing exchange rate. Do a backup before you start a stocktake process from the command menu of the Money

Turned off the Discountable option in an account if you do not want an invoice line coded with the account to be eligible for prompt payment discounts. [Refer to Page 37 of the MoneyWorks v7 User Guide for more information.] Discountable works with the "Prompt Payment Discount" (In the Pricing & Term tab of the Name). Assuming the customer enjoy 10% discount, all items except freight charges, if he settles his outstanding within 30 days from the invoice date. You can uncheck

When purchasing an asset in foreign currency, you need not convert manually into a home currency value before recording it into the MoneyWorks accounting software. The currency type of the Bank, Accounts Receivable and Accounts Payable account can be in foreign currency. Therefore, when you record a purchase invoice with a supplier that has a foreign currency set as a transaction currency, MoneyWorks will convert to a home currency value based on the exchange rate set. For ex

How to print a journal transaction from MoneyWorks accounting software? You cannot find the print icon in the Journal transaction as the printing method is different from an invoice. You highlight those journal transactions which you want to print from the Journal transaction list and click the Detail button to print. The report shows the double entry of the accounts used in a journal. For example, when you pass a year-end journal for depreciation, it debits Depreciation expe

MoneyWorks update v7.3.8 is now available. This update is about bug fixes and improvements, click here to view the change history. #Updates #Macaccountingsoftware #MoneyWorksMalaysia #MoneyWorksHongKong #MoneyWorksSingapore #accountingsoftwareMalaysia #accountingsoftwareHongKong #accountingsoftwareMyanmar #accountingsoftwareSingapore #accountingsoftware

When a transaction posted, it updates the relevant accounts such as receivable and payable, stock on hand and prevents others from modifying the accounting entry. A posted invoice will show in the "Payment on Invoices" list of a Receipts or Payment transaction, which allows the user to knock off against the payment. Before you save a transaction, you can post it by clicking the POST icon next to the OK button or do it in a batch form. MoneyWorks store all the unposted transac

The analysis reports such as "Customer by Item" and "Customer Sales by Month" allow the user to print with "full name". For example, if prints the Customer by Item report with full name, it shows the customer and product name next to the code. With full name, it is easier for a user to read as there might be hundreds of items or names in a report. It will be extremely helpful to the management as the management may not understand the name code used in the accounting software.

Both "Cancel Transaction" and "Write Off" of an invoice generates a Credit Note to knock off an amount owing. So, what's the different between the two? When a mistake made in a sales invoice or a return of goods and services you can use a cancel transaction (under the Command menu > Adjustments). MoneyWorks creates a reverse transaction to adjust the income, tax, receivable, and the quantity sold. When an invoice has turned into bad debts, write off is used. A write-off entry

What’s in a Name? A name record stores contact and address information about customers and suppliers, as well as other people or organisations that you might contact from time to time. Each item in the file is referenced by a unique code, and the record is referred to for details whenever you make a transaction involving that person... -- MoneyWorks v7 User Guide page 119, Name. At the point of creating a new payee (in a payment transaction), you may create it as an "Other" n

The default setting of an item's unit price in MoneyWorks is Tax-exclusive. For example, if $100 is the unit price, the tax will be $7 (7% GST on $100). As stated in the IRAS e-Tax Guide "GST: Guide for Retailers", you must show GST-inclusive prices on all your price displays to the public. As a retailer, to simplify the data entry, you can change the unit price of an item in MoneyWorks to be inclusive of tax. The GST-inclusive price setting is under the selling info tab of a

By default, MoneyWorks does not show the tax column in transactions windows such as Sales Invoice and Purchase Invoice. When recording a transaction, you just need to select the tax code and let MoneyWorks do the tax calculation automatically. However, due to rounding differences, the GST amount on the bill you received may be different from your entry. To adjust the GST amount, you need to turn on the "Show Tax Column" from the Document Preferences, then amend the tax amount

To show the GST amount of each item sold in the invoice, you need to add a column into the template with the GST amount field. You should use the Detail.Tax and not the Transaction.TaxAmount field. The Detail.Tax field is the GST amount of each item sold, Whereas the Transaction.TaxAmount is the GST total of the invoice. The "Detail" table captures the information of each item sold, such as stock code, item description, unit price, quantity, GST Code, GST amount, etc. Whereas

You can have foreign currency set in accounts such as the bank, accounts receivable and accounts payable. When there is a rate change, MoneyWorks automatically creates two exchange rate journals. One is to revalue the foreign currency balances due to a change in the exchange rate; another is a reverse of the revaluation journal on the following open period. Below is an example illustrate how does a change in exchange rate affects the account. Assuming you start tracking the m

Bank Reconciliation is a process of matching the transactions and balances in the ledger against the Bank Statement and ensure consistency between the two. You should use the bank reconciliation feature in the accounting software to reconcile the bank account and NOT manually reconcile the bank with your spreadsheet or manual cash book, as the objective of reconciliation is partly to discover data entry error such as "error of original entry" and "error of omission". An error

You get an error message of "Only base currency accounts are allowed" when you tried to record a payment transaction from a bank account of a foreign currency such as US dollars to another bank account. Instead of using a payment transaction, you should consider using a Transfer Funds from the Command menu. The Transfer Fund allows money transfer between the banks, be it base or foreign currency. Use the Transfer Funds feature to transfer money between banks or from a bank to

The three Tax Types available in MoneyWorks are G.S.T. or V.A.T., Sales Tax and Composite Tax. Different country has a different tax requirement, example, Singapore and Malaysia are using "G.S.T. or V.A.T." whereas United State uses "Sales Tax". Unlike Sales Tax which only has a Tax Received account, the "G.S.T. or V.A.T." tax type allow the user to link a Tax Paid (Input tax) and a Tax Received account (Output tax) to a tax code. A Composite Tax is a combination of other tax

The recurring transaction helps automate the data entry. For example, you may have monthly recurring general journals such as depreciation of a fixed asset or prepayment, or a maintenance contract which you invoice the customer on a monthly basis. The transaction will recur, duplicated automatically, when you open the document (the company file) on or after the "Next Recurring On" date. You can have a recurring Sales Invoice, Purchase Invoice, Payment, Receipt or a General Jo

When changing a new hardware, you are required to install MoneyWorks on the new computer and activate it. Then, move the company file(s) and the "Custom plug-ins" folder from the old computer to the new one. The "Custom plug-ins" folder contains your customised reports, script and forms such as invoice, purchase order, payment voucher, etc. Here is an article from Cognito, the MoneyWorks developer, providing you with the steps on moving MoneyWorks to a new Computer. #Macaccou