Once your company file is ready, you can upload to the MoneyWorks Now cloud server from the Users and Security wizard under the File menu. Click the Upload to Server button and follow by login to your MoneyWorks Now account to upload the file. MoneyWorks Now uses the Company name which you have stated in the Company Detail; the system will pick up the file name instead if you leave it blank. For example, you have created a company, ABC Pte Ltd, which file name is abc.moneywor

Cognito released an update 8.1.7 for MoneyWorks accounting system. This update includes adding the memo field into the Bill of Material report, and an increase of the number characters for the Job Sheet activity code from 9 to 31 characters. More new features and bug fixes of this updates are available in the change history which you can check it out at Cognito website. The macOS Catalina will release by this fall, Cognito has advised macOS user to check for software compatib

You have an option of recording the invoice, payment or receipt transaction either via by account or by item tab. What's the difference? You use the 'By Account' tab to record transactions which charge directly to the GL (general ledger) such as rent, repayment of the loan, purchase of assets, etc.; or some time cost of goods sold when you are not using the accounting software to track the inventory. Use the 'By Product' tab when you itemised the products and services. Itemis

You may have customers that have multiple branches which require you to invoice and deliver goods to the outlets but send a consolidated statement to the HQ at the month-end. First, have the debtor setup with same company name but a different delivery to address in MoneyWorks accounting system. Then, add a dot (.) after the customer name code to group the debtors, and a branch code after the dot to differentiate the branches. Each branch is a debtor, which allow the user to c

Repacking of products occur in trading or OEM (Original equipment manufacturer) businesses. For example, a spices trader may buy the goods i

Besides importing journals, you can also import transaction such as Invoices, order, payment or receipt transactions. MoneyWorks is a powerf

Create Journal is a stock related journal in MoneyWorks accounting system, which uses to increase the stock quantity such as manufactured or

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

Cognito has released MoneyWorks v8.0.5 update. Besides bug fixed, the Product Inventory tab displays quantities by location and "Show Value" option has added to the Stock by Location report. Click here to view the 8.0.5 change history. #Updates #DesktopAccountingSystems #Cloudbasedaccountingsystems #MoneyWorksaccountingsoftware

Cognito has released the 8.0.2r2 update. It fixed the issues of running an Analysis report on the server for opening in Excel, accountant export format, etc. Visit Cognito website to view the detail change history. #Cloudbasedaccountingsystems #DesktopAccountingSystems #MoneyWorksaccountingsoftware #Updates

Fixed assets, which is a non-current asset, is a balance sheet account. The Plant and Machinery, Furniture and Fittings, Office Equipment, etc. are fixed assets. It is common for small business accounting software not includes a fixed assets module; a module which allows the user to tracks and calculates depreciation of an individual asset automatically. You can use a spreadsheet as a fixed assets register if the requirement is simple. Do consider a fixed asset management sof

MoneyWorks will prompt when you try selling a product which does not have enough stock on hand. Under the Data Entry tab of the Document Preferences, check the 'Check Stock Holdings' checkbox to activate the prompt for out of stock feature. With the 'Check Stock Holdings' feature turned on MoneyWorks will compare the selling quantity against the stock on hand when you try to enter a product in the sales invoice. You get an 'Out of Stock' warning message when the stock on hand

Yes. You can import names such as Supplier and Customer into MoneyWorks accounting software instead of entering it manually when migrating from other accounting software (You may have to tidy up the source file if the exported file from your existing software is messy, garbage in garbage out) Apart from the standard fields such as the Company name, contact person, address, phone, fax, and email; you need to prepare the file with Name Code and Name Type. The Name Code is a cod

Is your job making money? Job tracking is essential if you are in project business such as an event organiser, subcontracting, software development, etc. Have a good understanding of the job profitability, know where your money goes, what type of job is losing money, which sector to grow is an important factor for a business to survive. You need tools to help to monitor the profitability of a job. MoneyWorks, a small business accounting software, has a job function which allo

恭祝大家 新年快乐 万事如意 心想事成 身体健康 恭喜发财 Gong xi fa cai Wishing all a happy holiday! #MoneyWorksaccountingsoftware #ChineseNewYear

MoneyWorks accounting software has a free plug-in, Multi-location, which allows you to track inventory from multiple locations, such as inventory in different warehouses, branches, or shops. In our earlier post, we explained how to print a Stocktake List report by the different location, which you have set up in the software. The Multi-locations plug-in adds a "location" extension behind the stock code such as "StockCode/A" or "StockCode/B" and also recorded the "location" in

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

Error message: Server is busy Another user (username) is performing an exclusive database operation (Add Transaction). Click OK to retry once they have finished. An issue with the network between the client computer and the server may cause the MoneyWorks client not properly disconnect from the MoneyWorks Datacentre server; hence, cause an error of "Server is busy" when try recording a transaction during the next connection. You can resolve the issue by restarting the server

What is a product? In MoneyWorks, a product is an item which you buy from the seller and resell it to your customer. If you stock it, it will be treated as an asset and the stock value will be calculated automatically. Assume a stationery shop purchase 100 unit of Pen A at $2 each from a seller. The Purchase Invoice debits the Stock on Hand (Current Assets) and credits the Accounts Payable. The stock value of Pen A is $200 ($2 x 100). When 10 unit of Pen A has sold, the stock