How to Contra invoices in MoneyWorks

Q: I created an invoice, then receipt for payment. I then wanted to cancel this invoice so I did a REVERSE on the invoice. It now has an outstanding invoice of negative amount. How do I remove/cancel this?

In this case the user now has the original [incorrect] posted invoice with a payment applied to it, the receipt that applied that payment and a manually reversed invoice.

Assuming that the user still wanted to Cancel the original invoice:
The fix is:
  • Cancel the receipt that was applied to the original invoice
  • To free up the original incorrect invoice

Cancelling receipts in MoneyWorks

The user now has both the negative invoice that they created to fix the problem and the original incorrect invoice are now both active in the receivables list.

Now to remove these from the receivables by using a Contra Adjustment

  • Choose Contra [Green Arrow] under the Cancel icon

How does MoneyWorks contra work

  • The Contra Invoices window will open listing every Credit Note (negative sales invoice).
  • Highlight the desired Credit Note [Orange Arrow]
  • Click Continue.

How to fix mistakes in MoneyWorks

  • MW will verify that you want to go ahead with the Contra
  • Click Contra [Red Arrow]

Getting help with MoneyWorks

  • Now both the original offending invoice and the negative one you created will no longer appear in the receivables.
  • In this case the contra is applying the outstanding Credit Note (the negative invoice) to the outstanding (original Invoice). And since the negative was applied to the positive, both no longer have an outstanding balance (no longer in the receivables)
  • The Contra adjustment can also be used to apply a Credit Note (possibly a return of goods from a customer) to any outstanding invoice for that customer or sometimes, future invoices to that customer.
  • Same function for outstanding Purchase invoices, if the supplier gave you a Credit Note (negative purchase invoice) for goods that you returned to them. You could apply the Credit (return) to an invoice or invoices that you still owe them.

If you need support for MoneyWorks Accounting software, visit MoneyWorks Support Services here.

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