Why are my MoneyWorks transactions posted in the wrong period

Why can’t we have current payments show up in the ‘Current Year’ category.  They can only be viewed under ‘The Previous Year’ category.   We have tried to change it to ‘Current Year’ but are unable to find directions for doing so.

Unfortunately, this type of error is too common. There are two causes for the error:
Manually selecting the Period in transactions
  • you have dated the Payment incorrectly where the Date entered does not match the Period shown on the payment, which can happen if you manually select the Period [Red Arrow] after entering the date. [Blue Arrow]

Why are there date errors in MoneyWorks payments

  • In MW you enter the date, push the tab key (or select another field, e.g. detail items) and the Period auto fills avoiding having to manually choose a period and possibly make an error.
Or your Period Names and/or Period Management is not set correctly.
Check Period Names (Show menu at the top of your screen > Period Names)
  • The Year marked (current) [Red arrow] Name should be the current year in your MW file e.g. 2015 in this example
  • The names [Red rectangle] assigned to the preceding year through to next year should be in order e.g. 2012, 2013, 2014, 2015, 2016
  • If not the case change the names/years so that they are in order
  • The Period Names [Green Rectangle] assigned to the Period Nos. should be in order e.g. Jan to Dec as shown if your financial year starts in Jan
  • or if your financial year starts mid year e.g Apr to Mar or so other range make sure the Names represent that where Period 1 = Apr  etc.

How do I correct periods in MoneyWorks

Check Period Management (Command menu at the top of your screen > Open/Close Periods)
  • Click into each Open or Locked Period [Orange arrow]
  • Then Click the Down arrow to the left of the “Last day of Period” label [Purple arrow]
  • Make sure that the date entered is the correct last day of the selected period [Green rectangle] e.g. 01/31/2015 in this example
  • If not correct, change it.
How does MoneyWorks manage periods
Note this will not correct existing transactions.
  • If the incorrect transaction e.g. date does not correct period) is un-posted you can re-enter the date, push tab key and the correct Period will be auto entered.
  • If the incorrect transaction is posted, you would have to Cancel the transaction (auto creating a reversing transaction) and create a new transaction with the correct date/period.
If you have a large number of incorrectly entered transactions over many periods/years, due to errors in the Period Management settings, the file can be rebuilt. It normally takes two days. See service offering listed here.
Or if just a few. make the corrections where desired as mentioned above and try to avoid manually selecting the Period in transactions going forward.

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