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.

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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.

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Bank Deposits in MoneyWorks

MoneyWorks by default provides an Unbanked bank account in it’s Chart of Accounts templates. The unbanked account is a Deposit Holding Account that businesses use to record receipts (cash, credit card or check/cheques) received from customers.

If you receive checks/cheques everyday, but you only want to physically deposit them into your bank once of week, you should record the receipt on the date it is received into MW against the Deposit/unbanked account. Outstanding customer invoices will then show the correct payment date and your AR person will not request payment from a customer whom has already paid etc.

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Hiding the Payroll in MoneyWorks Gold

Q: How do I hide the Payroll transactions from other users?

Even though MoneyWorks does not include a Payroll Module with all the deductions and withholdings that you are required to make, you can as explained in detail, process payroll in MoneyWorks (See Processing Payroll in Canada or Processing Payroll in the USA). If processing payroll is the most often asked question, the second most asked would be how do I hide the payroll transactions from prying eyes.

So here’s one way to do it. Continue reading

Hiding Journal entries and other stuff

Q:  How do I set up MW Gold so that my additional user doesn’t see journal entries?

There are no magic buttons that you can press to hide a transaction from appearing on the transactions lists. However there are privileges that can be taken away from users, to do functions and to see transactions. Continue reading

Screen Display on PC NetBook

Q: Working on a PC netbook – I can’t resize to see continue or ok buttons when either invoicing or receipting. The window is too large and won’t allow me to scroll down to the bottom or resize.

The Windows system requirements for MoneyWorks, as posted on the download page or the retail box are:

  • Windows XP, Vista, Windows 7 or Windows Server 2003 or later with 1024×768 resolution or larger display

Most netbooks have vertical resolutions as low as 600 pixels or even less (a little more than a 9″ Mac Plus screen). We have not supported screens that small since v4. Check your screen resolution and see if you can increase the resolution.

For MoneyWorks support in Canada and the USA contact us at moneyworkssupport.ca 

Chart of Accounts: Using Categories

Q: I am taking care in setting up my chart of accounts, using MoneyWorks Cashbook on a my Mac and wanted to know how to use categories?

About the Chart of Accounts

All versions of MoneyWorks (Cashbook, Express & Gold) contain a fully integrated General Ledger and standardized chart of accounts. The chart of accounts templates (e.g. General Business etc.) are presented with the account types sequentially numbered in North American standards (e.g. GIFI in Canada. GAAP in the USA).

Of course the numbered codes (e.g. 7 alphanumeric characters) and the descriptions (e.g. 39 alphanumeric characters) can be changed to best represent and record the details that you want to or are required to track in your business (see TIPS article: modifying your chart of accounts).

Additionally MoneyWorks Gold consists of a departmentalized general ledger, meaning that you can set up departments and/or cost centers that allow you to track and report on individual business units e.g. locations, fleet of vehicles, departmentalized personal etc, See Tips article: How Departments work n MoneyWorks Gold.

Categorizing your Chart of Accounts

Alternatively to departmentalized or cost center accounting, many businesses categorize their accounts so that they can report and analyze their business results (e.g. Balance Sheet, Income Statement or P&L) in differing formats. Although they may possibly want to record their expenses, income, assets etc. into very detailed accounts for governmental or other financial considerations, when reviewing their results each month they are more concerned about how much was expensed by category or type of expense, e.g. all vehicle expenses as opposed to individual expenses for each vehicle or all communication charges versus each cell phone, land line, fax and internet connection. Continue reading

How do I enter my serial number

Q: I have downloaded the trial version and created a company file and have been entering my information in there accordingly.  The trial was about to expire and seeing as I like the program I have went ahead and purchased the program.  I cannot find a way to enter the serial number that came with my product.  Am I missing something?

To enter your serial number in MoneyWorks 6, simply click on the Help menu [Red Arrow], and click on the option Enter Serial.

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How do I import inventory on hand stock quantities?

Q: I am in the process of bringing our 3000+ items in to our new company file in preparation for the conversion.  I cannot find in the manual how to bring in the starting quantities for those items.

If just setting up your company file you cannot import your opening inventory  for each item, until you have created or imported the items into MoneyWorks Gold, which is described in detail in the previous post “How do I import my products?Therefore if you have not yet imported your inventory items, refer to that article first, by clicking the link.

In MoneyWorks Gold version 6 you can import quantity on hand for each item, which can be used for setting the opening inventory levels as in this case or for importing annual or periodic inventory stock take. Continue reading

How do I import my products?

Q: I am in the process of bringing our 3000+ items in to our new company file in preparation for the conversion. How do I import the products.

MoneyWorks Express and MoneyWorks Gold include importing and exporting and will import items lists e.g. products, services etc., with the main difference being that MoneyWorks Gold will manage inventory, tracking qty. on hand etc. and Express is just an item list with an assigned income account when selling and cost of goods account when purchasing, there fore not tracking qty on hand. Continue reading

How do I email a receipt or invoice to my clients directly out of moneyworks?

Q: How do I email a receipt or invoice to my clients directly out of moneyworks?  And how to I link my e-mail that is already set up in apple mail to moneyworks?

There’s really no “link” required.  To send an email directly out of MoneyWorks … for instance an invoice …. after entering the invoice details, click on the Printer icon (bottom right corner of the transaction entry screen) then click on OK. Continue reading

How do the departments work in MoneyWorks Gold?

MoneyWorks Gold has a departmentalized GL. meaning that you can create departments, assign them to a department group(s). The Department Group is assigned to the various, income and expense accounts that you want to track by department. You can then produce individualized income statements/P&Ls for each department, groups of departments or combined departments in a classified/combined income statement.

e.g. property management: a business owns a building with multiple rental units and wants to track the received and costs incurred for each rental unit and the building as a whole. So in our example each rental unit will be a department. Continue reading

Everything about HST GST PST QST reporting for Canada

Q: Does MoneyWorks handle canadian Sales Taxes?

Yes, when you create you new company file (see Create a new MoneyWorks File video) you select Canada and your province or territory from the drop down list. Then when the file is created the default sales tax for your province/territory is created. Continue reading

How do I import two names into one field

Q: Our current customer / supplier database is set up with split name fields, first and last, and MoneyWorks uses just a single name field for both first and last names, is there away to import or combine the two name fields used in our current database so we can import them into MoneyWorks?

When importing records e.g. Names, Items, from a text file with various columns and rows, you line up the MoneyWorks fields to the fields (columns) in the import file. Continue reading

How do I import names from my old system

Q: I want to import my customers and suppliers from my old system into MW. What is the easiest way to do this?

MoneyWorks Express and MoneyWorks Gold can import name records, exported from most legacy accounting solutions. Although all accounting systems are different or proprietary, they are all databases, consisting of tables (lists) tracking various fields (types of labeled information). In order to move the data in these lists from one system to another, you must export the lists in a text format from the old system and line up that text file to match up the field names in the new system.

Express & Gold are very flexible in exporting and importing records (names, items) and or transactions, with a unique and extremely flexible mapping system. However the first step is to export the names, in this case customers from your old system and that will take some knowledge of  excel or numbers for Mac purists. Continue reading

What can I bring over from BusinessVision

Unfortunately most accounting software manufacturers limit conversion capability to their competitor’s products. It is a way to keep their customers from straying. BusinessVision is not alone in this regard. Although MoneyWorks is very open in its design philosophy when it comes to exporting and importing data, it is restrained to what the legacy systems, in this case BusinessVision will provide in both usable data and logical formats.

From BusinessVision one can usually export the following which you can import into Moneyworks (no importing in Cashbook). Continue reading

What can I bring over from MYOB

Unfortunately most accounting software manufacturers limit conversion capability to their competitor’s products. It is a way to keep their customers from straying. MYOB is not alone in this regard. Although MoneyWorks is very open in its design philosophy when it comes to exporting and importing data, it is restrained to what the legacy systems, in this case MYOB will provide in both usable data and logical formats.

From MYOB one can usually export the following which you can import into Moneyworks (no importing in Cashbook). Continue reading

What can I bring over from Peachtree

Unfortunately most accounting software manufacturers limit conversion capability to their competitor’s products. It is a way to keep their customers from straying. Peachtree is not alone in this regard. Although MoneyWorks is very open in its design philosophy when it comes to exporting and importing data, it is restrained to what the legacy systems, in this case Peachtree will provide in both usable data and logical formats.

From Peachtree one can usually export the following which you can import into Moneyworks (no importing in Cashbook).

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What can I bring over from Simply

Unfortunately most accounting software manufacturers limit conversion capability to their competitor’s products. It is a way to keep their customers from straying. Simply is not alone in this regard. Although MoneyWorks is very open in its design philosophy when it comes to exporting and importing data, it is restrained to what the legacy systems, in this case Simply will provide in both usable data and logical formats.

From Simply one can usually export the following which you can import into Moneyworks (no importing in Cashbook). Continue reading

What can I bring over from Quickbooks

Unfortunately most accounting software manufacturers limit conversion capability to their competitor’s products. It is a way to keep their customers from straying. Intuit is not alone in this regard. Although MoneyWorks is very open in its design philosophy when it comes to exporting and importing data, it is restrained to what the legacy systems, in this case Quickbooks will provide in both usable data and logical formats.

From Quickbooks one can usually export the following which you can import into Moneyworks (no importing in Cashbook). Continue reading

The bank reconciliation is out by my opening bank balance amount.

Symptoms

The bank reconciliation has a consistent discrepency from the MoneyWorks ledger balance that is the same as the opening bank balance you journalled into the bank when you set up your accounts. The opening transaction will be in your list of unpresented items.

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