• EH Lim

How to use the contra feature in MoneyWorks accounting system?

The contra feature in MoneyWorks is not to offset between customers owing or between the outstanding of a customer and a supplier. A contra, in MoneyWorks accounting system, is to knock off the credit note of the same customer or supplier with their invoice.


Let's say you received a credit note of US$414.30 from a foreign currency supplier and going to use it to offset the outstanding purchase invoice of $41,430.


Method one


The first method is to select the credit note while making a payment to the supplier. This method may be more "controlled' to some users as you can dictate the bank account, date, and credit amount to use.


Method two


Another method is to use the contra invoice feature from the command menu to offset the credit note against the invoice. Highlight the available credit note and follow the contra invoice wizard to select the invoice to offset. It's simple and easy.



However, this method does not have an option of changing the contra date and credit amount used. A dummy bank account, which is the bank account used in your last transaction, will add to the contra payment transaction. Since the dummy bank account is the account used in the previous transaction, and there is no accounting impact; therefore, whether the currency matches the transaction currency or not is immaterial.


Sign up a free demo to find out more about MoneyWorks Now, the cloud-based accounting system for your business.

Visit

33 Ubi Avenue 3 #07-50 VERTEX (Tower A) Singapore 408868 

Call

T: +65 6634 6065

F: +65 6337 2616

  • facebook

© 2013 by

LedgerWorks Pte Ltd

Proudly made by Wix.com