![]() ![]() The Setup account is a temporary account, which will be zeroed once all the closing balances as of your cutoff date of the Balance Sheet accounts is entered. Double-click the downloaded Install MoneyWorks xxx.exe file (where xxx is Gold, Express, or Cashbook, depending on the product you are installing). The double entry for this journal transaction will be :ĭebit Stock On Hand account (Inventory asset) Lastly, click on the Commit button to commit your changes.Ī “Create Journal” will be posted automatically in MoneyWorks to update your stock quantity and value on hand. In the Commit Stocktake window, the Date will be your cutoff date and Stock Adjustment account will be the SETUP account. This upgrade is included with all subscriptions, and for Datacentre users with current maintenance (although a new v9 serial number will be required for non-subscription serials). Once you have entered the stock counts, you go to the Edit menu and select the “Select All” function to highlight all the items in the Stocktake list, and follow by clicking the Finish Stocktake button to commit the stocktake. In the stocktake page, click the “Start Stocktake” button and start recording the stock counts.Įnter your closing stock quantity into the Counted column. When you are ready to record the closing stock quantity, you click on the “Enter Stocktake” button, step 7 of the Setting Up navigation page, to get into the stocktake page. To find information on a specific topic, use the Index or the Table of Contents. You should also check the checkbox for “Update price whenever purchased” so upon next purchase, MoneyWorks will update the latest buying price into the “Buy Price” field. The MoneyWorks User Guide is divided into chapters that correspond to the main functional areas of MoneyWorks, for example Debtors, Cash Transactions, Entry Windows. MoneyWorks will be using the “Buy Price” to multiply by the stock count to derive the stock value of the item. Order entry Enter quotes, sales orders and purchase orders and manage deposits, backorders and shipping. You should consider entering the average unit cost (or the unit cost which you derived your stock value on hand as of your cutoff date) into the “Buy Price” field from the Buying Info tab of the product profile. If your company require to keep track of inventory, then one of the things you require to do in setting up of the Document (company file) in MoneyWorks accounting software is updating of the closing stock as of your cutoff date (cutoff date refers to the date you cutoff from the existing accounting software, it could be your year end closing date).įrom the “Setting up” navigation page of the MoneyWorks accounting software, step 6 “Enter Items” will bring you to the Items list to create your products. MoneyWorks | Setting Up Of Document – The Closing Stock
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