Accounting software best practices has evolved over the years but differ according to software features and functions. We will discuss 3 simple functions that helps us in our operations, which might be useful for users to look out for in the accounting software you are exploring. In our case, we refer to Moneyworks accounting software best practices.
In the above typical debtor invoice transaction screen, we added 2 column, one showing Amount Paid (shaded in blue), and the other Balance (shaded in yellow).
Amount Paid (Custom list view > Add AmtPaid) is abstracted directly from available field to show us the amount being paid or applied to that specific invoice.
Balance (Custom list view > Add “Calculation”) is a custom calculation field with the formula (Gross – AmtPaid). We created this column to show us the amount outstanding for each invoice transaction.
When creating purchase or sales invoices, we can make use of memo pad (electronic memo or post-it pad) like the above in 3 different areas namely customer or supplier, inventory item, and also specific transaction.
In customer or supplier, we can use this field to remind other users on specific customer or supplier unique feature for example: charity organisation, please give discount so that other users can be prompted on this specific memo and remember to give a custom discount just like any physical post-it pad.
For items or products, we can use this field to remind users that certain products are already obsoleted or this item must bundle with another product.
For the specific transaction, we can remind the next person who open the transaction to “insert supplier invoice invoice number”in the above example.
We are able to attached transaction document to individual transaction like the above example of purchase invoice with supplier source invoice attached to the transaction itself. This simplify future search on source documents and even allow us to access the document without going to our physical paper files. This is the best alternative to digital filing and auditors’ best friend. Another example is attaching customers’ contract, purchase orders or confirmation document to the customer invoices for future reference.
These are just 3 best practices, simple yet practical ways of recording and viewing our accounting records. We hope to simplify your business operations with Moneyworks Accounting Solutions.
If you are not having these functions in your accounting solutions and would like to explore Moneyworks, please feel free to contact us for a quick demonstration. Do remember you can claim up to 70% cash grant for adopting Moneyworks Solution.