How to Use Double Entry in MoneyWorks Gold 7

When using MoneyWorks Gold 7, accounting professionals require an understanding of double entry principles to manage company files accurately. This article will guide you through the process of setting up and printing reports that reflect double entries.

To view double entries for specific transactions, begin by selecting the relevant transactions from the transaction list (e.g., Sales Invoice or Purchase Invoice). Click on the Details button from the icon bar to print a Transaction Detail report, which shows the double entry of the transaction(s).

As an accountant managing the company file, it is essential to know the posting of each account and correct any mistakes before printing the final report. In contrast, data entry clerks do not need to understand which accounts are involved in transactions.

In MoneyWorks Gold 7, the system automatically posts relevant accounts once set up correctly. For example, when recording a Purchase Invoice, the clerk only needs to select the supplier name from the creditor's table and pick products from the item list. The double entry process is transparent to data entry clerks, as it occurs behind daily transactions such as Sales Invoices, Purchase Invoices, Receipts, and Payments.

Here are some examples of double entries in MoneyWorks Gold 7:

* Debit Accounts Payable, Credit Bank

* Debit Stock on Hand, Debit GST Paid (input), Credit Advance Payment to Supplier, Credit Accounts Payable

As a bookkeeper, it is essential to pass journals and update the ledger, which can be represented using a T-account. MoneyWorks Gold 7 provides significant speed improvements for these operations when operating over high-latency networks.

In conclusion, understanding double entry principles in MoneyWorks Gold 7 is crucial for accurate accounting management. By following these steps, you can easily set up and print reports that reflect double entries, ensuring the accuracy of your financial records.

Moneyworks gold 7 double entry