Frequently Asked Questions

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

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.

Cause: You have omitted to reconcile your opening bank transaction.

Action: Do a 'dummy' bank reconciliation to reconcile this amount. Make your statement number 1, the opening balance 0, and the closing balance the amount of the unpresented journalled balance. Tick off the opening journal entry, and finalise the bank rec. The item will be marked as reconciled and not appear on future bank recs. Remember to reset the opening balance for subsequent reconciliations.

The bank reconciliation won't reconcile

The most likely causes are:

A transaction is not being shown

The bank reconciliation list displays only transactions against the nominated bank account that are dated on or before the statement date that have not previously been reconciled. Therefore you need to locate the transaction in the Transactions list (not in the Bank Reconciliation list) and check its date and bank account number (which you can do by double clicking it if the information is not visible in the list), and also whether it has been previously reconciled (use the Get Info command in the Select menu to do this).

If a receipt shows "Banked on Banking Journal" next to the receipt number (you need to double click it to see this), it was originally entered against a bank holding account. Hence the transaction itself will not be reconcilable, but the banking journal will.

If you cannot locate the transaction, it probably hasn't been entered.

A transaction is shown that has already been reconciled

If a transaction that you know you have already reconciled is showing in the list, then you are clearly mistaken, and you have not previously reconciled the transaction (MoneyWorks won't lie to you!). You have almost certainly entered the transaction twice, and have reconciled one of them but not the other. Confirm that the transaction is not in the list, and cancel the unreconciled one (use the Get Info command in the Select menu to see which is not reconciled).

The Difference calculation is zero, but it doesn't agree with the ledger balance

There are at least two possible causes of this:

The first is that the opening balance that was used was incorrect. Check this against your bank statement. If it was incorrect, save the bank reconciliation, start another bank reconciliation and alter the opening balance (you will need to click the Change button). However you should ask yourself why there is an incorrect opening balance (perhaps you've missed out a statement, or you did not set an opening balance for this account when you set up your account).

The second is that, in previous reconciliations, transactions have been reconciled that shouldn't have been, or transactions weren't reconciled that should have been. You will need to look at your previous reconciliation reports to find where the error first appeared, and then decide how to fix it. The most common cause of this incidentally is not reconciling the original opening bank balance that was entered.

The GST Report is reporting the previous GST cycle.

You did not finalise the return for the previous cycle, so the cycle date was never updated.

Notes on GST

Whenever you enter a transaction into MoneyWorks or CashWorks, the GST component is automatically calculated for you.

To determine your GST liability to the Inland Revenue or ATO, you simply need to run the GST Report. This looks at every posted transaction dated on or before the GST cycle date that has not previously appeared in a GST report. The GST Report lists each transaction and its GST content (providing you with an audit trail should you ever have a tax audit), and summarises these by the types of tax (GSTable, GST-Free, Exempt and so forth). You should check this report, and when satisified that the numbers are correct, finalise it. Finalising will tag each transaction as having been processed for GST (so it won't appear in future reports), update the GST Cycle Date, and prepare the information for the GST Guide.

  • Your GST processing is not complete until your GST report is finalised.
  • You should never complete your GST Return /BAS without finalising the GST Report on which it is based.

The GST Report has transactions from the last report as well as this.

You forgot to finalise the return for the previous cycle. However at some point you realised that the cycle date hadn't changed, so you changed it.

To fix this, the first thing to do is to change the GST Cycle Date back to the date of the end of the previous cycle (this is done in the GST panel of the Document preferences in the Edit menu)

Then look at I forgot to finalise my last GST report .

What do I do if I forgot to finalise my last GST report?

If you forgot to finalise your last GST report, the first thing to do is to check that the figures you produced when you ran the GST report are the same as those that the GST report will produce if you run it again.

Why might they have changed? Simply because you may have backdated or corrected an old transaction -- because these haven't been processed for GST, they will appear in the next GST return.

Rerun the GST return and check the numbers against the one you used when you filled out your GST Return/BAS.

If the numbers are the same, simply finalise the report and run it again—the cyle date will be updated for you automatically.

If the numbers are different you should:

  1. Reset the GST Cycle date to the end of the current cycle.
  2. Run the GST report. This will give you a combined GST report for the two cycles;
  3. Subtract the figures from the GST Report you used in the last cycle from this combined report. These represent the incremental GST processed since the previous GST return;
  4. Base your return on these differences. Note that you will not be able to use the GST Guide.

In both cases: remember to finalise your GST return

Why does the GST Guide shows the last cycle's GST?

The GST Guide is always based on the last finalised GST results. This simply means that you haven't finalised the GST report for this cycle -- so redo the report and finalise it, then redo the GST Guide.

Why can't I close a period?

The most likely reason that you cannot close a period is because there are unposted transactions in the period. You need to post (or delete) these transactions.

The easiest way to find these is to go into your Unposted view (the View by Status view in the Transactions list window) and click on the Period heading to sort it by period.

Why can't I enter a transaction into the period I want?

You will not be able to enter into a period if it is locked or closed (check using the Open/Close period command in the Command menu). If the period is locked, you need merely unlock it. If the period is closed, you will not be able to open it again, and hence will not be able to enter the transaction into that period (after all, that is why periods can be closed).

In version 2 of MoneyWorks and CashWorks, you could not enter into a period if the Display filter in the Transaction List window is set to not display that period. This restriction was removed in version 3.

What do I do if I have opened periods into the future?

You'll just have to live with these, as there is no way that future periods can be closed. However provided you are using version 3 of MoneyWorks or CashWorks these should not cause any inconvenience, as the default period for most operations is determined by the current date.

If you are using an older version, the period wil often default to the last period opened, so you need to be vigilant when entering transactions, cancelling and so forth.

Where is the "Flag" (or Analysis or Salesperson etc) field?

Click on the Views control at the top of the transaction entry screen and select the fields you want displayed.

If you don't want to tab into a field each time, you can turn off its tabbing property. Simply right-click (Mac users control-click) in the field and choose 'Don't tab into' from the contextual pop-up menu that appears.