How do I create a new company file in MoneyWorks accounting software?

The five versions of MoneyWorks are Cashbook, Express, Gold, DataCentre, and Now. MoneyWorks Cashbook, Express, and Gold are standalone; the company files created are stored on your computer locally. MoneyWorks DataCentre is a network version. You install the MoneyWorks DataCentre software on the server, store the company files and control access when the client logs in (via MoneyWorks Gold). MoneyWorks Now is a cloud-based version. The company files are on the MoneyWorks cloud server, and you access the file through an internet connection with the MoneyWorks Gold software.

Create a new company file in MoneyWorks accounting software

After downloading and installing MoneyWorks accounting software, you create a new document (company file) from the File menu (New, followed by New Document). The setup wizard will guide you through completing the new company setup.

MoneyWorks will ask you to select your locale (country) to determine your software's tax setup. For example, if you have set the locale to Singapore, MoneyWorks will load the Singapore GST rate and tax form.

The wizard also includes the essential questions: Company name, address, GST and company registration number, financial period, GST cycle, and banks. There are pre-defined charts of accounts available, or you may use the minimum to set up the basic few accounts, such as accounts receivable, accounts payable, GST accounts, retained earnings, and SETUP for the opening balances if you intend to import or create your own set of accounts.

Once you have completed the setup wizard, the file will launch; you may then start entering your transactions or upload the file to your DataCentre server or MoneyWorks Now cloud server before sharing it with your coworker.

Clone from an existing file.

If you already have a company file, you can use the clone method to create a new file in MoneyWorks. The new file will follow the existing file setup: users, chart of accounts, debtors, creditors, and items. This method shortens the setup time. It's ideal for accounting firms, freelance bookkeepers, or businesses with multiple entities.

Copy the file to your computer (local drive), or use a backup and restore to transfer it from the server to your computer. You cannot use this feature when connecting to the server.

Launch your file and select "Save a Copy As" from the File menu. Then, select the "Save an Empty Clone" radio button option, enter the closing date, give a new file name, and save it. Close the file. Re-open the new file to ensure you are working on it.

The new file does not contain transactions. Review the lists and delete unwanted accounts, debtors, creditors, or items. Once you have cleaned your file, upload the new file to your server. You cannot use the clone method to create a file using a different base currency (home currency). For instance, if your existing file is in Malaysia Ringgit, you cannot clone it and set the new file's base currency to US dollars. The clone file always follows the original currency.

Migrate from another accounting software.

When migrating from another accounting software, you often like to follow the existing account list. First, you export the account list from your current software into a spreadsheet, CSV, or text format. Then, create a new MoneyWorks company file with a minimum account and import the list.

You prepare the import spreadsheet with columns as follows:

Account (account number)

Description (account name)

Type (account type)

Group (department group)

Tax Code (default GST Code. For example, "G" for standard rated GST)

Category

P&L (retained earnings account for P&L account)

Accountant's Code

Category2

Category3

Category4

Bank Account Number

Colour

Comments

Header

Currency

Prepare the import account list in a spreadsheet.

The essential fields are account (account number), description, type, and P&L. You can have alphanumeric for the account number and up to seven characters. The account name (description) can go up to sixty-three characters.

The type is the account type, such as fixed asset, sales, or expense account. You may have to edit the type name before importing. For example, your current software spells it as Fixed Asset, and you must rename it FA instead. The account types in MoneyWorks are:

FA: Fixed assets

CA: Current assets

TA: Term assets (non-current)

BK: Bank

AR: Accounts receivable

AP: Accounts payable

CL: Current liabilities

TL: Term liabilities (non-current)

SF: Shareholders fund (equity)

SA: Sales revenue account

IN: Other Income

CS: Cost of Sales

EX: Expense

GR: GST Receivable

GP: GST Payable

Only profit and loss accounts, such as Sales, income, cost of sales, and expenses, require a P&L account, which is the retained earnings account. For instance, if your retained earnings account number is 300123, enter the account number into the P&L field of those Profit and Loss accounts. There are no year-end closing processes in MoneyWorks; the P&L account triggers the balance transfer to the retained earnings account when crossing a financial year.

Import accounts

There is no field mapping when importing the account list, so leave the unused columns blank (do not delete them, and follow the same sequence as above). Once you have edited the account list, go to the File menu, Import, and select accounts from the sub-menu to import.