Ostendo Operations is designed to integrate with MoneyWorks so you can extend its operational capability as one integrated system.
MoneyWorks Accounting Link
Ostendo Operations links with these MoneyWorks accounting products only.
- MoneyWorks Data Centre
- MoneyWorks Now
MoneyWorks is a higher level accounting system that comes with an advanced report writer. MoneyWorks offers:
- Multi-dimensional Chart of Accounts Structure: With MoneyWorks you can structure your account any way you want and dice and slice it for reporting and enquiry purposes (augmented by the categories and accountants parallel chart).
- Department/Cost Centre Accounting: MoneyWorks provides true cost centre accounting in its General Ledger (GL) using the Department feature.
MoneyWorks DataCentre is installed as a software application on your computer and server. The database is installed on your server but can be accessed over the internet. The MoneyWorks DataCentre database can be backed up.
MoneyWorks Now is installed as a software application on your computer but the database is hosted in the cloud. The MoneyWorks Now database can be backed up even though it is hosted in the cloud.
The MoneyWorks interface with Ostendo Operations is live and seamless. Data is posted from Ostendo to MoneyWorks automatically at intervals of a few minutes, effectively providing real time integrated financials. The MoneyWorks interface uses the MoneyWorks API.
How the MoneyWorks Accounting Link Works
Ostendo Operations performs all of the operational functions of the system and posts General Ledger transactions to MoneyWorks based on mapping rules that are setup. MoneyWorks is used for financial reporting, BAS/GST returns, bank reconciliations accounts receivable and accounts payable.
Sales invoices are raised in Ostendo Operations for jobs or sales orders and these are posted to MoneyWorks. Payments for sales invoices are entered in MoneyWorks which updates the invoices in Ostendo Operations with the payment applied. Payments can also be processed in Ostendo and posted to MoneyWorks, which would be required for Point-of-Sale.
Supplier invoices for inventory or job costing are entered in Ostendo Operations for three way matching with the purchase receipt and the purchase order. Alternatively, they can be entered directly against a job or work order if there is no purchase order, such as for job disbursements. Supplier invoices are posted to MoneyWorks where they are paid. Normal expenses, such as electricity or rent, are entered directly into MoneyWorks.
Customer and supplier records are automatically updated from Ostendo Operations to MoneyWorks.
MoneyWorks Data Centre and MoneyWorks Now include multi-currency and Ostendo Operations is able to transact purchases and sales in foreign currency and post to MoneyWorks Data Centre and MoneyWorks Now with full multi-currency functionality. Alternatively, Ostendo Operations is able to transact purchases and sales in foreign currency and convert to local currency when posting to MoneyWorks.
We do not implement or support MoneyWorks, but we collaborate with MoneyWorks Partners and accountants who provide those services.