Is there an easier way to pay creditors other than by cheque?

MUSAC Accounts links with all major banking software to enable payment of creditors electronically. This is an efficient use of time for staff as well as being a relatively easy process.

How do you prevent transactions adding together on the bank reconciliation?

Each transaction must have a unique reference number in the receipt or cheque field. This will ensure that each transaction is listed separately when reconciling the bank.

I have entered my transactions in the wrong month. Can I move them?

Yes you can edit them in screen reports. Select the transaction to be edited. Select F5 and enter the date you would like to post the transaction to. Select Post this Date.

Is there a faster way to enter transactions that are the same each month?

Yes you can set up a transaction template in deposits, cheques and journals. A tip sheet is available to set these up. Please contact the Help Desk.

There are lots of different report options in MUSAC Accounts but can I customise them?

MUSAC Accounts includes a report writing module where you can create your own reports. Training is available in the use of this feature. Please contact the Help Desk.

Is it possible to customise forms such as invoices and remittance advice slips to include our school’s logo?

There is an option to edit all User Defined Forms to include a logo or change the font size and type etc. Contact the Help Desk for a tip sheet on this feature.

What is depreciation?

Depreciation is an operating expense allocated each year. The expense represents an estimate of the annual cost of using your fixed assets.

Fixed assets include items such as, computer equipment, furniture and fittings, plant and equipment and other valuable equipment. These items are used in the school’s operations over more than one financial year. When an asset is purchased, the full cost is not recorded as an expense in the year it is purchased. Rather, the cost is distributed over the financial years equal to the estimated life of the equipment. Depreciation does not impact on the school’s cash position or net working funds.

Example:
You buy a computer for $2000.00. The computer is paid for in cash in July 2004. In 2004 you will not see the total expense against the earnings for 2004. What will happen is, based on an assumed useful life of 5 years, an expense of $400.00 will be recorded against the school’s earnings in each of the next 5 years. (2004, 2005, 2006, 2007, 2008).

MOE Property Projects
For information regarding your property projects you can access your school’s details.  Check out which projects are current, which are closed and what furniture and equipment grants you have received.  You can access the MOE website by clicking here.