VT Transaction user guide
Contents
1. Tips for entering VAT 1 To calculate VAT at the standard rate press the key or click on 17 5 in the VAT list The calculation is based on the gross or net amount depending on which was entered first 2 Toenter VAT at a non standard rate enter the actual amount 3 To enter VAT for items which are zero rated or exempt enter 0 or click on 0 in the VAT list If an item is outside the scope of VAT i e not included in the turnover boxes in the VAT return enter n or click on N A in the VAT list Typical items outside the scope of VAT are wages salaries drawings tax interest dividends and sales and purchase ledger payments Selecting ledgers and accounts Ledgers and accounts can be selected by typing the first few characters of the name or by clicking on an item in the list If you double click on a ledger the ledger is selected and you are moved to the account column If you double click on an account the account is selected and you are moved to the start of the next row 13 VT Transaction Accounting bookkeeping package for Windows Sales and purchase ledger payments Cash entries to the sales or purchase ledgers should normally be entered using the sales or purchase ledger payments method If you do use the Payments And Receipts dialog you will need to allocate the payments against the invoices in each individual account Note If VAT cash accounting is in operation an invoice is not included in the VAT return until it is al2. VT Transaction Accounting bookkeeping package for Windows Enquiries and reports On screen enquiries and reports VT Transaction can display the following types of enquiry an account a transaction in double entry format trial balance profit and loss account balance sheet age analysis ledger balances turnover by account VAT return and transaction list day book To display an enquiry choose a command from the Query menu There are special buttons on the toolbar for quickly displaying account enquiries Help You can display the help topic for an enquiry by choosing the Topic For Active Window command Help menu or by clicking on the Help button on the toolbar EJ Dynamic status bars and column headings There is a status bar at the bottom of each enquiry window You can alter the contents and format of the enquiry by clicking on the captions on the status bar In addition some column headings are followed by three dots This indicates that you can alter the contents of the column by clicking on the column heading For instance you can alter the interval at which an account balance is reported from every month to every day by clicking on the Balance column heading in an account query To learn how to use VT Transaction to its full extent you may wish to look at each enquiry in turn and click on every status bar caption and every heading followed by three dots and see what happens The information is also in on sc
3. beginning nor an end date The accounting period set up by the user can be moved backwards or forwards or lengthened or shortened at any time without any change to the underlying transaction data The accounting period set up is used for only two purposes 1 To warn if transactions are entered outside the current period 2 To provide default dates for the various reports and account enquiries which can be displayed or printed The period in which a transaction lies is determined by its date and not the period set up when the transaction was entered You can enter transactions for a new year or period before you have completed the previous year The date of a transaction can also be altered at any time See Editing and deleting transactions on page 27 Transferring entries between accounts Entries in the wrong account can easily be transferred to another account 1 Display the account by clicking on one of the query buttons on the toolbar 2 Click on the entry or entries you want to move 3 Choose the Transfer Entry command from the Edit menu and select a new account The above technique works for all types of accounts The entries can be mis analysed expenses invoices in the wrong supplier account or payments in the wrong bank account All other aspects of a transaction can also be altered See Editing and deleting transactions on page 27 Accessing VT Transaction files from other applications VT Transaction tra files can be accessed from
4. 1 Click the Start button click Settings click Control panel double click on Network 2 In the Network dialog choose the Identification tab and enter a name without spaces in the Computer Name box 28 VT Transaction Accounting bookkeeping package for Windows To give a printer a share name without spaces 1 Click the Start button click Settings and click Printers 2 Click on the printer and choose the Sharing command from the File menu of the Printers dialog 3 Inthe Properties dialog Sharing tab enter a share name without spaces 29
5. 95 or higher VT Transaction is a 16 bit application written in Microsoft Visual Basic 3 0 The same software can therefore run in al versions of Windows It cannot however directly recognise Windows 95 or higher network addresses such as server c companies Instead if a company file is on a drive on another PC you must create a letter for the drive on your local machine before you can open the file in VT Transaction To create a drive letter 1 Use the Network Neighbourhood icon on your desktop to locate the drive containing the VT Transaction company files 2 Click on the drive with the right mouse button and choose the Map Network Drive command from the pop up menu Setting the default printer VT Transaction can only print to the default printer To set a printer as the default 1 Click the Start button click Settings and click Printers 2 Click on the printer you wish to use 3 Choose the Set As Default command from the File menu of the Printers dialog Printing over networks Microsoft have confirmed that there is a bug which can affect printing from a Visual Basic 3 0 application such as VT Transaction on a network printer An error message may be received when you try to print The bug only occurs when the name of the PC to which the printer is connected contains a space or the share name of the printer contains a space The solution is to rename the PC or printer without a space To give a network PC a name without spaces
6. Open Company command The most recently opened companies are also listed at the bottom of the File menu You can also open an existing company by double clicking on it in My Computer or Windows Explorer VT Transaction company files have the extension tra and are held by default in the Transact folder You can delete a company file in the same way as any other file by dragging the file to the recycle bin Backing up company files If you lose a word processing file you can retype the letter If you lose a VT Transaction company file reconstructing the data may be very time consuming or even impossible A file can be lost or damaged in several ways 1 Your computer is stolen 2 You accidentally delete the file 3 Your disk drive network fails or corrupts files There are commands on the File menu of VT Transaction to back up and restore data to floppy disks These commands split a large file over several floppy disks We no longer recommend the use of these commands as floppy disks are an unreliable medium and the process is very slow for large files The data for each company in VT Transaction is stored in its own file on your hard disk and exists independently of the VT Transaction program By default the data files are stored in the C Transact folder although they can be anywhere on your PC or network The easiest way to back up this data is to use Windows Explorer to drag the file onto a read write CD drive or detachable USB memory device
7. and loss accounts at the date of the journal to the accumulated profit account You can enter any date in the Year End Transfer dialog but the system suggests the last day of the previous financial year If you did not carry out a year end transfer each profit and loss type account for the next year would include the balance for the previous year Note You can make entries in the next year before you have done the year end transfer for the previous one Year end transfer journals are ignored when a trial balance is requested at the date of the journal and hence you can still report on the profit and loss for a company for any year at any time You can still make retrospective profit and loss entries after carrying out a year end transfer but you should remember to choose the Year End Transfer command again Only an incremental transfer will be generated If you have done this several times you may wish to delete all the transfer journals and replace them with a single one A year end transfer can be deleted like any other transaction See Editing and deleting transactions on page 27 26 VT Transaction Accounting bookkeeping package for Windows Movement accounts Some balance sheet items are split into movement accounts For instance fixed assets are split into balance b fwd additions and disposals For unincorporated businesses the capital account is split into balance b fwd capital introduced and drawings Before yo
8. as a single transaction with a split analysis as illustrated below PadioMecton Gress VAT Na leie Account Cash book foot totals 11 120 00 1 120 00 6 000 00 Cost of sales Purchases 3 000 00 Expenses Wages and salaries 600 00 Expenses Rent 200 00 Expenses Telephone 150 00 Expenses Motor expenses 50 00 Expenses Sundry expenses The next time you enter a transaction with the same or similar details i e Cash book foot totals each analysis account will be automatically pre selected If a heading such as Rent has a zero balance in one month leave it in at zero so that Rent will automatically appear when you enter the totals for the following month The Payments And Receipts entry method Overview The payments and receipts entry method is a very fast way of entering a mixture of cheques other payments and receipts all on the same screen Up to 99 transactions can be entered per screen and the transactions can have a split analysis The payments and receipts dialog is also ideal for entering the foot totals from an analysed cash book If the gross amount on a row has a minus sign in front the row is posted as a receipt REC Positive amounts are posted as either payments PAY or cheques CHQ depending on whether a cheque number is entered The paid to received from column and analysis ledger and account are automatically completed based on previously entered transactions This enables data to be entered increasingly quickl
9. for support and will prosecute for breach of its license terms File structure Each company or business in VT Transaction has a single file which contains all the data for that company This is just like the way a spreadsheet or word processing document works However unlike a spreadsheet or word processor transactions are automatically saved to disk as soon as you click OK in a transaction entry dialog There is therefore no Save command on the File menu VT Transaction Accounting bookkeeping package for Windows On a network the files can be held on any disk drive to which you have access Only one user can open the same company at the same time The main copy of a file should not be held on a floppy disk Floppy disks are more prone than hard disks to physical damage which can prevent the file being read The maximum number of companies you can create is limited only by the disk space available On a modern PC this is unlikely to be a constraining factor The size of a new file is approximately 130KB to 180KB and increases with the number of transactions processed Because each company has a single file it is easy to move a file between PC s on a floppy disk or to backup a file Many other accounting packages have several files for each company This is more cumbersome You can create a new company or business file by choosing the New Company command from the File menu in VT Transaction You can open an existing file by choosing the
10. format see Editing and deleting transactions above and then click on the Replicate button The number of copies and the interval between copies can be specified Using VT Transaction on a network VT Transaction can be used on a network but only one user can open the same company at the same time An error message will be received if you try to open a company in use by another user We recommend the VT Transaction software is installed on each local PC and that company data files are held on the file server Each company has a single data file The file has the extension tra To save a company to a network drive when it is first created simply choose the network drive letter in the New Company dialog You can use My Computer or Windows Explorer to move a file that has already been created to a network drive To open a company on a network drive select the network drive letter in the Open Company dialog or just double click on it in My Computer or Windows Explorer By default the New Company and Open Company dialogs are first set to the folder where VT Transaction is installed usually C Transact This can be changed to any other folder on the network by changing the settings in the Properties dialog for the icon used to start VT Transaction For more help search the VT Transaction help topics for Changing the default folder You will probably need a license for each PC from which the software is used See License terms on page 5 Windows
11. other macro languages or programs using the VT Transaction 5 Objects component VTL40 dll Transactions can also be posted and new accounts created In order to use this component you will need a knowledge of programming objects in Visual Basic For more information visit www vtsoftware co uk users accessingtrafiles htm VT Transaction Accounting bookkeeping package for Windows Entering transactions Entering opening balances Opening balances should normally be entered using the journal input method Up to 99 entries can be input on a single journal and entries can be made to any account including those in the sales and purchase ledgers If necessary you can use more than one journal For more details on entering journals see page 10 The amounts to be entered should be taken from the closing trial balance from the previous manual or computerised system Due to the flexible nature of VT Transaction you can begin entering day to day transactions before you have entered opening balances The date of the opening balance journal should be the last day of the period covered by the previous system You should not enter detailed profit and loss amounts from the previous system unless you are changing systems part way through the financial year If you do you will need to choose the Year End Transfer command to transfer the individual profit and loss account balances to the accumulated profit and loss account in the balance sheet For conv
12. printed out in the format required by the self assessment tax return or automatically sent to tax software packages Statutory and final accounts VT Transaction can display and print a draft profit and loss account and balance sheet A companion product VT Final Accounts produces statutory accounts for filing at Companies House and distribution to shareholders from trial balance stage upwards It also produces professionally formatted accounts for unincorporated businesses A trial balance can be automatically imported into VT Final Accounts from VT Transaction If you already have a closing trial balance and only need to process adjustment journals you should use the extended trial balance in VT Final Accounts It is not necessary and indeed cumbersome to use VT Transaction Who should use VT Transaction VT Transaction is very easy to use and can be used by accountants and non accountants alike However users without accounting knowledge will probably need help from their accountant with the following matters 1 Setting up opening balances especially the opening VAT position 2 Deciding on whether to maintain sales and purchase ledgers or whether to enter cash directly to income and expenditure accounts 3 Accruals and prepayments Checking that VAT has been correctly entered before submitting a VAT return 5 Multi currency accounting Installing starting VT Transaction 1 Insert the CD into your CD drive The set up program
13. The latter is particularly easy to use and relatively inexpensive Data can be restored to your hard disk by dragging the file from the CD or USB drive back to your hard disk Ledger structure All accounts in a VT Transaction company are held in a single integrated ledger This avoids the need for control accounts Accounts are divided into groups Each group has all the characteristics of a separate ledger Although there is really only one ledger each group is usually referred to as a ledger In this user guide accounts are often referred to in the format Income Sales or Creditors Accruals The first word is the name of the group or ledger and the second is the name of the account within the ledger Ledgers and accounts in VT Transaction are selected by clicking on items in lists or by typing the first few characters of the name Account numbers are not used Initially some users find this slower than other systems However VT Transaction pre selects the analysis account last used for a customer supplier or payee so that data entry soon becomes very fast You can set up new accounts when you are entering a transaction by clicking on the Set Up Account button Accounts can also be set up renamed or deleted by choosing the Account command from the Set Up menu VT Transaction Accounting bookkeeping package for Windows Accounting periods All transactions are stored in a company in VT Transaction in a continuous period which has neither a
14. VT Transaction Accounting bookkeeping package for Windows Contents Introduction Overview Who should use VT Transaction Installing starting VT Transaction System requirements Chart of accounts templates Starting a new company or business in VT Transaction Using the help system Technical support License terms File structure Backing up company files Ledger structure Accounting periods Transferring entries between accounts Accessing VT Transaction files from other applications Entering transactions Entering opening balances Entering journals Entering reversing journals Entering the foot totals from an analysed cash book The Payments And Receipts entry method Entering sales and purchase ledger invoices and credit notes Sales and purchase ledger payments Enquiries and reports On screen enquiries and reports Reviewing entries and transactions Printing year end reports and audit trails Advanced and miscellaneous topics Bank reconciliation VAT Self assessment tax data Departmental costing Multi currency accounting NNN ODO DOTA AAP BR FP WO WO WO W 10 11 12 12 14 14 17 17 18 19 21 21 22 23 23 24 VT Transaction Accounting bookkeeping package for Windows Custom ledgers Custom transactions Changing the accounting period and financial year Year end procedure Preventing entries or changes to previous years Editing and deleting transactions Recurring transactions Using VT T
15. a simple trust The templates marked with a above have been designed to match templates in VT Final Accounts Starting a new company or business in VT Transaction 1 Choose the New Company command from the File menu This displays the dialog shown below Enter the company s name a file name choose an appropriate chart of accounts template and then click on OK 2 To set up or change the accounting period click on the period caption on the company status bar or choose the Accounting Period command from the Set Up menu 3 To print out a chart of accounts choose the Chart of Accounts command from the Window menu To set up departmental costing choose the Department Name command from the Set Up menu 5 To set up multi currency accounting choose the Name command from Currency sub menu of the Set Up menu 6 To see what a toolbar button does hold the mouse pointer over it for a few moments You can carry out most routine tasks using these buttons New Company Company name OK My Company Limited File name Folder Myco c transact transact template Drives trust le zi Template description Chart of accounts for a Each company has one file A new file can be based on a chart company of accounts template Preview Template VT Transaction Accounting bookkeeping package for Windows Using the help system This entire guide is also contained in the on screen help system The contents page c
16. an be displayed by choosing the Topics command from the Help menu Most dialogs also have a Help button which provides advice on using the dialog Clicking a Help button is usually quicker than searching through the printed guide because it takes you straight to the topic required You can display the help topic for an on screen report such as an account enquiry by clicking on the Help button on the toolbar 2 Help Topic For Active Window If you find it hard to read the help topics and look at VT Transaction at the same time you can print out a topic by clicking on the Print button in the Help window Technical support Five support enquiries can be made within a year of purchase at no additional charge Thereafter support charges apply VT Software will normally only provide support for one person per license VT Software will only provide support to registered users current subscribers VT Software has only one person able to provide support and therefore there will be periods when support is not available due to holidays or sickness If you have a problem please read the relevant section of this guide first Many enquiries received are also answered in on screen Help choose the Frequently Asked Questions command from the Help menu Support information is also available on the web at www vtsoftware co uk support Support enquiries should be sent by email to support vtsoftware co uk Your email should include your name and postco
17. ank Accounts command from the Transaction menu the keyboard shortcut is Ctrl B 24 VT Transaction Accounting bookkeeping package for Windows Displaying currency amounts and entries When you first display an account which contains currency entries all entries are displayed To display entries for a particular currency click on the All currencies caption on the Account window status bar and select a currency from the pop up list There is also a caption which enables the currency amounts to be shown in currency or translated into base amounts Similarly the balance sheet normally shows the combined balances across all currencies To display balances for a particular currency click on the All currencies caption on the Balance sheet window status bar and select a currency from the pop up list There is also a caption which enables the currency amounts to be shown in currency or translated into base amounts To print out a balance sheet for each currency choose the Print All command from the File menu Re valuing currencies Currencies can be re valued at any time by choosing the Rate command from the Currency sub menu of the Set Up menu It is recommended that currencies are re valued at the end of every month or after exchange rates have fluctuated significantly In the new year currencies should not be re valued again until you have completed your year end accounts When currencies are re valued all currency balances are retranslated a
18. ces button on the return This transfers the net balance on the input and output accounts to the Creditors Customs amp Excise account When the return is paid analyse the payment to this account If you find an error before you have paid the return choose the Undo Last VAT Return command from the Edit menu The VAT date status of a transaction The VAT date status of a transaction with a VAT entry can be any one of the following e Normal VAT date same as transaction date e Any specified date on or after the transaction date e Postpone indefinitely e Proforma VAT due when paid e Cash accounting VAT due when paid If an invoice has the proforma or cash accounting status it is automatically included in the first VAT return covering its payment date An invoice can be given the proforma status by crossing the Proforma invoice check box when entering the transaction Cash accounting Cash accounting can be turned on or off by choosing the Cash Accounting command from the VAT sub menu of the Set Up menu Invoices are automatically given the cash accounting status if VAT cash accounting is turned on when they are entered Invoices already on the system are not altered if necessary they can be manually changed see below Invoices with the cash accounting or proforma status are only included in the VAT return if they are fully allocated against a payment It is not possible under the current architecture of VT Transaction to pa
19. d should cancel out the entries from all the individual invoices Even if you decide to enter on going transactions on a cash basis without maintaining sales and purchase ledgers you may still have opening figures for trade debtors and creditors These should be posted to the Debtors Trade debtors and Creditors Trade creditors accounts You can treat these amounts like accruals and release them to income and expenses on the first day of the new period Alternatively you can identify which receipts and payments in the new period relate to the opening balance and post them directly to the trade debtors and creditors accounts Note The trade debtors and creditors accounts are ordinary nominal accounts which are separate to the sales and purchase ledgers VT Transaction does not have control accounts VAT If you want VT Transaction to automatically produce the next VAT return correctly the opening VAT position needs to be carefully entered if 1 The last period covered by the old accounting system does not coincide with a VAT quarter or 2 The business operates VAT cash accounting even though it maintains sales and purchase ledgers The VAT return in VT Transaction is based on the entries in the Creditors VAT input and Creditors VAT output accounts The VAT on inputs and outputs not yet on a VAT return should be posted to these accounts using the opening balances journal VT Transaction Accounting bookkeeping package for Windows Note Whe
20. de or the license number on the back of your CD case so that your database record can be found In some circumstances it may also be helpful to attach the VT Transaction file you are working on In Microsoft Outlook a file can be attached to an email by dragging and dropping it from My Computer Windows Explorer and onto the email or by choosing the File command from the Insert menu By default VT Transaction files are stored in the C Transact folder and have the extension tra VT Software can provide support on how to operate the software but cannot advise on the correct accounting treatment for individual transactions If you are in doubt you should consult your accountant License terms A single user license entitles a specific individual to use the software on an unlimited number of personal computers PC s If you are a sole practitioner or freelance accountant this enables you to use the software at home in the office and at clients provided no one else operates the software If more than one person uses VT Transaction a license must be purchased for each PC from which the software is used In other words the number of licenses required is the minimum of the number of users whether simultaneous or not or the number of PC s from which the software is operated Additional licenses can be purchased at any time You should not lend or give your set up CD to any other person VT Software records the name of all persons calling
21. enience you may wish to temporarily change the accounting period to the period covered by the previous system whilst entering opening balances The advantage of doing this is that it avoids messages about entering transactions outside the current period Movement accounts Some balance sheet items are split into movement accounts For instance fixed assets are split into balance b fwd additions and disposals For unincorporated businesses the capital account is split into balance b fwd capital introduced and drawings When you enter opening balances you should enter a single closing figure into the relevant b fwd account If you do not these accounts will show the movements for two years Customer and supplier balances If you want the opening balances for each customer and supplier to be broken down by invoice you should post each outstanding invoice separately using the sales and purchase invoice input methods instead of the journal method Each outstanding invoice should be given its original date The total of the invoices posted this way should match the summary amount in the trial balance When you enter each invoice in this way no VAT is entered on the invoices unless you are operating VAT cash accounting see below and the invoices should all be analysed to the same account any will do but Creditors Opening balances contra is recommended The summary amount in the trial balance should be entered to the same account an
22. er on the number pad of the keyboard Pressing the key has the following effect Date Enters today s date first row or the date in the cell above Cheque number Enters the next cheque number Paid to received from Copies the details from the cell above VAT Calculates VAT at the standard rate Account Copies the account from the cell above and changes the ledger if necessary Entering a split analysis A transaction can be entered with a split analysis by entering each analysis amount in the net column as illustrated below PadtoMectiom Grow vat Net tee Account BT plc 117 50 17 50 60 00 Expenses Telephone 30 00 Expenses Fax 10 00 Expenses Internet AutoComplete When you enter text in the paid to received from column AutoComplete scans the previous transactions and suggests the rest of the name for you If you do not like the suggestion the next character you type overwrites the suggestion Once you have entered the gross amount VT Transaction knows whether the transaction is a payment or receipt and selects an analysis ledger and account based on the most recent transaction which matches the name in the details column VAT column VAT should only be entered if a business is registered for VAT The amounts entered form the basis for the VAT return If a business is not registered for VAT the VAT column can be disabled by choosing the Default Ledgers And Accounts command and resetting the VAT input and output accounts
23. he printout if you specify a date If you do not specify a date all open transactions are printed out Invoices which have been subsequently paid are marked with a contra mark Printing out bank reconciliations Bank reconciliations can be printed out at the year end even if subsequent statements have been reconciled To print out a reconciliation for each bank account 1 Choose the Ledger command Print Other Reports sub menu File menu 2 Click on the bank ledger 3 Select the bank reconciliation option and enter the year end date If you do not specify a date the current reconciliations are printed out Entries which have been subsequently reconciled are marked with a reconciliation mark 19 VT Transaction Accounting bookkeeping package for Windows Advanced and miscellaneous topics Bank reconciliation Bank accounts are reconciled by displaying the bank account in the special bank reconciliation view Any account in the ledger containing the default bank account can be reconciled If you have inherited a reconciliation from another system you should use a journal to analyse the opening balance between each outstanding entry and the statement balance If you are not sure how to do this there is more detail in the Opening Balances topic in the Help system Reconciliation procedure 1 Click on the Query bank account reconciliation button on the toolbar This displays the bank account in the Account window with the view set to ba
24. ing Multi currency accounting is used in VT Transaction to record assets or liabilities denominated in currency For instance you may have a currency bank account or contracts with suppliers or customers denominated in currency Profit and loss account entries are not recorded internally in currency If you enter a currency denominated invoice or payment the profit and loss entry is automatically translated into base currency Not all transactions involving currency give rise to assets or liabilities denominated in currency For instance let us say that you ask your bank to give you 1 000 debited to your current account for your expenses on a business trip You will owe the bank the amount of s they charged you for the currency on the day not an amount of dollars You should not enter this as a currency transaction If you do not have any currency bank accounts and you enter currency receipts and payments directly to income and expenses you should not use multi currency accounting Enter the transactions in s using the amounts on your bank statement Currency entries can be made to any balance sheet account All the entries in a bank account must be in the same currency but several different currencies can be posted to other accounts Setting up multi currency accounting Up to 40 different currencies can be set up To set up currencies choose the Name command from the Currency sub menu of the Set Up menu Entering currenc
25. lect the first account listed and then click on OK to display the account 4A Query Account button 2 Click on the Next button on the toolbar This displays the next account with a balance LJ Next button 3 If you find entries in an account which have been mis analysed click on them and then choose the Transfer Entry command from the Edit menu If you want to edit any other aspect of an entry click on it with the right mouse button 5 You can quickly switch to another ledger by clicking on the Ledger caption at the bottom left of the account window The advantage of using the Next and Previous buttons is that accounts without a balance are skipped over The exact operation of the Next and Previous buttons is determined by the settings in the Account Selection Criteria dialog Set Up menu All the accounts with entries can be printed by displaying any account in the ledger and choosing the Print All command from the File menu Reviewing transactions in double entry format A transaction can be displayed in double entry format by choosing the Transaction command from the Query menu Once a transaction is displayed you can quickly move to the next or previous transaction in the series by clicking on the Next or Previous buttons on the toolbar You can change any aspect of a displayed transaction by double clicking on the relevant part of it For more details see Editing and deleting transactions on page 27 Reviewing lists of tran
26. located against a payment Entering sales and purchase ledger invoices and credit notes To enter invoices and credit notes click on the appropriate button on the toolbar or choose the command from the Transaction menu This will display the relevant transaction entry dialog The entry dialogs are straightforward to complete If you have a specific problem click on the Help button in the dialog Entering a transaction involves entering data into a step 1 dialog and a step 2 dialog When the transaction is posted you are returned to the step 1 dialog from which you can enter another transaction Setting up new accounts Every dialog which requires an account to be selected also has a Set Up Account button so you can very quickly set up new supplier customer or analysis accounts whilst you are entering transactions Transactions outside the scope of VAT By default a transaction is included in the turnover figures in the VAT return even if it has no VAT on it To exclude transactions such as wages salaries drawings tax interest and dividends from the turnover figures in the VAT return click on the Outside VAT scope box in the step 1 dialog If you forget to do this you can change the VAT scope at any time by displaying the transaction in double entry format and clicking on the VAT status caption See Editing and deleting transactions on page 27 Transactions with a split analysis To enter a transaction with a split analysis do the f
27. n you produce the first VAT return you will need to manually alter the net value of sales and purchases i e the figures in boxes 6 and 7 not the actual amounts of VAT with the amounts unaccounted for under the previous accounting system Any VAT due on unpaid but already completed VAT returns should be posted to the Creditors Customs amp Excise account If a business is operating VAT cash accounting you should turn cash accounting on by choosing the Cash Accounting command from the VAT sub menu of the Set Up menu The VAT on a cash accounting invoice is not included in the VAT return until the invoice is allocated against a payment If a business operates VAT cash accounting and maintains sales and purchase ledgers you must enter each invoice outstanding at the opening balance date When you enter the invoices the VAT on the invoice must be entered in the VAT box Accruals and prepayments Opening accruals and prepayments should be posted as summary figures to the Creditors Accruals and Debtors Prepayments accounts On the first day of the new period you should enter a journal to release these amounts to the individual profit and loss accounts to which they relate At subsequent period or year ends accruals and prepayments can be more conveniently posted using an automatically reversing journal The use of a reversing journal is not recommended when entering opening balances Bank reconciliation If you want to use the bank reco
28. nciliation facility in VT Transaction the opening balance for each bank account should be split on the opening balances journal into the statement balance and each outstanding entry in the closing reconciliation from the previous accounting system If you are not sure how to do this there is more detail in the Opening Balances topic in the Help system Checking the numbers You can check that you have entered the numbers correctly by choosing the Trial Balance command from the Query menu You can show each sales and purchase ledger account or a summary by clicking on the Ledgers caption on the status bar at the bottom of the trial balance window To display the trial balance in the more conventional debit and credit column format click on the Ledger Total column heading Correcting mistakes If you have made a mistake the journal and transactions you have entered can be easily altered See Editing and deleting transactions on page 27 Entering journals Journals are probably the slowest way of entering transactions Wherever possible you should use the payment receipt or invoice entry methods instead A single transaction entered using these methods can have up to 99 analysis entries The Payments And Receipts method is ideal for entering a mixture of payments and receipts on one screen or for entering the foot totals from an analysed cash book or other cash summary To enter a journal 1 Click on the Journal button on the toolbar This dis
29. nd from the Query menu The following window will be displayed Pe CHQ 100123 15 12 98 oJ Notes Delete Replicate Delete Entry Add Entry Account Details All Details Amount Reverse all Tip You can also double click on the relevant part of an entry VAT Status Normal not yet in return not EC Batch Ledger Account Details R Debit Credit Bank Current a c BTplc 117 50 a Other creditors VAT Input BTple 17 50 Expenses Telephone and fax BTple 100 00 117 50 117 50 j Cheque Payment CHO 100123 15 12 98 Notes amp Edit Page 1 00 of 1 To delete the transaction click on the delete button To edit the transaction click on an edit button or a caption that is underlined You can also double click on the account details or amount of an entry A transaction is kept in balance at all times If you alter an amount or add or delete an entry you must indicate which other entry is to be altered This is done beforehand by holding down the Ctrl key and clicking on the entry to balance to To change the date of a transaction click on the underlined date caption Editing can be password protected Choose the Passwords command from the Set Up menu 27 VT Transaction Accounting bookkeeping package for Windows Recurring transactions Recurring transactions such as direct debits can be entered by inputting the transaction once and then making copies To make a copy display the transaction in double entry
30. nd you are happy that all entries are correct click on the Post button only available if the journal balances This records the journal in the company s records 11 If there are no more journals to be entered click on the Close button Journal saN 0000 Date 31 Mar 1996 Line number 4 Details Recall Amount Total posting P ERGy Today Balance 1480 Cee for receipts dr for payments cr Ledger section Account Bal at 31 08 96 Suspend 0 00 Notes 0 00 Set Up Account Help MUL Select line to delete reverse Dr Cr 1 Income Sales 10 486 00 2 Cost of sales Purchases 6 500 00 Expen ies Delete Delete All Reverse 2 500 00 iiit Reverse All Entering reversing journals A reversing journal is identical to an ordinary journal except that you can specify a date when all the entries will reverse A reversing journal is useful for entering accruals and prepayments If you edit a reversing journal both the originating and reversing parts are automatically kept in sync Reversing journal button 11 VT Transaction Accounting bookkeeping package for Windows Entering the foot totals from an analysed cash book The easiest way to enter the foot totals from an analysed cash book or other summary record is to use the Payments And Receipts dialog To display the dialog click on the Payments And Receipts button on the toolbar The foot totals for one month should be entered
31. nesses set up in VT Transaction including those started in earlier versions Departmental costing Departmental costing is the analysis of income or expenses by departments or cost centres Up to 80 different departments can be set up To set up departments choose the Department Name command from the Set Up menu Each profit and loss ledger can be optionally costed by department by choosing the Ledger command from the Set Up menu at least one department must be set up first You are forced to select a department when an entry is made to an account in a ledger which is set to departmental costing Note You cannot make departmental entries using the Payments And Receipts dialog Displaying departmental entries When you first display an account which contains departmental entries all entries are displayed To display entries for a particular department click on the All departments caption on the Account window status bar and select a department from the pop up list 23 VT Transaction Accounting bookkeeping package for Windows Similarly the profit and loss account normally shows the combined balances across all departments To display balances for a particular department click on the All departments caption on the Profit and loss account window status bar and select a department from the pop up list To print out a profit and loss account for each department choose the Print All command from the File menu Multi currency account
32. ng the Undo Last Reconciliation command from the Edit menu The command can be chosen repeatedly to undo reconciliations in reverse chronological order Printing bank reconciliations The current reconciliation can be printed at any time by displaying the account in the reconciliation view and clicking on the Print button on the toolbar If you want to print any earlier reconciliation choose the Ledger command from the Print Other Reports sub menu of the File menu and then select the Bank ledger and the Bank reconciliation view in the Print Ledger dialog 21 VT Transaction Accounting bookkeeping package for Windows VAT When you enter invoices and payments the VAT amounts that you enter are automatically posted to the VAT input and output accounts The outstanding entries in these accounts form the basis for the VAT return Any journal entries made to these accounts are also included in the return To display the VAT return choose the VAT Return command from the Query menu When you choose the command you will be asked to specify the period covered by the return You can enter any VAT period regardless of the accounting period currently set up If there are VAT entries outstanding from previous periods they will be included in the current return and a warning given You can print a copy of the return and the backup report by clicking on the appropriate buttons on the return When the return is finalised click on the Clear Balan
33. nk reconciliation Query bank account reconciliation button 2 Ensure that the Balance per last statement reconciled shown at the bottom of the window is correct If you have inherited a reconciliation from another system click on the entry representing the statement balance instead 3 Click on each item also on the bank statement being reconciled If you find you have omitted transactions from VT Transaction enter them now If you do not use the sales and purchase ledger methods for entering cash you do not need to quit the reconciliation 5 Ifa transaction has been incorrectly entered Display the transaction by clicking on its entry with the right mouse button Edit the transaction by double clicking on the relevant part of an entry or by using the edit buttons Close the Transaction window 6 If the bank statement contains an entry in error enter it as a transaction and analyse it to a bank errors account When the error is subsequently corrected enter it and analyse it to the same account 7 If you have correctly selected all the entries which are on the statement being reconciled the closing statement balance should be correctly displayed in the row above the column headings 8 To record the reconciliation click on the Add Reconciliation Mark button in the Account window LR Add reconciliation mark button in the Account window Undoing bank reconciliations You can undo reconciliations at any time by displaying the bank account and choosi
34. ollowing in the step 2 dialog 1 Enter the gross VAT and net amounts for the entire transaction 2 Select the first analysis account and enter the associated analysis amount in the analysis amount box 3 Click on OK or press Return 4 Repeat steps 2 and 3 for each analysis amount Sales and purchase ledger payments There is a fast way of paying invoices already entered which does not involve entering any amount again The method is principally intended for entries in the sales or purchase ledgers but does in fact work on any balance sheet account To enter sales or purchase ledger payments 1 Display the account by clicking on one of the query buttons on the toolbar 2 With the mouse click on one or more invoices to be paid You can mix invoices and credits or indeed any other entry 3 Special payment or receipt buttons will appear in the Account window Click on the appropriate button This will display a payment dialog Tip double clicking on an invoice is a shortcut for selecting the invoice and clicking on the CHQ or REC button as appropriate 4 Enter the date of the payment The amount will already be entered for you but if you are making a part payment or taking a discount overwrite it with the reduced amount 5 If you want to print a remittance advice cross the Remittance advice check box Click on OK If you have entered a reduced amount you will be asked if it is a part payment or a discount If you enter more than one receipt wi
35. on differences account If necessary you should enter a journal to transfer this balance to the exchange differences account in the profit and loss account Custom ledgers It is very easy to set up new ledgers in VT Transaction A new ledger can be a new division in the nominal ledger or a new open item ledger having all the features of the existing sales and purchase ledgers If your company has a large number of salesmen and you want to control their advances and expense claims you could set up an Employees ledger If you pay commissions to agents you could set up an Agents ledger If you have a large number of sales or purchase ledger accounts which have become dormant you could move them to a Dormant accounts ledger To set up a new ledger choose the Ledger command from the Set Up menu To move accounts between ledgers choose the Move Account command from the Set Up menu 25 VT Transaction Accounting bookkeeping package for Windows You can post sales and purchase invoices to accounts in custom ledgers by clicking on the Change Ledger button in the transaction entry dialog or you can create a custom transaction for use with the ledger Custom transactions Two custom transactions can be set up In the templates supplied they are usually set up for petty cash payments and credit card vouchers but you can change them to anything you like For instance you could set up a custom transaction called Expense Claim which would post e
36. pied to another application such as a spreadsheet or word processor by choosing the Copy command from the Edit menu 17 VT Transaction Accounting bookkeeping package for Windows Drill down You can drill down between enquiries by clicking on an account or entry with the right mouse button For instance if you click on an account in the trial balance with the right mouse button then the account will be displayed and if you then click on an entry in the account with the right mouse button the transaction in double entry format will be displayed If you click on any entry in a transaction with the right mouse button the account which contains the entry will be displayed Enquiry windows Each type of enquiry is displayed in a window on your screen and several can be open at once To switch between enquiry windows click on the Window menu and select an enquiry Enquiry windows are automatically updated when you enter or edit transactions For instance you can enter missing transactions or edit transactions when you are in the middle of a bank reconciliation Reviewing entries and transactions Reviewing entries in accounts With VT Transaction you can quickly review all the entries made to all the accounts in a ledger using the Next and Previous buttons on the toolbar For instance to review all the entries made to accounts in the Expenses ledger 1 Click on the Query Account button on the toolbar select the Expenses ledger se
37. plays the dialog shown below Journal button 2 Enter the date of the transaction When entering dates in VT Transaction there is no need to enter the current year per your computer s clock If you enter a date such as 3 3 it will be automatically formatted to 37 Mar 200x when you move to another part of the dialog Tip Use the tab key or the mouse to move around the dialog Do not press the Enter key which is a short cut for clicking on OK 10 VT Transaction Accounting bookkeeping package for Windows 3 Enter brief details eg Opening balances 4 Enter the amount of the entry Enter debits as plus and credits as minus 5 Accounts are divided into ledgers Select the ledger containing the required account 6 Select the required account you can set up a new account in the currently selected ledger by clicking on the Set Up Account button on the left of the dialog 7 Click on the OK button double clicking on the account is a shortcut for clicking on OK The completed entry will then appear in the list at the bottom of the dialog Note If you click on OK or press Enter when no amount is entered the journal will be automatically balanced to the currently selected account 8 Repeat steps 4 to 7 for each entry Up to 99 entries can be posted on a single journal 9 If you have incorrectly entered an entry select it in the list at the bottom of the dialog click on the Delete button and re enter it correctly 10 When the journal is complete a
38. ransaction on a network Version 5 Copyright 1993 2006 VT Software Limited Swan Centre Fishers Lane LONDON W4 IRX Email info vtsoftware co uk or support vtsoftware co uk Web www vtsoftware co uk 25 26 26 26 27 27 28 28 VT Transaction Accounting bookkeeping package for Windows Introduction Overview VT Transaction is a fully featured accounting bookkeeping package for Windows VT Transaction can be used in a wide range of circumstances from small incomplete records jobs to companies with hundreds of thousands of transactions VT Transaction has an integrated ledger structure that includes a cashbook sales and purchase ledgers and is based on double entry principles The sales and purchase ledgers can include up to 10 000 accounts each VT Transaction has been designed first and foremost as an easy to use bookkeeping package For instance you can input sales invoice amounts but the software does not produce or print sales invoices Nevertheless VT Transaction does have a number of sales ledger management features such as a due dates system credit control letters statements and an age analysis report VT Transaction is flexible and easy to use data entry is very fast and transactions and entries can be easily edited Many users prefer it to better known packages In the professional edition of VT Transaction supplied as a standard part of the VT Accounts suite a profit and loss account and balance sheet can be
39. reen help see above Account enquiries There are lots of things that can be done from an account enquiry other than looking at the entries in the account Sales and purchase ledger payments can be paid from an account enquiry entries contra d off bank accounts can be reconciled and entries can be moved to another account All these tasks are achieved by clicking on one or more entries in the enquiry They are discussed in more detail under the relevant topic in this guide The entries displayed in an account enquiry are determined by the accounting period currently set up and the view chosen The standard views are previous years current year current period future periods and all periods In addition accounts in open item ledgers can be displayed in the open item view bank accounts in the bank reconciliation view and VAT accounts in the outstanding VAT view The view can be changed after an enquiry has been displayed by clicking on the view caption on the account window status bar Current period The view caption on the account window status bar Printing an enquiry An enquiry can be printed by clicking on the Print button on the toolbar For a sales ledger account enquiry there is an option in the Print dialog to print a customer statement or credit control letter All the accounts in a ledger can be printed by choosing the Print All command from the File menu Copying an enquiry to another application Any enquiry can be co
40. rtially include part paid invoices The workaround is to delete the invoice and re enter it as two or more separate invoices See Editing and deleting transactions on page 27 Similarly to include payments on account in the VAT return you must enter a dummy invoice Changing the VAT date status of a transaction The VAT status of a transaction not yet ina VAT return can be changed in either of two ways 1 By clicking on the VAT status caption when the transaction is displayed in double entry format see Editing and deleting transactions on page 27 22 VT Transaction Accounting bookkeeping package for Windows 2 By displaying the appropriate VAT input or output account in the outstanding VAT view and clicking on one or more entries The simplest way to display a VAT account in the outstanding VAT view is to click on one of the Examine buttons on the VAT return Using this method several transactions can be changed simultaneously Self assessment tax data The Tax Data menu commands are only available in the professional edition of VT Transaction The professional edition is supplied as a standard part of the VT Accounts suite Using the commands on the Tax Data menu a profit and loss account and balance sheet in the format required by the self assessment tax return can be printed out or automatically sent to tax software packages The profit and loss account contains a column for disallowable expenses Tax packages supported To see
41. sactions Lists of invoices payments etc can be displayed by choosing the Transaction List command from the Query menu These listings are particularly useful for checking that VAT has been correctly entered If you want to edit a transaction in the list click on it with the right mouse button 18 VT Transaction Accounting bookkeeping package for Windows Printing year end reports and audit trails Year end reports and audit trails can be printed for any year or period at any time It does not matter if transactions have been entered for the next period or whether the Year End Transfer command has been chosen Printing a ledger listing To print a complete ledger listing of all the accounts in a company choose the Ledger command Print Other Reports sub menu File menu Printing a listing of all transactions in double entry format To print a list of all transactions in double entry format choose the Transactions command Print Other Reports sub menu File menu Printing the sales and purchase ledgers in open item format Any open item type ledger can be printed out in open item format at the year end date even if invoices and cash have been entered for the next year To print an open item ledger 1 Choose the Ledger command Print Other Reports sub menu File menu 2 Click on one or more open item ledgers 3 Select the open item option and enter the year end date Transactions entered after the year end date are excluded from t
42. should start automatically If not follow the instructions on the reverse of the CD case 2 Torun VT Transaction after installation or at any other time click Start click Programs click WT and then click VT Transaction 3 To create a new company business choose the New Company command from the File menu to open an existing company business choose the Open Company command from the File menu VT Transaction Accounting bookkeeping package for Windows 4 The set up program does not automatically place an icon for VT Transaction on the desktop For instructions for creating an icon search the VT Transaction help topics for Adding a VT Transaction icon to the desktop System requirements VT Transaction can run in any version of Windows from 95 upwards Memory requirements are low 8MB of RAM and 4 MB of hard disk space should be sufficient Chart of accounts templates When you start a new company or business in VT Transaction the chart of accounts can be based on one of the following templates Self_ass A very simple chart of accounts containing only the items specified by the self assessment tax return for unincorporated businesses Trader Chart of accounts for a sole trader Partner Chart of accounts for a partnership Company Chart of accounts for a company all sizes Basic An outline chart of accounts with only basic ledgers and default accounts Home A chart of accounts for home finance Trust A chart of accounts for
43. t the new rate Profit and loss entries arising from currency transactions are not altered Any imbalance is posted to the exchange differences account Behind the scenes Every currency transaction has a mandatory entry to a translation differences account held in the balance sheet Whenever currency rates are changed the base amount of each currency entry in the transaction is re valued to the new rate The translation difference entry is used to take up any imbalance When the rates are re valued any overall balance on the translation difference account at the period end currently set up is transferred to the exchange difference account in the profit and loss account by means of an automatically created journal All transactions ever entered are re valued regardless of whether they are settled or not If a currency invoice that has been paid is re valued there will be two equal and opposite changes made to the balance on the translation differences account which will cancel each other out Editing currency transactions If you edit re date or delete currency transactions you may get a balance on the translation differences account until you next re value currencies If necessary you should enter a journal to transfer this balance to the exchange differences account in the profit and loss account Changing the accounting period If you change the accounting period without re valuing currencies you may also get a balance on the translati
44. th the same date you will be asked if it was paid in on the same paying in slip as the previous one 14 VT Transaction Accounting bookkeeping package for Windows 7 To display or print a list of the payments included on the same paying in slip click on the last transaction entered caption at the bottom right of the company status bar Open item view If the account is displayed in the open item view the invoices paid will disappear If you want to see them again click on the Open item caption on the Account window status bar and select another view such as All periods Cancelling the last payment entered If you want to cancel a payment perhaps the remittance advice did not print properly choose the Delete Last Transaction command from the Edit menu Payments on account To enter a payment on account 1 Display the account by clicking on one of the query buttons on the toolbar 2 Click on the on account button in the Account window and select an appropriate command or choose a command from the Allocate menu Ly on account button in the Account window 3 Enter the date and amount of the payment in the dialog Invoices settled by contra If a payment involves the offset of invoices in one ledger against invoices in another move the invoices to the same account before entering the payment To move invoices to another account click on them in an account enquiry and choose the Transfer Entry command from the Edit menu 15
45. u do the accounts for the next year you should enter a journal to transfer the closing balance on each movement account to the relevant b fwd account The journal should be dated the first day of the new year so that you can still accurately report on the balances for the old year if necessary Preventing entries or changes to previous years When management or year end accounts have been finalised you may wish to prevent accidental entries or changes to previous periods Choose the Lock Previous Periods command from the File menu You may optionally enter a password to prevent other users removing the locking Editing and deleting transactions Virtually every aspect of a transaction can be edited if it is displayed in double entry format or the whole transaction or an entry in it can be deleted A transaction consists of two or more entries The last transaction entered can be deleted without displaying it first by choosing the Delete Last Transaction command from the Edit menu A mis analysed entry can be corrected by editing the transaction as outlined here or by transferring the entry in an account enquiry See Transferring entries between accounts on page 7 To display a transaction in double entry format do one of the following e Click on an entry in an account enquiry with the right mouse button or e Click on the last transaction entered caption at the bottom right of the company status bar or e Choose the Transaction comma
46. which tax packages are supported choose the Tax Packages Supported command from the Tax Data menu Various methods and formats are used for exporting data to tax packages You can select the method required by your tax package by choosing the Export Method command from the Tax Data menu How the trial balance is analysed into tax return headings Each account in a business in VT Transaction is assigned to a box in the profit and loss account or balance sheet of the self assessment tax return To review or change these assignments choose the Trial Balance Analyser command from the Tax Data menu To change the box which contains the rounding difference click on the Rounding button in the Trial Balance Analyser To print out an analysis of the amounts making up the total of each box choose the Print Tax Return Trial Balance command from the Tax Data menu and choose the Headings and accounts included in headings option Disallowable expenditure Any account can be assigned to a disallowable heading The account does not have to be in a special disallowable ledger To assign an account to a disallowable heading select the account in the Trial Balance Analyser dialog Tax Data menu and click on the Assign Account button This displays the Assign Account dialog In this dialog select a disallowable heading Businesses created in earlier versions of VT Transaction The features of the Tax Data menu are available to all unincorporated busi
47. xpense claims to accounts in the Employees ledger If you frequently draw cheques on a second bank account you could set up a No 2 A c Cheque Payment transaction To set up or modify a custom transaction choose the Custom Transaction command from the Set Up menu To enter a custom transaction click on one of the buttons on the toolbar CTA Custom Transaction A CTE Custom Transaction B Changing the accounting period and financial year The accounting period and financial year can be moved backwards or forward at any time to any year or period Choose the Accounting Period command from the Set Up menu or click on the period caption on the company status bar If you are preparing monthly accounts it is usual to set the accounting period to the current month If you are preparing accounts for the whole year in one go you may wish to set the current period to the whole year Changing the accounting period and financial year does not change any data does not alter any account balance and does not close or prevent anything The accounting period merely provides dates which the system uses for determining the contents of enquiries and reports such as the trial balance The year end procedure below is entirely separate Year end procedure Before you do any reporting for the next year you should choose the Year End Transfer command from the Transaction menu This generates a special journal which transfers any balances on profit
48. y To display the Payments And Receipts dialog click on the Payments And Receipts button on the toolbar Payments And Receipts button The items you enter in the payments and receipts dialog are not saved until you click on the OK button Currencies and departments You cannot post entries analysed by currency or department using the Payments And Receipts dialog You must use the specific Payment Cheque Payment or Receipts buttons for this type of transaction instead Moving round the dialog You can use the mouse to move around the dialog but it is faster to just use the keyboard Use the Tab key to move to the next column Use the Enter or Return key to move to the first column on the next row You can move backwards by pressing Shift Tab or Shift Enter Entering the date Dates should be entered in d m yy format As soon as you begin typing a date the rest of the date is automatically suggested for you If you do not like the suggestion the next number you type will overwrite it Keyboard shortcuts 12 VT Transaction Accounting bookkeeping package for Windows Increases the date by one day If no date is already entered today s date first row or the date in the cell above is used as the basis Decreases the date by one day If no date is already entered today s date first row or the date in the cell above is used as the basis Enters today s date first row or the date in the cell above Using the charact
49. y transactions Whilst currency accounting can be complicated VT Transaction makes it relatively easy if you follow a few simple rules 1 Make sure you enter sales and purchase invoices in the correct currency of contract This will usually be whatever currency is marked on the invoice Make sure the first entry you make to a bank account is in the correct currency 3 Always use the sales and purchase ledger payment entry method when settling invoices involving currency 4 Do not worry that the exchange rate a bank is applying to a particular transaction is not the same as the one set up in VT Transaction Any differences are automatically posted to an exchange difference account Note You cannot make currency entries using the Payments And Receipts dialog When you first make an entry to a bank account you are asked which currency you want it to contain You can only change this thereafter if all the entries in the bank account are deleted or transferred to another account If you make an entry to a bank account before currencies are set up it will automatically be denominated in base currency When you enter an invoice you can select the currency by clicking on the Currency button in the transaction entry dialog Using the normal sales and purchase ledger payment methods invoices in any currency can be paid into out of bank accounts in any other currency To make currency transfers between bank accounts choose the Transfer Between B
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