Hello I have just started using VT in a new job after they battled with SAGE for way too long. Its great and I love it BUT I am struggling with the opening balances process. We can't import a csv file as my predecessor has only used sage for calculating VAT and never reconciled bank account or adjusted figures to reflect the accounts at the year end etc etc.
I started using it in April to coincide with the year end - 31st March, and so far have just been inputting purchases made/paid in the new FY.
Basically all I need is to enter the opening balances of the Creditors (suppliers accounts) & Debtors (Sales) accounts and the VAT owing, as our VAT month end is April. We are partially exempt, just to make things more interesting. I know the amounts at least, which is a start!
So: 1. What is the double entry for the creditors balance at 31st March? 2. Do I need to input every outstanding purchase invoice individually? (there are about 200...) 3. What is the double entry for the VAT liability? 4. When I've paid a supplier in the current year, who invoiced in the last year, what is the double entry for that?!
I recently started using VT+ although not on a daily basis. I found the the answer to entering the opening balances on the help menu or on the 'instructions and notes' section, one of the tabbed pages covers opening balances.
