Please could some one help me. My client has paid for some of her expenses from her personal account, how will I recored this? I am using VT cash book and only have her current ''business'' account set up and a cash in hand account. As far as I can see she hasn't reimburrsed herself for these expenses, probably because they don't amount to a great deal.
You can enter it as an expense as usual on VT cash book (ie with the expense paid for out of the bank account), and then edit the transaction, so it remains an expense, but the "bank" side of the transation can be changed to capital:capital introduced.
It took me a while to work out how to overcome the lack of a journal function on VT cash book, but this is the only work around I could come up with.
VT Transaction+ is excellent and as you would expect much more feature filled than VT Cashbook.
Why not take the 60 day free trial, in fact, why not take the 60 day free trial of VT Accounts which also comes with VT Cashbook and VT Transaction+. At the end of the term you can buy the licence for just VT+ if that's all that you want but I've found pushing data through to final accounts really helps to get an overall feel for the accounts.
I think that one thing that would really help would be a tutorial from VT. I learnt by doing old ICB and IAB computerised accounting papers.
There are a few things that it won't do like customer and supplier address lists and there's no fixed asset register but those are things that you can work around.
I did try Cashbook for the first time the other day and it really feels as though everything that you need is missing. BUT, what is there is the same as VT+, just much less of it.
Hope that this helps,
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
VT+ is a much more functional and friendly upgrade of cashbook.
With VT+ you get journal functions and you also get a customisable short cut button for custom payment types. I have set it up to automatically post a payment from the owner to Capital introduced, all I do is enter the ledger and account details. When you set it up you assign a custom transaction reference, so for example I set the system to assign PCP (my mnemomic for Proprietor Cash Payments not angel dust) to prefix the transaction number, like you have PAY for a payment transaction, or REC for a receipt transaction. This has the added advantage of being able to run reports for that type of transaction.
Thank you for replying to me and giving me all this information. I think I will have to look into it but I definitely need to get something as VT cash book is so basic. It's good for me at the mo as I am just starting out on my own and only have the grand total of two clients. It's strange when you have worked for a company and been able to use the many functions to just posting ins and outs. The other thing is training. I did see someone on here was selling Sage 50, I might look into that because that was the program I learnt at college whilst doing my AAT. It was very basic and a couple of years ago now so not sure if I can even remember what to do. But I'm sure I read on the post that there was some sort of training guide.
If you buy Sage you will need to buy two licences (one for each client, and keep buying them for each new client you aquire)
For now I personally would stick with VT and upgrade to VT+. It's a single payment, cheaper than a single Sage version, no need to keep upgrading each year, and best of all it's multi company, so no need to buy a licence for each client you have.
I only have VT cash book at the moment, but was really impressed with transaction+ when I had it on trial.
You`re one step aheasd of me though-I have only one client at the moment, and they are on excel ( although they are slowly coming round to the idea of using software).
I`m using VT cash book for my own accounts, and the local football clubs accounts, will be upgrading as soon as I get more clients.
Forgive me but I really would not have thought it possible to run a bookkeeping business on VT Cashbook alone.
To my mind that software really is aimed firmly at data input from the end user rather than the work of the bookkeeper.
I would actually go as far to suggest that in the right hands Excel is far better suited to the work of a bookkeeper than VT Cashbook (Actually, for that matter in the right hands there is nothing that Excel cannot do but that's another thread entirely).
As opposed to VT Cashbook, VT Transaction+ on the other hand is, for those who understand double entry rather than expecting the software to do it for you is an excellent platform on which to build a bookkeeping business.
One conundrum at the moment however is (I feel) that VT Transaction+ is about the same price as Quickbooks Pro (on Amazon, not on the QB site).
QB Pro looks a lot more polished but I like VT+ better... Then again. I was one of those who still loved MS Dos when Windows first came out so probably best not to listen to me!
I really do think though that to work as a bookkeeper you need to move up from VT Cashbook software to VT+ or an equivalent that you feel comfortable with.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
