I am currently using VT Cashbook and need to enter the figures that my accountant sent to me that I need to post onto my accounts system in order to correct my opening balances. Also he's advising me how to do it on Sage, I can't find how to do it on VT. Any help?
VT Cashbook is a highly simplified version of VT Transaction+ which is intended for end users to enter their day to day transactions before passing the work to their bookkeeper or accountant.
The changes that the accountant requires will mean entering Journal entries for which you would need to know the double entry and you enter both sides of the transaction.
This is likely to involve using Opening Balance Contra to keep the accounts in balance (depending on your type of business the accounts vary as to which you will need to use).
Has the accountant given you the actual accounts or the sage codes to enter the figures to? If the latter you will first need to decode what account the accountant is talking about then you will need to determine the journal that this relates to. This is unlikely to be as straight forwards as it seems if you have no experience of double entry (sorry, don't know your background).
The journals should(!) all be possible via VT cashbook but will prove a lot more difficult than if you were using VT Transaction+.
After each change that you apply take a look at the balance sheet to determine whether you got it right and if not delete the change and try again. Don't forget though that the contra account will remain out of balance until all adjustments have been made
good luck Maud,
kind regards,
Shaun.
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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.
Thanks for that. I found in the help section the Opening Balance Contra and try to endter the data but it changes my bank balance! Any ways top avoid that?
The reason you bank balance is changing, I would guess is because you already have a starting balance for the bank account and now you are putting it in a second time.
-- Edited by YLB-HO on Thursday 28th of July 2011 05:10:37 PM
rather than us guessing at this one please could you give us the actual double entry that you pushed through (from both sides including all accounts and sub accounts etc.)
many thanks,
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.
One of the disadvantages of VT Cashbook, is that there is no facility for journal entries.
I have just had a quick look for a work around but can't find an easy solution. The only thing I have thought about but tried, is to create a dummy bank account to make the payments in and out of, which should leave az ero balanced account if all entries are entered correctly. Eg Use the P&R (payment & receipt) button and select the dummy bank account, make a payment (1) say to Expenses > Accountants fees and a receipt from Creditors > Accruals should have the same affect as a journal entry to enter the accountant accrued expense for the year end
I think the idea is that the accountant makes the changes in VTT+ and the client replaces their copy with the accountants adjusted copy. (another disadvantage of cashbook, is that it does not syncronise with an updated copy so you have to stop using the working copy, until the accountant has updated)
Bill
PS just confirmed that the work around does the trick but a bit long winded
