Vt Transaction (VT-STM) - The Book-keepers Forum (UK)

Georgie · Guru

Vt Transaction (VT-STM)

Wella · Expert

RE: Vt Transaction

Shamus · Forum Moderator & Expert

Hi Georgie,

wish they did or even just gave an online tutorial but to date I've found nothing.

The user guide is really good but as I'm sure that you've already found doesn't always give all of the answers that you are looking for.

The way that I learnt it was to recreate a set of accounts from base documents and made sure that it agreed to the final accounts that I had previously prepared.

I did have a few initial issues with the way you enter opening balances and the lack of a fixed asset register felt wrong but it's one of those peics of software that will really grow on you.

If you don't have any real accounts to use for comparison purposes try one of the old ICB or IAB computerised papers.

The book Compterised Bookkeeping by Dr Peter Marshall has several old IAB exams with full answers (even though it's an ICB text. Note that the only past ICB paper in the book does not have the answers so if you wanted that you would need to buy it from the ICB costing more for one paper than the book costs with three IAB papers).

The book says that it is not software specific but in reality is clearly aimed at teaching Sage. I did however find it quite useful to ensure that you can get VT to give the same answers. (Worth noting that there is no facility for a customer or supplier list from VT so if you use it for exams you would lose those few marks).

Personally I found it best to use VT Accounts as you can push everything through from raw input to see it turned into a full set of accounts. I know that you can see the balance sheet and P&L from VT+ but VT Accounts also shows the notes to the accounts which I find invaluable.

Note that VT Accounts requires Excel where even though VT+ looks like it's based on Excel, as you know it is a completely stand alone package.

I appreciate that this isn't exactly the answer that you were looking for but I hope that it helps anyway.

Fingers crossed someone else will come along with an "Oh, XXX company released a training package for it only last week". I for one would certainly also like some more formal training as whilst I can get the product to do what I want it to I'm sure that I don't always take the route that the manufacturers intended me to take to get there. Already in old posts we've come accross scenarios where Bill (Wella) and myself got to the same answer from two different routes.

Note that when asking questions on here about VT generally I would say that Bills advice overrides anything that I say as he's been using it with a vengeance for longer.

kind regards and welcome to the forum Georgie,

Shaun.

Shamus · Forum Moderator & Expert

Oh and there you you!

Morning Bill. Hope that you're having a good Sunday matey.

I've got a fun filled day of putting together a business plan.... Actually, sad as I am, that is a fun filled day!

Georgie · Guru

Thank you guys for the information. And Shamus what a good idea that is! Will go on Amazon and order the book.

Wella · Expert

Shamus wrote:
Oh and there you you!

Morning Bill. Hope that you're having a good Sunday matey.

I've got a fun filled day of putting together a business plan.... Actually, sad as I am, that is a fun filled day!

Morning Shaun.

Sorry I missed you yesterday, got some visitors from up country staying, and was out most of yesterday getting radiation burns . Feel like a crispy critter right now.

Back on track (unlike me biggrin ) It is worth noting now that, due to the introduction of ixbrl tagging, VT Final Accounts has to be renewed each year, and stops working after one year from activation, or renewal . VT Transactions+ still remains active though.

Bill

Shamus · Forum Moderator & Expert

Morning Bill,

On the bright side though at least it's £50 cheaper in subsequent years.

Also, I'm of a mind that if we don't pay them something every year then they wouldn't be able to keep making the product and that would be such an absolute travesty for our profession.

£150 per year renewal for VT Accounts (including VT Transaction+) seems to me a very reasonable price to bear to keep a product that supports unlimited clients and realises that it's users are finance professionals rather than merely end users of a product that does the thinking for you (as is the case with some of the prettier offerings).

Hope that your having a good Monday matey,

all the best,

Shaun.

Georgie · Guru

Question for Shamus or Bill....Here is my first stupid question. Shamus, I bought the book you suggested and I am trying to do first exam paper in VT. I am tearing my hair out! I set up the company Brides Made and set up the supplier accounts. What do I put in the analyasis ledger and analysis account column when I post an invoice to a supplier account? I put supplier and supplier name but I get a message saying "Analysis account is the same as the primary account" ... Oh and I found someone who offers training on VT.... £300 a day plus expenses!!

Shamus · Forum Moderator & Expert

Hi Helen,

sounds as though you've gone horribly wrong somewhere.

Which entry is it that you are having difficulty with and I'll tell you the full double entry that you should be getting.

Are you using PIN or P+R option? (If I'm reading what you are trying correctly you need to be using the PIN option for this).

As I say, tell me the entry your trying to put through and I'll see if I can sort you out a screen shot of what the entry should look like.

kind regards,

Shaun.

Georgie · Guru

Thank you Shamus really appreciate this! I have set up a company (Bridal shop) and set up supplier accounts. The question then says to enter the purchase invoices( which are for wedding dresses) So, I click pin, click on one of the suppliers and then tab date, amount etc, etc. It's the analysis of net amounts that I am struggling with.

Shamus · Forum Moderator & Expert

Hi Helen,

No probs.

your PIN screen should look something like the screen shot below (I've just made up this entry, it's not one from the scenario).

Is this what you get?

helen VT.png

Georgie · Guru

Yes that's it and I did analise to cost of sales and purchases in the end, was that correct ?

Shamus · Forum Moderator & Expert

Assuming that you entered the above then from the list of transactions you should have the following entries :

Hope that these fit on the screen.

If the above is ok then I'm having difficulty seeing an issue here.

kind regards,

Shaun.

Georgie · Guru

Yes, I got it thank you! .... a few more past papers and I should be OK with this. I must say its a lot cheaper than Sage! .... thank you again shamus...i'll leave you to do your day job now :)
Kindest regards

Georgie · Guru

Does anyone know what the support from VT is like, do they answer the phone pretty quickly ? ...

Shamus · Forum Moderator & Expert

Hi Helen,

not actually used the support myself (which must be a good thing as I'm not shy about phoning help/complaint lines) but have a glance at this thread from Accountingweb which isn't as one sided as the title suggests and includes responses actually from VT themselves :

http://www.accountingweb.co.uk/anyanswers/abandoned-vt-software/497137

Also have a read of this thread whilst your over there :

http://www.accountingweb.co.uk/anyanswers/sage-or-vt

I know that there is restricted support of 5 free calls for each purchase and there after it's charged.

Talk soon,

Shaun.

Georgie · Guru

OK, thanks Shaun. I will take a look at that. I know with Sage their support is great and have no complaints. Still playing with VT and am getting on OK with it, but just want to make sure before I buy it.

Kind regards

Georgie · Guru

I really wish VT would produce a decent manual on how do things with their software. The help menu is so basic! Is it me or I am thick? I have posted a customer invoice for £600. If paid within 14 days though they can take a discount off. If I pay off the invoice less the discount I have an amount outstanding...Am I supposed to post the invoice less the discount in the first place? Someone help me pleaseeee

Georgie · Guru

Ooops I just found the answer... It's been a long day, sorry VT...

BudgetB · Guru

Can VT do automatic postings (ie re-occurring sales or purchase invoices) does anyone know?

kjmcculloch83 · Expert

BudgetB wrote:
Can VT do automatic postings (ie re-occurring sales or purchase invoices) does anyone know?

Apparently you can. But it seems quite basic:

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 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.

BudgetB · Guru

Ah right ok, I shall have a look at that. Cheers

Georgie · Guru

Message for Shamus (if he's about)

Hi Shamus, well I've gone and bought VT transaction with final accounts. You recommend to me earlier to buy Computerised Bookkeeping by Dr Marshall, which I did and it was a great help, thanks. Do you know of any other books that will take me through to completing statutory accounts so I can practice on VT?

Kind regards
Georgie

Shamus · Forum Moderator & Expert

Hi Georgie,

glad that you've liked the suggestions so far.

It's now getting a bit more difficult to suggest other texts as they seem to either be aimed at computerised bookkeeping OR accounts.

I practiced by putting my own companies transactions through VT to make sure that I came out with the same figures as my accountant and where I didn't I tracked everything through the notes to the accounts (only available in VT accounts rather than VTT+) to find out why.

There's an AAT book for their foundation level "Bookkeeping with Sage and spreadsheets with Excel, which may be of some limited use, see here :

http://www.amazon.co.uk/Foundation-Bookkeeping-Sage-Spreadsheets-Workbook/dp/0751746479/ref=sr_1_2?ie=UTF8&qid=1319210742&sr=8-2

Not sure how useful that one will be to you though as it's aimed squarley at the bookkeeping rather than accounts prep / production side.

The other side of the coin are books that look at preparing sets of accounts but don't touch on the computerised side. I'm thinking here of :

http://www.amazon.co.uk/Sole-Trader-Partnership-Accounts-Accounting/dp/1905777469/ref=sr_1_1?s=books&ie=UTF8&qid=1319210896&sr=1-1

http://www.amazon.co.uk/Trader-Partnership-Accounts-Tutorial-Accounting/dp/1905777299/ref=pd_bxgy_b_text_b

http://www.amazon.co.uk/Limited-Company-Accounts-Tutorial-Accounting/dp/1905777353/ref=pd_sim_b_11

http://www.amazon.co.uk/Limited-Company-Accounts-Workbook-Accounting/dp/1905777507/ref=pd_bxgy_b_text_b

I personally own the workbooks but not the tutorials.

You could also try doing the ICB computerised bookkeeping exams for levels II and III.

Those suggestions aside I've not got any great collection of books on the computerised side of producing final accounts I'm afraid. Just hope that someone else on here is able to offer some alternatives.

kind regards,

Shaun.

Georgie · Guru

Oh thank you Shamus, you're a star! I will go on Amazon and take a look tomorrow..... but I think it will be pub oclock soon so going to go and have a large glass of Rose!

Best wishes
Georgie

Peasie · Expert

Shamus wrote:
Those suggestions aside I've not got any great collection of books on the computerised side of producing final accounts I'm afraid.

My collection of bookkeeping/accounting books over tha past year has grown quite considerably - Sage 50 Workbooks level 1, 2 & 3 plus Sage 50 Payroll workbooks level 1 & 2 has added 18 books in the past month. I went out and bought the two books you recommended earlier in the week on Amazon (for £0.01 plus £2.80 postage).

John H · Newbie

We offer 1 to 1 bespoke VT training.

Just completed two 1/2 day sessions with an ACCA qualified accountant working for the Home Office who rated us as excellent.

We are a firm of accountants and use it on a daily basis. The trainer is ACCA qualified.

Based in N. London

Cost £240+vat

See our website www.jmhpartnership.com

John H · Newbie

We offer 1 to 1 bespoke VT training.

Just completed two 1/2 day sessions with an ACCA qualified accountant working for the Home Office who rated us as excellent.

We are a firm of accountants and use it on a daily basis. The trainer is ACCA qualified.

Based in N. London

Cost £240+vat

See our website www.jmhpartnership.com

Shamus · Forum Moderator & Expert

Hi John,

welcome to the forum.

Good to see someone offering VT training although I suspect that it may be a little bit more than many on here are looking to pay when combined with travel and accomodation expenses.

I quote your post in this thread :

http://www.book-keepers.org.uk/t45710639/vt-transactions-again/

Where the idea of a book is touched upon.

You may want to join in the conversation on that thread?

all the best and look forwards to chatting soon,

kind regards,

Shaun.

John H · Newbie

Hi Shaun

Thanks for the feedback.

We offer 1/2 day and indeed 2hr sessions. As we are located within easy reach of the M25, hopefully that will mean that most poeple will not need to incur overnight accommodation costs.

We are also considering 3 hr group (5 to 10 trainees) sessions, subject to demand, the cost of which will be £125+vat pp.

Regards

John

Georgie · Guru

-- Edited by Georgie on Tuesday 25th of October 2011 04:18:55 PM

anup · Newbie

VT Transactions Training, Excel Training £100--2days, £200 4days

Work placement VT Transactions+ Accounts, training 2 days £100
2 Days VT Transaction accounts training
Reasons to go for this training:

§ work with Real company data

§ Latest version of software provided free(Trial Version)

§ Creating new Company with VT

§ Adding Supplier invoices

§ Adding Sales

§ Entering bank Receipts and Payments

§ Bank Reconciliation

§ Reconciliation of Supplier control Accounts

§ Adding Journal

§ Entering Opening Balance

§ Displaying Trail Balance, Profit & Loss Account and Balance Sheet etc

§ Intermediate level MS Excel

§ CV Clinics and interview techniques

§ one to one training

§ CV Preparation and winning interview skills

4 Days VT Transaction accounts training £200 Pounds only
Reasons to go for this training:

§ work with Real company data

§ Latest version of software provided free(Trial Version)

§ Creating new Company

§ Adding Supplier invoices

§ Adding Sales

§ Entering bank Receipts and Payments

§ Bank Reconciliation

§ Reconciliation of Supplier control Accounts

§ Adding Journal

§ Entering Opening Balance

§ Entering Wages, NI from PAYE

§ Displaying Trail Balance, Profit & Loss Account and Balance Sheet etc

§ Making a complete accounts for HMRC by VT Accounts

§ Intermediate level MS Excel

§ CV Clinics and interview techniques

§ one to one training

§ CV Preparation and winning interview skills

Date: Phone us next available place and date
Venue: Our office, Reliance Accountant & Tax Advisors,3^Rd Floor, 303 Whitechapel Road, E1 1BY
Time :10am to 1pm or 2pm to 5pm
Cost : £100 2 days course (6 Hours)

Cost : £200 4 days course (12 Hours)

About our company:
We are the small accountancy firm based in East London and provides training. For more detail please send your CV by email to:info(at)relianceas(dot)co(dot)uk. For more information, Please call us at 07723049645 and 02073776161

Shamus · Forum Moderator & Expert

Anup,

Good to see some VT courses hitting the market place.

you need to specifiy more detail about your course.

From the sound of it it's a starter course for VT.

The two month trail of VT is free anyway to anyone who wants to download it so that parts not a selling point.

If is a real work placement or is it some PCs in a room linked to but not actually part of an accountancy practice?

Intermediate Excel needs definition. Some clients define what I would regard as basic Excel as advanced.

Intermediate to my mind should cover Pivot tables, Vlookups, groups and outlines, relative vs absolute positioning, dynamic charts, etc.

six hours seems too short to cover that level of material plus all of the other elements.

As I say, you need to expand upon what you are actually offering as I fear that people may be disappointed if your six hour course does not match expectations.

kind regards,

Shaun.