Hi, I am using VT Final Accounts (within the 60 day free period) for the very first time for a small Ltd Company.
They do their own bookkeeping (sage) and I am preparing the CT600. I am inputting the trial balance manually and I have fixed assets furniture & Fixtures and Office Equipment to input.
However on the Final Accounts screen I only have Intangible Assets, Plant and Machinery and Motor Vehicles to play with. I have already inputted the assets for these
Question is, how do I add these to the final accounts screen. I can see how to add a new financial row but it doesn't cover the fixed assets section.
I think under the "Tangible Assets" section you only have three to play with : Land and buildings Plant and machinery etc Motor vehicles
You can rename these but I'm not sure if you can add to them.
Maybe I've misinterpreted your question.
If you mean even these aren't showing - is it something as simple as "autohide" where if there is nothing as yet in the trial balance for these sections, they won't show on the balance sheet?
(I hate making that as a suggestion as it is probable I've misinterpreted the question).
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Never buy black socks from a normal shop. They shaft you every time.
I think under the "Tangible Assets" section you only have three to play with : Land and buildings Plant and machinery etc Motor vehicles
You can rename these but I'm not sure if you can add to them.
Maybe I've misinterpreted your question.
If you mean even these aren't showing - is it something as simple as "autohide" where if there is nothing as yet in the trial balance for these sections, they won't show on the balance sheet?
(I hate making that as a suggestion as it is probable I've misinterpreted the question).
I want to add two fixed assets that don't show on the list of tangible assets, namely furniture and fixings, and office equipment. According to the help sheet I can only change items that are on a white background if I want them to reflect throughout the accounts.
As far as I can tell I can't add to them as you say. In this instance the amounts are small enough for me to treat them as expense items.
I keep a fixed asset register in Excel for each copany that I have on VT.
Within VT Transaction+ the additions and disposals are quite obvious from the line entries with breakdown by the various FA categories but in the accounts everything is simply bundled under fixed assets which at the end of the day is what they are no matter what their sub category.
I must admit that the people that I've accepted who have previously used Sage I've had them drop Sage compeletely and convert over to VT+ so have not had the issue myself over the lack of breakdown but can quite appreciate things from your perspective where you are just using the software for accounts rather than bookkeeping as you are not going to have the detailed breakdown available in your data.
Worth mentioning is that you can creat a new Chart of Accounts Template if the existing format doesn't work for your requirements. Not done this myself as I have had no need to but it might be something worth looking into if you genuinely decide that you need further breakdown than currently available via the notes (which will already break down FA by Land & Buildings, Plant & Machinery, Motor Vehicles, Total (just set autohide off to see the full version)).
HTH,
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.
Sorry, just reread Peasie's post and he already mentioned the Autohide.
To find it, it's VT Final Accounts dropdown, Autohide, Autohide off.
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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.
I keep a fixed asset register in Excel for each copany that I have on VT.
Within VT Transaction+ the additions and disposals are quite obvious from the line entries with breakdown by the various FA categories but in the accounts everything is simply bundled under fixed assets which at the end of the day is what they are no matter what their sub category.
I must admit that the people that I've accepted who have previously used Sage I've had them drop Sage compeletely and convert over to VT+ so have not had the issue myself over the lack of breakdown but can quite appreciate things from your perspective where you are just using the software for accounts rather than bookkeeping as you are not going to have the detailed breakdown available in your data.
Worth mentioning is that you can creat a new Chart of Accounts Template if the existing format doesn't work for your requirements. Not done this myself as I have had no need to but it might be something worth looking into if you genuinely decide that you need further breakdown than currently available via the notes (which will already break down FA by Land & Buildings, Plant & Machinery, Motor Vehicles, Total (just set autohide off to see the full version)).
HTH,
kind regards,
Shaun.
Thanks Shaun.
This is the only client who does their own bookkeeping. I did try introducing VT+ to them (which I much prefer to Sage) but they didn't like it. I've overcome the problem as described above but it's handy to know that VT accounts will give me a better breakdown if I'm importing a VT+ file. Ive only just started using the VT accounts bit but I am quite impressed overall.
Chart of accounts info is helpful and I will look into that for next time should it be necessary.
VT final accounts is geared to producing Final accounts for statutory/ GAAP purposes.
The question and the answers imply that the VT users here are not FAMILIAR with this fact.
By all means add extra descriptions and headings but please remember that that you may end up OVER REPORTING and over -disclosing.
Unless you use the software with due care
If you are not aware of this , the client will be equally ignorant .
In short if you are not sufficiently skilled or knowledgeable on the the requirements for Statutory accounts , and abbreviated accounts you are short selling the client!
when buying or hiring a car you would at least ask the question on its fuel type...BEFORE setting off.
Petrol, diesel, Electric, hybrid.
like wise BEFORE using a FINAL accounts solution you should make yourself aware of the desired or required outcome.
The software , like the car, is quite dumb in many areas. The user must therefore make up the deficiency... by being PROFESSIONAL and learn the basic knowledge of what accounts should look like and comply with.
what about........?
Debtors due for settlement beyond 12 months
a bank loan secured--- by a directors gtee?
A company with NET liabilities,,,,a GOING concern?
indeed GOING concern review - for 12 months from the date accounts *** approved ***!!
perhaps a key debtor has gone bust
or the bank has withdrawn all facilities since the year end!
or all the sheep and lambs perished in the winter blizzards..NO insurance available .. just after the year end accounting date?
how would the final accounts be presented in those circumstances?
I assume Frank that you realise that VT assumes a level of knowledge of those using it and it not like Sage that expects idiots so attempt to make their software idiot proof (with varying degree's of success).
Thats not saying that those who use Sage are idiots, thats saying that the software attempts to make itself idiot proof because it tries to makes itself all things to all people.
If you are using VT accounts the assumption is that you are a qualified accountant.
In the case here the poster is talking about the notes to the accounts, not the face of the accounts.
Your follow up questions are :
Debtors due for settlement beyond 12 months
IAS18 - Revenue (many variables as to when the revenue should be recognised
a bank loan secured--- by a directors gtee?
IAS1 Presentation of financial statements
A company with NET liabilities,,,,a GOING concern?
Possibly, See ISA570 Going Concern. The key is the combination of solvency and liquidity rather than only looking at the liquidity
indeed GOING concern review - for 12 months from the date accounts *** approved ***!!
IAS1
perhaps a key debtor has gone bust
ISA570 and IAS1 again
or the bank has withdrawn all facilities since the year end!
ISA570 and IAS1 again
or all the sheep and lambs perished in the winter blizzards..NO insurance available .. just after the year end accounting date?
IAS10 (subsequent events giving rise to further evidence of a condition that existed at the period end)
how would the final accounts be presented in those circumstances?
dependant upon other information possibly on a break up rather than historical cost basis.
As is often the case there is no definitive right or wrong answer when only limited information in relation to the case in question is available
Only a fool would give a definitive answer based on limited information.
If you were thinking that nobody here has a clue about accounts despite the name of the site there are as many accountants (including a few chartered ones) on the site as bookkeepers.
Also, some of the bookkeepers on here work at an advanced level and are very experienced at putting together sets of books for clients predominantly in the SME sector.
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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.
