I have a client who I have a years worth of accounts to log plus 3 months of this year. I have put in the last vat quarter of the year but a, I am now logging everything in this year starting with April. I want to reconcile the bank for April 14 but it nothing will show up in the bank rec as it's a new year.
I want to change the financial year so I can reconcile the bank - how can I do this so that I can still carry on working in the previous year?? I still have 9 months of paperwork to log for the previous year but want to get the first few months of this year in first.
If I change the year to this year will it mess anything up in the previous year that I have already done?
And when I have finished logging this years do I go back and change it to the last financial year and carry on logging the rest of that paperwork?
lol, you can always tell the people who have trained on Sage before moving to VT.
You don't have to worry about closing years off. With VT you simply enter your transactions for the dates that they relate to no matter what year that falls in.
At the bottom of the screen the first tab after the company name it will say "year to" you will no doubt have multiple years set up already but if you've just got the one do a few next's on that tab to add new years. Doesn't matter if you add 5, 10, 20 years in advance if you want to.
Whichever year that you want to be working in simply set that tab (via the dropdown) to the year that you want.
Basically you can swap and change the year back and forth or enter data out of year if you want without any issue at all.
hope that helps,
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.
But be careful with VAT. Once you create a return you would have to delete and recreate it if you change data in that quarter meaning that you would be unable to recreate the return as it was filed.
I know thats stating the obvious but just something to be aware of if you revisit a quarter after filing a return for that quarter.
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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.
As a former longstanding Sage user, I always wrote the transaction number on each purchase invoice after checking it off against the daybook. Jumping backwards and forwards between years in VT messes up the nice neat number sequence! Does this make me appear very competent and professional by providing an excellent audit trail, or sad and a possible OCD* sufferer? Or even after a 10 year break, have I still got Sage disease?
*Or CDO when the letters are put in the right order .
you can override the numbering in VT if you want to John.
You can also unload and reload the data to resequence the numbering. Thats a bit difficult first time that you do it but as with everything practice makes perfect and it becomes easy enough to resequence all of your transactions.
For an audit trail I have never found any difficulty tracing any financial statement item back to source.
Wanting to be able to have a full audit trail of being able to trace everything back is not OCD, its part of the job and I would hope something that all of us have. I know that I do, but then again, maybe thats as much down to the financial systems / banking world that I come from as the financial accounting one that I work in at the moment.
p.s. lol, on the CDO line. You wouldn't happen to be freinds with Peasie would you perchance?
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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 very much again Shuan I have just changed the year end dates - just a bit scary changing things around when I'm not 100% sure of what will happen.
I love VT now, you don't have to worry about one mistake devastating everything (although I still do).
I wouldn't have the first clue of how to find an audit trail report on VT (they were very useful on Sage) the only way I can find to look at every entry is the home screen.
Thanks very much again Shuan I have just changed the year end dates - just a bit scary changing things around when I'm not 100% sure of what will happen.
I love VT now, you don't have to worry about one mistake devastating everything (although I still do).
I wouldn't have the first clue of how to find an audit trail report on VT (they were very useful on Sage) the only way I can find to look at every entry is the home screen.
Thanks again Shaun for coming to the rescue
Rachel
I do a backup before I do anything I'm not sure about. It's so quick and easy compared to Sage that I wasn't sure it had done one, but it restored OK.
There are several Transaction reports on the Display menu that you can print.
you can override the numbering in VT if you want to John.
I'd noticed that, but with every transaction type having a different number series it's probably a bit confusing to change them all for each year.
You can also unload and reload the data to resequence the numbering. Thats a bit difficult first time that you do it but as with everything practice makes perfect and it becomes easy enough to resequence all of your transactions.
I haven't found that yet. It looks like the sort I fun thing I ought to try!
Wanting to be able to have a full audit trail of being able to trace everything back is not OCD, its part of the job and I would hope something that all of us have. I know that I do, but then again, maybe thats as much down to the financial systems / banking world that I come from as the financial accounting one that I work in at the moment.
I agree. That's why I used to make all my clients do it. I started off working in quite big companies where nothing would have been traceable without it.
p.s. lol, on the CDO line. You wouldn't happen to be freinds with Peasie would you perchance?
No. We're not freinds, and in case you wonder, we're not friends either
for resequencing its the universal input sheet just to the left of the P+R button.
To play with it take all of your transactions into Excel and then reformat them (thats the tricky bit) and reload them by copy and pasting them from Excel into the input sheet and then processing them as a batch load.
To creat the new companyy you can copy the existing company without the transactions then load the transactions. When you are happy hive away the original somewhere and make the new VTR file your company file.
all the best,
Shaun.
p.s. I'm dyslexic which (combined with chunky fingers) is the reason for so many typo's. Thankfully most of the time word / outlook sorts me out but on this site the spell checker is only available when in the advanced edtor.
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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 Shaun. That bit hadn't sunk in yet. I was thinking you could only import transactions with the same date. I used do a lot of reformatting data in a spreadsheet for importing into Sage, so I don't regard it as the tricky bit, but the fun bit .
I'm redoing my accounts going back to 2009/10 in VT. So far I've almost done last year and this year to date by reposting, so I'll have a play with converting my Sage data from the earlier years.
The downside of VT is that I'm going to have to buy it in 14 days, and I haven't got any clients to pay for it yet .
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