thought was doing well with VT but I have now come to year end, having checked the user guide it runs end of year itself which is good, however,
In Sage I have to run year end and then go back and do the profit and loss share, now in VT I can't seem to get this to work.
i have shared the loss but I can't tell if this has worked.
Nett Loss was £500
split between 2 that's £250 in each partners current account, now I have entered the double entry DR current account and CR Profit account. But VT has put this in a loss account which I can't find.
I put the shared loss into the current account as I would on Sage and it's come up with minus figure in the current account but it seems to have added in an extra £500 so I'm going to try and delete the transaction and put it the oppersite way round and see if it balances it at zero.
But then if I did that it would show as a positive in the current account meaning that the partners were owed profit.
When I get stuck, and not just in VT, I find it useful to copy the TB into a column in a spreadsheet, and make sure it balances at zero. Then I add another column for the adjustments I want to make, and a further column to add the two columns. Then I can fiddle around with the entries until I get them right. Then when I'm happy, I post it.
The adjustments are the first transaction in the new year, as the loss is transferred from the Nett Loss line to the Profit account which then allows you to Apportion it correctly.
