Take a set of accounts that you have produced from your existing software that only has a few (say 100 to 200) transactions for the year.
Create a new compnay in VT Transaction+ ensuring that you choose the right chart of accounts for your business type.
Set up a few years starting with the -1 through to about +5 (bottom on the screen, click on year).
Go into VT and create the closing balances of the year before the one that you are repeating (use the opening balance contra. This must be zero when all of the balancves have been entered).
Enter all of the transactions for the year.
Now, if you also have VT accounts, push the stuff through to the accounts package (an Excel add on) which you should be able to compare directly to any top end accounts.
If you only have VT Transaction+ the accounts produced are more basic (everything on the face of the financial statements).
As you are going through the porocess you will encounter problems which you will be able to work past and in doing so you will grow to understand the software.
If you make any mistakes just delete the entry and do it again (unless you have run a VAT return using that entry in which case delete the VAT return first).
First time that I did it I ended up deleting my whole .vtr file and starting it again from scratch. Took me about four days to go from nothing to proficient.
Sometimes there is more than one way of doing the same thing. No method is wrong if it works for you.
There are numerous hints and tips on here plus they have a VT user group over on Aweb with pages and pages of threads.
The general issue with VT is where people come to it from Sage they look for how to make VT do the same things as Sage but you will quickly find that the two bits of software do not work in at all similar ways and you will find yourself needing to unlearn Sage a little in order to get the best from VT (Nominals are not necessary, you don't need to close one period off to move forwards, VT is very much rooted in manual bookkeeping rather than simply being the end user of your software and you will always find yourself thinking about the double entry).
Hope that helps hget you started,
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.
Thank you for your reply. Has VT been updated to account for FRS 102 / 105? I like the idea of it being focused on accountants / bookkeepers without the pretty interface. Will it only work with Excel? Is it easy enough to export data for work paper schedules / rec's? What can't it do? Thanks
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
We changed to VT software using the method that Shaun suggested and had very few problems once we "ignored" the way we worked with our previous accounts package.
There are quite a few tutorials on You Tube and the manual is extensive.
I think VT allows you to be in more control, which is extremely useful but maybe more care needed for those less experienced .
Thank you for your reply. Has VT been updated to account for FRS 102 / 105? I like the idea of it being focused on accountants / bookkeepers without the pretty interface. Will it only work with Excel? Is it easy enough to export data for work paper schedules / rec's? What can't it do? Thanks
Hi Johnny,
FRS102 yes.
FRS105 coming in 2016 (FRS105 only became compulsory in January so the filings are still some time away).
Link to the VT page on that : http://www.vtsoftware.co.uk/frs.htm
The software is always on top of the latest developments as it is software created by accountants (a Chartered firm) which is possibly also why its so popular with accountants.
VT Transaction+ and VT Cashbook are both stand alone, they do not require any other software.
VT Accounts (a seperate product to VT Transaction+) which is used to produce top quality accounts for filing with HMRC and Companies House is an Excel Add on. Under the bonnet it uses quite complex elements of Excel so I would not expect it to work with any other package.
To export from VT transaction+ I hit the menu option to swap from normal to spreadsheet mode then copy and paste to any spreadsheet (I use Excel).
You can also format data in Excel and load directly into VT via the batch load facility.
Within VT Accounts you can either load directly from VT Transaction+ or enter the data direcly into a trial balance within VT Accounts which it then uses to prepare the accounts.
What can't it do... Off the top of my head, stock control.
Download the two month free trial of VT Accounts (VT transaction+ comes bundled with VT Accounts so don't think that you would need to but them both. If you buy VT Accounts then T+ comes free).
You can however use VT Accounts with any bookkeeping package, desktop or cloud, simply by entering the trial balance manually. Indded at the Intuit Roadshow the people there were advised to also purchase VT Accounts (as well as Quickbooks) to handle matters such as iXBRL translation and properly formatted accounts.
I think that the warning in Jays last line is key... VT+ (#1) is for financial professions. It's strength is that it doesn't assume that those using it are idiots but thats also its weakness in that one can make a real mess if they do not understand double entry properly.
The above said, its also very easy to delete what you did and do it again.
I don't think that anyone with even level II AAT (or equivalent) knowledge would have any major difficulties at all using it.
#1 And VT Accounts.
p.s. amended as the end of one line had disappeared.
-- Edited by Shamus on Tuesday 1st of March 2016 05:24:42 PM
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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.
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. That's great. So in essence, it's a one stop shop, for a fantastic price. Now, I want to try to keep this thread, purely VT, LOL, that being said - for those who subscribe, has there been any info from VT HQ in regards to how they plan to move forward when digital reporting comes in?
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Nobody knows what form digital reporting will actually take yet but certainly in the past when changes have happened such as the introduction of iXBRL filing VT were very quick off the mark.
I would not say that VT is a one stop shop as you will still need tax and Payroll software (there is some minor tax calculation within VT Accounts for limited companies). Those aside though, for a joined up bookkeeping and accounts package its a great solution.
Won't suit everyone. I got the impression that Michelle really couldn't take to the Excel 2003 feel interface. And some others who have used Sage for a long time have difficulty letting go of the idea of Nominal codes and closing off periods... But, once you start getting used to the software it quickly becomes apparent that behind the simple facade is a very comprehensive bit of kit.
As I say, try it for two months and see what you think. If you don't like it you have lost nothing. If you do then you get your first 14 months for the price of 12 (when you add your trial period).
The only thing that you cannpot do with the trial is file using iXBRL. All other functionality of the software is live in the trial version.
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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.
