I have just begun trialling VT transaction after using moneysoft for many years. I am generally finding it very ease to use but I have one query. I have transferred balances via journals and all looks ok in terms of asset original cost, depn brought forward etc. but I have an asset which has been disposed of and given rise to a balancing charge. I cant quite see how this is separated. I have inputted the payment received for the asset and it appears to record it with no separation of the balancing charge element? Is this correct or should I somehow be making an additional entry?
I think I have been looking at this for too long!
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I think the problem may be that VT transaction doesn't hold a fixed asset register so I guess I will have to make manual entries.
I have made entries as follows
JRN entries for Cost b/f 6015.00
Depn b/f 4944.75
Standard entries for Disposal 2400.00
So I know I have a WDV of 1070.25 but nowhere in the software that would show me this.
There is nowhere either to keep track of capital allowances and therefore also to show the balancing charge.
I am going to create my own accounts to obviously take these all into account but it would be interesting to know how anyone else keeps records of these.
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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.
rather than go through my usual war and peace of me attempting to explain things (I'm in a rush as always at the moment) your best approach is to go to help, type in Disposal, it says it can't find anything but it always lies like that. Go down to Fixed assets in the list (of one entry, lol) then in the description at the bottom there is a section on disposal of fixed assets. You want the last paragraph.
VT is accounting, not tax software so capital allowances are (almost) outside its scope. There is some very limited tax functionality for feeding into CT600's within VT Accounts which takes into account Capital Allowances and Chargeable Gains where to a large extent you input tax figures manually into VT Accounts but basically there's nothing for the self employed or partnerships and nothing at all in VT Transaction+. As you appreciate Tax and Accounting are completely different concepts for the tax side you need something like Taxcalc or Taxfiler.
I keep a fixed asset register for each client outside of VT in Excel.
HTH, kindest 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.
I've had a look at your suggestions re the help icon and I can see that maintaining a seperate fixed asset register is the only real option.
I am only trialling VT and I'm not sure that it is going to fully work for me. I just feel that alongside having to import the info to Excel for final accounts and maintaining additional asset registers its all rather fiddly.
I am sure there are some dedicated VT followers but I think I have definately been spoilt with Moneysoft (or maybe got too set in my ways !!) I think I will have to trial some more but what next ???
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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.
Hi. Yes, the VT accounts also but that is just a system that works through Excel so you have to import info from VT transaction + or other software. It may be just me but I like to have everything together in one place.
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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.
Hi. Yes, the VT accounts also but that is just a system that works through Excel so you have to import info from VT transaction + or other software. It may be just me but I like to have everything together in one place.
Importing from VT + is the click of a button and then selecting the right file. Does Moneysoft do final accounts as well, I looked at it very briefly when I started using the their payroll software, but i was already using VT+ and was/still am happy with it.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
I think perhaps I need more practice with VT. I guess any change of software takes time.
Yes, moneysoft used to have an add on Final Accounts facility but they have stopped doing it. I still have this on my desktop but as I have changed to a laptop unfortunately the old version can't be download.
Its like a comfy pair of slippers I'm struggling to part with, change is scary
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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.
Not been on for a while as I was a little unwell, but glad to be back.
I think we are all little hesitant to change software, as if its not broke then why try to fix it.
I think over time our practice must have trailed the majority of software packages and being on the wrong side of 60 I'm probably more reluctant to change then most.
In fact I am still using Taxcalc from day one when it was originally produced by "Which", although have used most of the others discussed on this forum.
VT does not have whistles and bells but its has superb support and more importantly it makes sense. If you have reasonable book keeping experience, the more you use it the more you can see its really quite excellent.
I also keep separate assets registers, not a problem.
Thanks for the support and glad to hear you are back contributing.
My hand has been forced regarding software since my desktop .last week. My data was backed up and I was able to get someone to retrieve other important documents but as my moneysoft could not be loaded onto my new laptop it has given me the kick up the bum to move out of my comfort zone and work on VT.
Everything is taking me a lot longer while getting used to the software and obviously that means I am having to cut the hours I am charging out but I am confident now that I am moving forward.
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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.
Hi Jay
You havent been doing so well this last 12months have you Jay? Hopefully you are really on the mend and back to being fighting fit again - its good to see you back.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
