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Post Info TOPIC: VT Transaction Plus and Opening Balances Contra. Help needed please!!!!!
steve wilson


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VT Transaction Plus and Opening Balances Contra. Help needed please!!!!!
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Hi everyone and a Happy New Year to you all.

Can I please ask for some help from a VT Transaction+ user(s).

I am entering opening balances from a set of accounts I have inherited from another practice.

I am entering the opening balances for Supplier Accounts.

VT is telling me to make the double entry into an 'Opening Balances Contra' account.  As this is the first time I have inherited a set of accounts from another provider this has led to much head-scratching from me.  What exactly is the Opening Balances Contra account?  When I go to look at a trial balance to check my imported account balances, seeing 'Opening Balances Contra' on the Trial Balance is confusing me.

Thanks

Steve

 



-- Edited by steve wilson on Friday 8th of January 2021 03:54:10 PM

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Shamus


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Hi Steve,

sorry, no time to answer properly but I answered something similar a few years back. You may find this thread useful www.book-keepers.org.uk/t56120086/start-up-business-in-indoneisa-quickbooks-or-vt-or-something/ as it gives an example of a set of contras to build a trial balance.

HTH,

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.
steve wilson


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Shaun, thanks for your reply. Im shutting down for the weekend now. Very Stressed and behind with my work. I will take a look at the link monday morning

Regards

Steve



-- Edited by steve wilson on Friday 8th of January 2021 04:50:06 PM

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steve wilson


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Shaun

I'm entering my opening balances now. To make my task all the more difficult I have entered all of this years transactions prior to entering the opening balances.

I have been reading through varying threads on here regarding the opening balances contra account. Essentially once the full year of opening transactions have been entered it should balance across both sides. If there is either a positive or negative entry in the account then I have entered one of the balances incorrectly or missed one out?

Kindest Regards

Steve



-- Edited by steve wilson on Monday 11th of January 2021 03:51:57 PM

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Leger


Master Book-keeper

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Hi Steve, yes, it has to balance otherwise you won't be able to submit the balances.  It will show you the difference outstanding at the end.

 



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Maat


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Should clear op bal contra. You have made a mistake, need to locate.



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