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Samilou67


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VT Transactions
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Hi, please could a VT user please enlighten me on what journal entries I would need to enter for a company that has Fixed assets (Property) b/f and the same with P&L. I understand the principle just not which ledgers to use?

Thanks, Sam



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Sam
Leger


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Hi Sam

Do you mean depreciation or when an asset is sold?



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John 

 

 

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Artois


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On top of what John says, it also depends on what sort of property it is

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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Samilou67


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Hi, they are accounts for a block of 5 apartments, the amount on the balance sheet for property is 3000, Im just not sure how to record it for the next financial year. Sorry if Im being a bit vague but new to VT

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Sam
Artois


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Samilou67 wrote:

Hi, they are accounts for a block of 5 apartments, the amount on the balance sheet for property is 3000, Im just not sure how to record it for the next financial year. Sorry if Im being a bit vague but new to VT

 Hi Sam

The date you are bringing forwards, and then Journal in

Debit    FA- Land & Buildings  Ledger               Cost- Brought Forwards   Account

Credit   P&L                                                   Brought Forwards

Hope that helps 



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Samilou67


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Thank you. VT is so much simpler than Sage, just takes a bit of getting used to. What about the reserves?

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Sam
Artois


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Samilou67 wrote:

Thank you. VT is so much simpler than Sage, just takes a bit of getting used to. What about the reserves?

 Hi Sam

Debit P&L - Brought Forwards

Credit Creditors - Reserves

Should then show in the B/S as a liability



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Samilou67


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Thanks Doug, when I go to creditors there isn't the option for reserves, how do I set it up?
Appreciate your help

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Sam
Artois


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Samilou67 wrote:

Thanks Doug, when I go to creditors there isn't the option for reserves, how do I set it up?
Appreciate your help

 Hi Sam

After the creditors ledger, next to the accounts list you should see an option saying 'New' just click on this and you can then call a category anything you like



-- Edited by Artois on Saturday 27th of March 2021 04:03:01 PM

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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Samilou67


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Thank you

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Sam
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