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ICB Main Site -> Forum Home -> Software -> VT Transaction +
VT Transaction +
Fri 07 Dec 2012 10:29 AM
JRB
Member CB.Dip PM.Dip
Practice Licence


14 posts
I am using a trial version of VT Transaction +. I have browsed the user guide and carried out a few transactions. I am impressed with the software and am seeking advice from experienced users on the best way to learn the package. 


Kind Regards
John
   
 
 
 
Fri 07 Dec 2012 01:58 PM
kjmcculloch

kjmcculloch

Member CB.Dip PM.Dip
Practice Licence


1056 posts
Hi John,

The best way to learn VT Transaction + is probably to use it.  If you have a client you could recreate a month's accounts using VT, if you don't you could download some fake company transactions at bkpr.co.uk

Kris 

______________________

Kris McCulloch
www.ayrshireaccountancy.co.uk

Winner - BKN Most Innovative Accountancy Firm 2012

Latest Blog Post: Playing by the Rules

 
 
 
Mon 10 Dec 2012 09:00 AM
Andrew
Member CB.Dip PM.Dip
Practice Licence


104 posts
Ditto Kris

I've used it for years and everyone I know that use it are self taught.

If you start using the VT Final Accounts then it might be worth getting some training.

Regards

Andrew

______________________
Watford Bookkeepers Ltd
www.watbooks.co.uk
 
 
 
Sat 22 Dec 2012 12:47 PM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Hi, I am also using a trial version of VT Transaction+ and so far I have found it rather good.  However, another bookkeeper that I know uses Sage Instant and she doesn't like the way that you can delete transactions in VT, where as in Sage you have to correct errors with additional entries therefore maintaining a more accurate audit trail.  Does anyone else see or have experienced any difficulties with VT Transaction in this respect?

Regards

Phil 
 
 
 
Sat 22 Dec 2012 03:37 PM
JRB
Member CB.Dip PM.Dip
Practice Licence


14 posts

Hi Phil

I have been using VT Transaction + for a couple of weeks. Like you and many others I like using the software and intend to purchase when my trial finishes on the £1 January. In a oartial reply to your question I notice that at the end of the financial year you can print out or hold electronically in a pdf file all of the transactions that you carried out during the year as follows:

If you wish to print out or save to a PDF file use the transactions report for the year. This report lists all transactions in double entry format. To display the transactions report, choose the
Display>Transactions Report command. To print it or make a PDF file of the report, click on the Print button on the main toolbar.

I hope this helps


Regards
John H

 
 
 
Sat 22 Dec 2012 05:25 PM
kjmcculloch

kjmcculloch

Member CB.Dip PM.Dip
Practice Licence


1056 posts
Bike Fansaid:
“Hi, I am also using a trial version of VT Transaction+ and so far I have found it rather good.  However, another bookkeeper that I know uses Sage Instant and she doesn't like the way that you can delete transactions in VT, where as in Sage you have to correct errors with additional entries therefore maintaining a more accurate audit trail.  Does anyone else see or have experienced any difficulties with VT Transaction in this respect?

Regards

Phil ”


I have used VT Transaction for a few years until I recently moved the bulk of my clients to Quickbooks.

I still use VT for a few, and always recommend VT cashbook to smaller businesses who want to do their own bookkeeping rather than excel spreadsheets.

I can understand the concern of a lack of an audit trail but sometimes it comes down to the features you need rather than would like.  When you compare the price of a multi comany VT Transaction with a one comapny Sage Instants the gulf is huge.  Personally it never really worried me.  You can lock periods if you are worried about things bgetting deleted or altered, but if you're careful you'll be fine.  It's no different to paper and pens or excel in this respect.

kris 

______________________

Kris McCulloch
www.ayrshireaccountancy.co.uk

Winner - BKN Most Innovative Accountancy Firm 2012

Latest Blog Post: Playing by the Rules

 
 
 
Sat 22 Dec 2012 06:13 PM
Chris Gooden

Chris Gooden

No Membership


64 posts
The issue of being able to edit transactions is a common topic in QuickBooks forums.  Many of these bookkeepers resent the endless amounts of time they spend sorting out the chaos caused by inexperienced dabblers and praise the fact that Sage "forces you to do things the right way" (their comment, not mine).  I'm beginning to sense similar vibes in VT forums (I can't comment 'cos I'm not a VT user).  I'll continue monitoring.

______________________
Cool
Chris
 
 
 
Sun 23 Dec 2012 10:50 AM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Hi, thank you for all your replies.  I am just setting out and about to apply for my practice licence.  It's imperative that I find a software package that I am comfortable with and proficient in using, obviously without spending too much money.  I feel as if I should stay with Sage as that is what I trained on, although as I alluded to in a previous post VT seems very user friendly.  I know that Amazon sell Sage Instant at a reasonable price (£87.50 or £142.07 for the plus version), so there isn't a lot of difference in price to VT.  I hope to start trading in the new year and gain some clients, as I feel that I will learn more once I am practising.  May I take this opportunity to wish you all a very merry Christmas and a happy new year.

Phil

p.s. thanks for the tip John, it is much appreciated.  Merry Christmas! 
 
 
 
Sun 23 Dec 2012 10:10 PM
kjmcculloch

kjmcculloch

Member CB.Dip PM.Dip
Practice Licence


1056 posts
Bike Fansaid:
“Hi, thank you for all your replies.  I am just setting out and about to apply for my practice licence.  It's imperative that I find a software package that I am comfortable with and proficient in using, obviously without spending too much money.  I feel as if I should stay with Sage as that is what I trained on, although as I alluded to in a previous post VT seems very user friendly.  I know that Amazon sell Sage Instant at a reasonable price (£87.50 or £142.07 for the plus version), so there isn't a lot of difference in price to VT.  I hope to start trading in the new year and gain some clients, as I feel that I will learn more once I am practising.  May I take this opportunity to wish you all a very merry Christmas and a happy new year.

Phil

p.s. thanks for the tip John, it is much appreciated.  Merry Christmas! ”



Hi Phil,

just watch because you seem to be comparing apples with pears.  You are right for the first client there is no huge great difference, but remember Sage instants at that price is a one client version while VT will handle as many as you want to throw at it for the same price.

Kris 

______________________

Kris McCulloch
www.ayrshireaccountancy.co.uk

Winner - BKN Most Innovative Accountancy Firm 2012

Latest Blog Post: Playing by the Rules

 
 
 
Wed 26 Dec 2012 10:03 AM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Hi Kris,

I was lead to believe that you could use Sage Instant for multiple clients by saving and restoring data from your hard drive.  Is this not the case?

Phil 
 
 
 
Wed 26 Dec 2012 10:38 AM
kjmcculloch

kjmcculloch

Member CB.Dip PM.Dip
Practice Licence


1056 posts
Your licence is one user one client.  You can restore as you say, just as you can copy DVD's and take items from Tesco without paying.  None of these methods are legal.  I would suggest any money you save would be seen as the proceeds of crime, how do you think this impacts on your money laundering controls?

Kris 

______________________

Kris McCulloch
www.ayrshireaccountancy.co.uk

Winner - BKN Most Innovative Accountancy Firm 2012

Latest Blog Post: Playing by the Rules

 
 
 
Wed 26 Dec 2012 12:36 PM
MM Bookkeeping
Member CB.Dip PM.Dip
Practice Licence


555 posts
Hi Kris,

Couldn't have put this any better myself!   
Apart from the illegal side of things - can you imagine the problems if the wrong data was restored etc?!!! 
Doesn't bear thinking about!
Marilyn  
 
 
 
Thu 27 Dec 2012 11:23 AM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
I concur, I thought it was a little odd that the bookkeeper in question was doing this and it looks as though I shall continue with VT when my trial period ends.  However, I am a little confused with Sage One, I have just registered for my free version and this seems to be a one client package, unless you have the accountant edition, is this correct?  At the moment I am using VT for the books of my rental property, which I previously did manually.  As I currently have no clients I thought it best to practice on myself to get used to the software.  I currently use an accountant who has just billed me £264 for my SA return, so I think I shall do the SA course and complete this for myself and (hopefully) my future clients and the end of next year!

Phil 
 
 
 
Thu 27 Dec 2012 09:23 PM
Claire10353
Member CB.Dip PM.Dip
Practice Licence


19 posts
May I ask a quick question re VT+?
One of my clients uses VT+ which they purchased and set up before I was working with them.
When I open up the package it does not go directly to the data that was last used but asks me to choose which data to restore so we always have to open the previous backed up session.
If anyone here knows VT well could they give me an idea of how to set it up so that we can just open the last session directly from VT rather than restore from back-up?
Thank you.

Claire
 
 
 
Thu 27 Dec 2012 09:48 PM
kjmcculloch

kjmcculloch

Member CB.Dip PM.Dip
Practice Licence


1056 posts
Hi Claire,

VT is not actually asking you to restore a backup.  Because VT is a multicompany package it makes no assumption about which company you want to work with, but rather presents you with the option.

To get round your problem just save a shortcut to your comapany file on the desktop and use that to open VT. 

Kris 

______________________

Kris McCulloch
www.ayrshireaccountancy.co.uk

Winner - BKN Most Innovative Accountancy Firm 2012

Latest Blog Post: Playing by the Rules

 
 
 
Fri 28 Dec 2012 09:41 AM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Hi, I am currently doing my own books for my rental property on VT.  When I set up the mortgage I had to pay a fee (as is the norm) and I did this from my (personal) credit card. The balance on the card is paid from my own personal current account.  Therefore, I have set up a credit card account and personal current account on VT alongside the business account.  I made a payment (for the fee) from the credit card account and entered the fee amount as introduced capital to my personal account before paying the credit card account from the personal account, thus clearing the card account on VT.  Have I done this right?

Phil 
 
 
 
Fri 28 Dec 2012 11:08 AM
kjmcculloch

kjmcculloch

Member CB.Dip PM.Dip
Practice Licence


1056 posts
Hi Phil,

You are slightly confusing things.  Think about this, if you show a balance sheet your personal accounts will show as business assets/liabilities.  This is not actually the case.  

Anything you buy for the business from a personal account should be shown as capital introduced. Any funds you draw from the business for personal use should be shown as drawings.

Kris 

______________________

Kris McCulloch
www.ayrshireaccountancy.co.uk

Winner - BKN Most Innovative Accountancy Firm 2012

Latest Blog Post: Playing by the Rules

 
 
 
Fri 28 Dec 2012 11:35 AM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Hi Kris, just to clarify, I am not introducing my personal accounts in their entirety, only the amount of capital introduced from them. I thought it would make things clearer as to what account the money had come from and therefore easier to trace at a later date if necesary.  Only the amount of capital introduced is shown in the personal account, before this is used as an expense payment thus clearing the account.  Hence, there is no balance on the account to show in the balance sheet, but the capital introduced will show in the capital account.  Perhaps I am over complicating things.  How would you do it then?

Phil
 
 
 
Fri 28 Dec 2012 11:52 AM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Hi Kris, 

so what your saying is that it doesn't matter where the money has come from, just show it as capital introduced to the bank account (as a journal entry) and use it for the business as necessary. 
 
 
 
Fri 28 Dec 2012 11:56 AM
kjmcculloch

kjmcculloch

Member CB.Dip PM.Dip
Practice Licence


1056 posts
Hi Phil,

If, for example, I had bought a filing cabinet for £50 and paid it on my personal credit card I would enter the following:

Jnl: DR Cash £50 / CR Capital Introduced £50.  Then from the payments/reciept screen I would enter a payment to office furniture expensed of £50 from Cash. 

I can see why you are doing it the way you are, but ask yourself this, does it matter how you paid a business expense or just that you did?  Personally I want to see how much I have put into my business and therefore how much the business owes me, not how I paid for items from personal accounts.   

While I wouldn't do it the way you are, I can't see that it is 'wrong', just not how I would do it.

Kris 

______________________

Kris McCulloch
www.ayrshireaccountancy.co.uk

Winner - BKN Most Innovative Accountancy Firm 2012

Latest Blog Post: Playing by the Rules

 
 
 
Fri 28 Dec 2012 02:30 PM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Thanks for that Kris.  Of course that makes sense.  Presumably you would enter the capital introduced into the cash account as opposed to the bank account, otherwise the bank account would not reconcile with the bank statement. correct?

Phil 
 
 
 
Mon 31 Dec 2012 08:40 PM
betty

betty

Associate CB.Cert
Practice Licence


31 posts
Hi Phil,

You could just debit the expense and credit capital.  This could be done via a journal.  Or if you go to Payment and switch ledger, select capital, capital intoduced.  The analysis column is then the expense ledger and whatever expense you want to credit.

Elizabeth
 
 
 
Tue 01 Jan 2013 10:52 AM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Thank you Elizabeth, that seems a lot more straight forward.  However, as it is my own books I think I'll leave it as it is so that I can trace where the capital has come from and who (me or my wife) has introduced it.  For example, my wife wrote a cheque for a payment from her personal account, by setting up her account and introducing the amount as capital I was able to make the cheque payment from it with details of cheque number etc.  For future clients though I shall use the more simple method you suggest.

Kind Regards

Phil 
 
 
 
Tue 01 Jan 2013 04:23 PM
Lady of Ledger

Lady of Ledger

Associate CB.Dip PM.Dip
Practice Licence


292 posts
Hi Phil


The way I do it is different again.......I show the payment for various things I've paid for out of my personal money (whether cash, cheque or credit card) via a Petty Cash Account in the business book keeping - logging the expense to the appropriate expense account as I go .

When the Petty Cash Account has a large negative balance - i.e. once it's up to £300 or more, I then do one transaction as capital introduced - perhaps £500 - to petty cash, which brings that account back into the black and leaves a bit of balance for the next couple of things.


Just an alternative way of doing things........whichever works best eh?
Carol  

______________________

Carol Saunders
Lady of Ledger Book Keeping
Telford, Shropshire


 
 
 
Tue 01 Jan 2013 05:37 PM
Bike Fan

Bike Fan

Associate CB.Cert


46 posts
Thank you for your input Carol, it is always interesting to see how other people do things. I would be interested in your opinion on accruals,  as I entered a £400 accrual as a reversing journal in the last accounting period.  I have now received an invoice for £264.  I have amended the reversing journal to £264 and entered the invoice as normal.  When the invoice is paid I will do likewise.  Is it necessary to close the accounts at the last accounting period and leave the £400 accrual, if I do this I will be left with £136 on the profit and loss account, so I thought it easier to change the figure to £264 as I now know this is the correct figure and enter the invoice and make the payment as normal.  I would be interested in your thoughts on this.

Phil


 
 
 
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