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VT Transaction +

  • Fellow PM.Dip
  • Practice Licence
  • 67 posts
  • # 87126

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
   

  • 1159 posts
  • # 87131

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 

  • Member PM.Dip
  • Practice Licence
  • 117 posts
  • # 87160

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

  • Member
  • 46 posts
  • # 87372

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 

  • Fellow PM.Dip
  • Practice Licence
  • 67 posts
  • # 87376

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

  • 1159 posts
  • # 87377

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 

  • 64 posts
  • # 87378

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.

  • Member
  • 46 posts
  • # 87382

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! 

  • 1159 posts
  • # 87391

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 

  • Member
  • 46 posts
  • # 87399

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 

  • 1159 posts
  • # 87400

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 

  • 794 posts
  • # 87401

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  

  • Member
  • 46 posts
  • # 87402

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 

  • Fellow PM.Dip
  • Practice Licence
  • 22 posts
  • # 87405

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

  • 1159 posts
  • # 87406

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 

  • Member
  • 46 posts
  • # 87407

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 

  • 1159 posts
  • # 87408

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 

  • Member
  • 46 posts
  • # 87409

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

  • Member
  • 46 posts
  • # 87410

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. 

  • 1159 posts
  • # 87411

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 

  • Member
  • 46 posts
  • # 87412

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 

  • 31 posts
  • # 87438

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

  • Member
  • 46 posts
  • # 87441

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 

  • 491 posts
  • # 87445

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  

  • Member
  • 46 posts
  • # 87449

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


 

  • Fellow PM.Dip
  • Practice Licence
  • 14 posts
  • # 116533

With HRMC moving over to MTD Accounting Web have reported that VT Transaction have stopped any further development.


  • 33 posts
  • # 116541

VT informed customers about this back in October and it wasn't long after that a potentially compliant workaround was being discussed. This looks promising from VT

 

www.vtsoftware.co.uk/mtd/index.htm

www.vtsoftware.co.uk/mtd/mtdforvatformat.htm

 

and 

www.neilsonjamestech.co.uk

And obvs can still continue to use VTT+ for non vat as it's going to be a least a few years before MTD for income tax comes into play. Read on AWeb other day it wouldn't be until MTD for VAT was "working well" ......



Edited at 29 Mar 2018 11:33 AM GMT

  • Fellow PM.Dip
  • Practice Licence
  • 213 posts
  • # 116602

I think the boat has sailed for VT in more ways than MTD. RIP.

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