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VT Transaction+

Navigation: Entering transactions (including opening balances)

Analysis ledgers and accounts

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Introduction

When you enter a payment or invoice, you have to select two different types of account:

1.The bank account (for a payment), or the customer or suppliers account (for an invoice)

2.One or more analysis accounts

The analysis account you select determines how income or expenditure is shown in the Profit and loss account report (Display menu). To a certain extent this is a matter of preference. Typically, sales are analysed to accounts in the Income ledger and costs to accounts in the Expenses ledger.

If you are entering the payment of an item already entered as an amount due or receivable, then the transaction should be analysed to the account containing the amount due or receivable.

Split Analysis

Transactions can be entered with a split analysis. For instance, a payment to BT PLC can be partially analysed both to Expenses: Telephone and Expenses: Internet. To enter a split analysis, enter an amount other than the balance of the transaction in the last used row in the analysis amount column. An extra row is then automatically created. This can be done any number of times to create any number of analysis entries. Negative analysis amounts can also be entered and this is sometimes useful when entering unusual transactions.

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Screenshot of a section of the Payments And Receipts dialog showing a split analysis

Selecting accounts

You can quickly select an analysis ledger by typing the first few characters of the ledger name in the analysis ledger column. Pressing the tab key then moves the cursor to the analysis account column. Similarly, an account can quickly be selected by typing the first few characters of its name. Alternatively, you can click on a ledger or account in the list that is displayed when the cursor is in the column. Next to the accounts list there are also buttons for creating a new analysis account and for displaying the entries in the currently selected account.

AutoComplete

When you enter a payment, an analysis account is automatically suggested if the paid to/received from details that have been entered match a previous transaction. When you enter an invoice, the analysis account is automatically suggested based either on the suppliers account selected or the details entered (depending on the settings in the Set Up>Options>AutoComplete tab).

Changing an analysis entry

An analysis entry of a saved transaction can be changed at any time by clicking on the transaction in any report and choosing the Edit Transaction command from the pop-up menu. To change an entry, select it in the list on the Entries tab of the Edit Transaction dialog.

Examples

Transaction

Analysis ledger: Analysis account

Sale of goods

Income: Sales

Fees charged

Income: Fees

Interest received

Income: Interest receivable

Goods purchased for resale

Cost of sales: Purchases

Accountancy fees

Expenses: Accountancy fees

Motoring costs

Expenses: Motor expenses

Interest paid

Expenses: Interest - bank

Bank charges

Expenses: Bank charges

Purchase of small item of equipment

Expenses: Equipment expensed

Purchase of equipment

FA - Equipment: Cost - additions

Receipt of previously entered sales invoice

Customers: John Smith

Payment of previously entered purchase invoice

Suppliers: Fred White

Payment to HMRC for VAT due

Creditors: Net VAT due

Proprietor’s drawings

Capital account: Drawings

Dividend on ordinary shares

Profit and loss account: Equity dividends