VT Transaction+

Enter a PIN transaction

1.Click on the PIN (purchase invoice) button:

2.Select the supplier from the Supplier accounts list (or click on Set up a new account if you have not yet created it)

3.Enter the details of the purchase and click on Save:

In the Analysis of net amount section, enter/select the following data:

For example:

A purchase invoice for £120.00 gross (£100.00 net, plus VAT of £20.00):

The transaction entry screen for a PIN (purchase invoice) transaction

Ledgers and analysis accounts to select

From the following ledgers, select an analysis account that relates to the goods or service purchased:

•Stocks

Raw materials, work in progress and finished goods held in stock until the goods are sold.2

•Cost of sales

Costs of acquiring or producing the goods or services that have been sold, e.g., transfers of finished goods from stock, subcontractor costs.

•Expenses

Operating costs not directly related to sales e.g., advertising and marketing, admin costs.

•Fixed assets

Tangible assets used for more than one year (not of low value3), e.g., furniture, computers, equipment, machinery.

Split analysis

If the net amount needs to be split into different analysis accounts, another row can be created by changing the amount in the Amount field. This can be done any number of times to create any number of analysis entries.

For example:

A PIN (purchase invoice) transaction split into different analysis accounts

View purchase invoice transactions

You can view a report of the invoices entered by selecting Display > Transaction List/Daybook > PIN.

The purchase invoice daybook

To change the date range of the invoices, click on the From...to... caption.

To display invoices entered today only, click on Today.

To sort by invoice number instead of date, click on Selected/sorted by date and change this to Selected/sorted by reference number.

To view the details of an individual invoice, click on the PIN... reference number, which then displays the double-entry of the transaction.

The double-entry of a PIN (purchase invoice) transaction

The double-entry accounts for the expenditure and the amount owed to the supplier (and reclaim of input VAT if you are VAT registered). The date entered determines the period that the transaction is posted to.

On the left of the screen, there are various commands in blue to adjust the transaction if needed. These commands can also be found by right-clicking on the reference number of the transaction in any report that includes the transaction. For further information on adjusting transactions, see Correcting mistakes.

Enter payment of a purchase invoice

When the you pay the invoice to the supplier, this can be entered as a receipt (PAY) transaction for Money owed to a supplier.

You then need to match the payment (PAY) to the purchase invoice (PIN), see Manually allocate payments or receipts to invoices.

Alternatively, a faster way is to enter a supplier payment directly from the invoices, which is automatically matched to the invoice(s), as shown in Customer and supplier payments. This method also has the advantage of being able to print or email a remittance advice document to the supplier.

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1.The date entered determines the period that the transaction is posted to. Therefore the invoice date is usually entered. However, if the invoice date is from a closed period, a date in the current period is usually entered.

2.If you have not ticked the VAT registered setting (Set up > VAT), the Input VAT and Net fields do not appear.

3.When finished goods are sold, a journal (JRN) adjustment is normally required to transfer the value of stock from stocks to cost of sales.

4.Tangible assets of low value are normally recorded as expenses.