Option 1: Import a bank statement CSV file
1.Click on the Universal Input Sheet button:
The Universal Input Sheet screen opens:
2.Click on Import from: CSV File and follow the steps in Importing from a bank statement.
Note:
•Make sure you select Bank statement options when importing
•The Primary account defaults to the 'Current account'. If you need to change this to a different bank account, this can be changed for the entire column by selecting the column, right-clicking and selecting Set, then selecting the other bank account.
•You need to select an appropriate Analysis account (and enter VAT if relevant) for each transaction - see Analysis accounts to select below.
Option 2: Manually enter payments and receipts in a batch
1.Click on the Universal Input Sheet button:
The Universal Input Sheet screen opens:
2.Enter each payment and receipt from your bank statement on each row of the Universal Input Sheet, with the following data:
Type |
Ref no |
Date |
Primary account |
Details |
Total |
VAT |
Analysis |
Analysis account |
PAY for a payment or REC for a receipt |
Leave blank unless you want to enter your own reference nos. |
Enter date paid/received. |
Defaults to the current account. Or select a different bank account if required. |
Enter name of payor/payee and details of payment/receipt. |
Enter amt paid/received. |
Enter VAT if required - see below. |
Net amount (Total less any VAT)
|
Select an appropriate analysis account - see below. |
| Note: If data in a cell is to be repeated in the cells below it, select the cell containing the data, hold your left mouse button down while dragging the mouse down to highlight the cells below, then right-click and select Fill Down. |
3.Click on Post then OK.
Payments (PAY)
Enter payments as described above. The analysis account to select and whether VAT should be entered, depends on the purpose of the payment as follows:
Receipts (REC)
Enter receipts as described above. The analysis account to select and whether VAT should be entered, depends on the purpose of the receipt as follows:
Split analysis
If a payment or receipt needs to be split into different analysis accounts, the transaction should be laid out on the Universal Input Sheet as follows:
Type |
Ref no |
Date |
Primary account |
Details |
Total |
VAT |
Analysis |
Analysis account |
PAY for a payment or REC for a receipt |
Leave blank unless you have your own reference nos. |
Date paid/received. |
Defaults to the current account Or select a different bank account if required |
Enter name of payor/payee and details of payment/receipt. |
Amt paid from/received in bank |
Enter VAT if necessary - see above |
Split of net amount 1
|
Select analysis account 1 |
Split of net amount 2 |
Select analysis account 2 |
For example, a payment of a cash purchase with VAT, where the net amount of £100.00 is split into £75.00 for cleaning costs and £25.00 for equipment hire costs:
View the transactions
To view a list of payments and receipts recorded in the bank account, click on the B button on the main toolbar:
Select the bank account. This displays a list of transactions in the account on the right of the screen. To view an individual transaction, click on the reference number. This displays the double-entry of the transaction.
To view the double entry of all the transactions in a single report, select Display > Transactions report > [Enter the date range] > [Tick Payment, Receipt] > OK.
Print or export a report
•To print any report or save it as a PDF file, click on the Print button:
Then select Print to print to a printer, or select PDF... to save as a PDF file.
•To copy and paste any report to a spreadsheet, run the report then click on the Copy button:
then in your spreadsheet, right-click and select Paste.
•To export a report to VT's spreadsheet application, VT Report, select Edit > Export to VT Report.
Bank Reconciliation
A bank reconciliation is not strictly necessary but is recommended as a good bookkeeping control. Click on the R button on the main toolbar:
Then follow the steps in Bank reconciliation.
Payment processor fees
If you receive payment from customers through a payment processor who deducts fees from each payment, the payments received and fees can be accounted for as shown in Payment processor fee deductions:
Notes
1.If you are a sole trader/partnership and want to account for income and expenses on the cash basis (i.e., when payment is received or made, regardless of when invoiced), enter all sales as cash sales using the REC transaction and all purchases as cash purchases using the PAY transaction.
