VT Transaction+

Go to https://www.vtsoftware.co.uk/ and click on the Download VT Software button.

A pop-up icon for the installation file appears in the corner of your screen. Click on it to start the installation process.

If you do not see the pop-up, go to the Downloads folder on your PC and click on the file from there.

1.Start the software by clicking on the VT Transaction+ shortcut on your desktop:

2.From the VT Transaction+ menu, select Help > Register Software:

3.Enter your customer number and license key, which will have been sent to you by email from info@vtsoftware.co.uk.

If you have not previously installed the software on the PC, you can use it for free for 60 days without needing to enter a customer number and license key.

If you need further details, see Enter your license key.

You need to create a data file for each business:

1.Select File > New Company:

Or to open a file you have already created, select File > Open Company, or Display > Recently opened files.

2.In the New Company/Business dialog:

a)Company/business name: Enter the name of the business.

b)VAT registered: Tick if you are VAT registered (Do not tick VAT cash accounting, unless the business uses HMRC's VAT cash accounting scheme).

c)Chart of accounts template: Select an appropriate chart of accounts for the business. If you want to create your own template, select File > Templates > New, then choose an existing template on which to base your new template. You can then modify the accounts in the new template.

d)Click OK to save the file to your PC. You can save it to any folder but it is advisable to save it in a folder on a cloud drive e.g., Dropbox. If you do not have a cloud drive, you can set one up as shown in Sharing a data file on a cloud drive.

Note:

•The VT Transaction+ data file(s) is saved in whichever folder on your PC you choose to save it to. VT Software has no access to it.

•You should make regular backup copies of the file(s) in case you need to refer to a backup copy in the event of loss of your file.

•You should avoid creating different versions of a file for the same business, other than backup copies.

1.Click on the caption at the bottom of the screen that displays [year not set].

2.Enter the dates of your business's financial year.

For more details, see Financial years and periods.

If you are using VT Transaction+ for the first time and this is not your first year of business, you will have some opening account balances to enter. These are the balances on the trial balance at the last day of the prior year, from your previous accounting records. You can import or enter a trial balance as shown in Opening balances.

The options for recording payments and receipts are to:

•Import a bank statement CSV file: by clicking on the Universal Input Sheet button:

and selecting Import: From CSV file. See Import a bank statement CSV file.

•Enter in a batch: by clicking on the Universal Input Sheet button and entering payments and receipts from your bank statement directly on the Universal Input Sheet. See Manually enter payments and receipts in a batch.

•Enter individually: by clicking on the PAY (payment out) and REC (payment received) buttons on the main toolbar:

See Enter bank transactions individually.

Credit card transactions can be entered in the same way as the options above. See Credit card transactions.

You only need to use the customers ledger if either of the following are applicable:

•You sell goods or services to customers on credit (i.e., paid for later)

•You are VAT registered and are required to issue VAT invoices for sales (regardless of whether you make credit sales)1

Similarly, you only need to use the suppliers ledger if you purchase goods or services on credit.

If none of the above are applicable, you can ignore this section.

To enter customer and supplier transactions

•Enter a sales invoice individually in the customers ledger by clicking on the SIN button:

The SIN transaction records a sales invoice entry but does not create the invoice document itself, so it should only be used if you have already created the invoice document in another program.

•If you want to enter a sales invoice transaction in VT Transaction+ that also creates the sales invoice document, click on the SIN button:

•Enter a purchase invoice individually in the suppliers ledger by clicking on the PIN button:

•Alternatively, multiple transactions can be entered or imported in a single batch by clicking on the Universal Input Sheet button:

See Enter sales invoices in a batch and Enter purchase invoices in a batch.

•To enter a credit note against an existing invoice, right-click on the original sales invoice/purchase invoice transaction in any report or list that includes the transaction (e.g., Display > Transaction Lists > Daybook), and select Raise credit note.

For further details, see Customer and supplier transactions.

1.If you are VAT registered, you are normally required to issue VAT invoices for sales (including non-credit sales) to other VAT registered businesses, or if a non-VAT registered customer requests one, according to section 3 of HMRC VAT Notice 700/21: Record Keeping.

2.See Review transactions for a list of report

If you have foreign currency transactions, follow the steps in Multi-currency quick start.

Non-routine transactions are transactions that are not part of regular day-to-day transactions. Examples of non-routine transactions are:

•Wages and salaries journals

•Fixed assets and depreciation

•Accruals and prepayments

•Opening and closing stocks

•Writing off bad debts

•Corporation tax

•Dividends paid

Non-routine transactions are normally entered in a journal entry using the JRN button, which allows you to record entries in any accounts in the ledgers:

If you require the journal to automatically reverse in the next period (which is common for accruals and prepayments), use the RJN (reversing journal entry) button:

You can also import a journal or reversing journal from a spreadsheet by clicking on the Universal Input Sheet button and following the steps in Importing journals using the Universal Input Sheet.

For further details on non-routine transactions, see Non-routine transactions.

If you want to add departments to transactions, they can be set up by selecting Set Up > Currencies, departments and lists > Departments (or Lists to create your own category). For more details, see Departmental costing.

You can choose between various transaction reports to review transactions:

•To display a list of transactions by transaction type, select Display > Transaction > [Select the transaction type]. The double-entry of the currently selected transaction is displayed on the right. To search for a transaction, enter the reference number in the Find field.

•To display a list of transactions by transaction type in a printable report, select Display > Transaction List/Daybook > [Select the transaction type]. This can be sorted by reference number or date by clicking on the Selected/sorted by... caption at the bottom.

•To display a report of all, or a selection of different types of transactions in one report, select Display > Transactions Report.

•To display recently entered transactions, select Display > Home Page.

•To display transactions in a particular account, select Display > Accounts > [Select the ledger] > [Select the account]

To find specific data in a report or list, click anywhere within the displayed report or list and select Edit > Find. This exports the report to the VT Report spreadsheet application, where you can enter the data you are looking for in the Enter the text you want to find field, then click on Find.

The easiest way to adjust a transaction is to right-click on the transaction in any report that includes the transaction, select Edit transaction and change the entries as required.

Alternatively, if you require an audit trail of the adjustment, you can either:

•post a transaction that is the reverse of the original transaction, then re-enter the correct transaction, or

•enter the adjustment as a journal (JRN).

If you need further details, see Correcting mistakes.

To review transactions in specific accounts, click on the relevant button below:

•Bank accounts:

•Customer accounts:

•Supplier accounts:

•All accounts:

then select the account. This displays a list of transactions in the account.

To obtain a report of transactions in all accounts, select Display > Ledgers report* > Multiple Ledgers.

To find specific data in any report or list, click anywhere within the displayed report or list and select Edit > Find. This opens the report in VT's spreadsheet program, VT Report, where you can enter the data you are looking for in the Enter the text you want to find field, then click on Find.

*This report is the equivalent of a general ledger report or nominal ledger report.

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.

(If you do not use the customers or suppliers ledgers, ignore this section.)

Matching payments to invoices is not strictly necessary (unless you have the VAT cash accounting setting on in the software) but is recommended as a good bookkeeping controls.

Manually

Automatically

(If you do not use the customers ledger, ignore this section.)

1.Click on the CU (customers) button on the main toolbar:

2.Select the customer.

3.Click on Statement.

For more details, see Customer statements.

(If you do not use the customers or suppliers ledgers, ignore this section.)

Change the current period to the period you want to report up to.

Select Display > Age Analysis > Customers/Suppliers. This report displays the total balances owed by/to each customer/supplier at the period-end date.

If you want to display individual invoices owed by customers/to suppliers, run the Ledgers Report:

•Select Display > Ledgers Report > Single Ledger > Customers/Suppliers.

•Select the Open Entries option.

•In the corresponding To field, enter the period-end date you want to report up to.

If you are self-employed or have property income and are required to use MTD for Income Tax, you need to submit quarterly updates of the totals of your income and expenses transactions.

From the transactions you will have entered in VT Transaction+, you can generate a quarterly update report and submit it to HMRC as shown in Submit a quarterly update.

If you are VAT registered you can submit a VAT return as follows:

•To set up MTD (Making Tax Digital) for VAT, follow the steps in Setting up MTD: businesses, or Setting up MTD: agents if you are an agent using an agent services account.

•To generate a VAT return, click on the VAT button on the main toolbar:

and select New VAT return. For more details, see Creating a VAT return.

•To submit a VAT return, click on the VAT button on the main toolbar:

The methods of paying a VAT bill to HMRC are given at https://www.gov.uk/pay-vat. Payment is not generated from VT Transaction+.

To enter the payment transaction in VT Transaction+, enter a PAY transaction and select the Creditors: Net VAT due account as the analysis account.

The main reports in VT Transaction+ that a business would typically use are:

•Transaction List/Daybook

•Ledgers report

•Trial balance

•Balance sheet

•Profit and loss

And also:

•Aged analysis: Customers (if enter customer invoices)

•Aged analysis: Suppliers (if you enter supplier invoices)

•VAT returns (if you are VAT registered)

These reports can be generated from the Display menu. Other useful reports are also available this menu, see Full list of reports.

Printing and exporting reports

•To print, save as a PDF file, or email a report, click on the Print button:

•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.

Search for data in reports

•To find specific data in any report, click anywhere within the displayed report and select Edit > Find. This exports the report to VT's spreadsheet program, VT Report, where you can enter the data you are looking for in the Enter the text you want to find field, then click on Find.

To change the financial year to the next year, click on the financial year caption at the bottom of the screen and select Next:

This automatically generates a year-end transfer transaction (YET), which transfers balances in income and expenditure accounts to retained earnings.

For further information, see Year-end procedures.

If you need to file company accounts with Companies House, the VT Final Accounts Excel Add-in enables you to produce a set of financial statements in Excel, either from a VT Transaction+ data file, or any trial balance. The Excel file of the financial statements can be easily converted to an iXBRL file and submitted electronically to Companies House.

For instructions, please see VT Final Accounts Quick Start.