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Post Info TOPIC: VT + - entering opening balances
lexysmith


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VT + - entering opening balances
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Hello
I have just started using VT in a new job after they battled with SAGE for way too long. Its great and I love it BUT I am struggling with the opening balances process. We can't import a csv file as my predecessor has only used sage for calculating VAT and never reconciled bank account or adjusted figures to reflect the accounts at the year end etc etc.

I started using it in April to coincide with the year end - 31st March, and so far have just been inputting purchases made/paid in the new FY.

Basically all I need is to enter the opening balances of the Creditors (suppliers accounts) & Debtors (Sales) accounts and the VAT owing, as our VAT month end is April. We are partially exempt, just to make things more interesting. I know the amounts at least, which is a start!

So:
1. What is the double entry for the creditors balance at 31st March?
2. Do I need to input every outstanding purchase invoice individually? (there are about 200...)
3. What is the double entry for the VAT liability?
4. When I've paid a supplier in the current year, who invoiced in the last year, what is the double entry for that?!

Sorry to be a bit dim.

Any guidance joyfully received.

confuse

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AngelaWBS


Senior Member

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Posts: 151
Date:
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Hi Alex,

Your not being dim at all

I recently started using VT+ although not on a daily basis.  I found the the answer to entering the opening balances on the help menu or on the 'instructions and notes' section, one of the tabbed pages covers opening balances.

Hope that helps



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Angela
http://www.bookkeeping-suffolk.co.uk/
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