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VT Final Accounts

Navigation: General features

Preparing accounts for a subsequent year

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Introduction

If you install an upgraded version of VT Final Accounts, the set up program will replace the standard templates with new ones. When you next create a workbook using the New Accounts Workbook button, it will be based on one of the new templates. However, any existing client workbooks are not retrospectively altered.

When you prepare final accounts for a subsequent year for a business, you can do either of the following:

Make a copy of the previous year's workbook, automatically move the old current year figures to the comparative columns and manually update the workbook with any disclosure changes. This is the best method to use if no disclosure changes apply to your particular company or if it is easy to manually update the workbook with the changes (the History sheet in a brand new workbook lists all the changes made to that type of template and when they were made)

Create a brand new workbook and automatically import data from the previous year's workbook. All data can be imported except for custom alterations, such as the insertion of a new financial row, a new note or a new accounting policy.

Making a copy of the previous year's workbook

Open the previous year's workbook and choose the Excel Save As command and save the file under a new name

07 Copy Comps Click on the Copy Comparatives From Current Year button on the VT toolbar. This copies the current year trial balance and the current year data on the Data sheet to the comparative columns. It also moves the dates of the financial period in the Workbook Properties dialog on by one year

Temporarily create a brand new workbook of the same type (click on the New Accounts Workbook button). The History sheet  of a new workbook lists all disclosure changes.

Manually update the workbook with any relevant changes

Making a brand new workbook

Create a new workbook by clicking on the New Accounts Workbook button on the VT toolbar

Open the previous year's workbook and choose the Edit>Copy Accounts Data command from the VT Final Accounts menu in Excel

Switch to the new workbook and choose the Edit>Paste Accounts Data command from the VT Final Accounts menu in Excel

05 Get Balances For a linked entry workbook, click on the Get Balance From VT Transaction+ button on the VT toolbar and re-import last year's numbers

07 Copy Comps At this point the new workbook should be a replica of the previous year's workbook but with updated disclosures. Click on the Copy Comparative From Current Year button on the VT toolbar. This copies data in the current year columns to the comparative columns. It also moves the dates of the financial period in the Workbook Properties dialog on by one year

Manually review the workbook to ensure that the imported data remains correct. Please note that the Paste Accounts Data procedure does not alter any row heights. You may have to do this manually to accommodate text in notes such as Transactions With Directors

Redo any customisations such as new financial rows, notes and accounting policies

Partnerships accounted for in VT Transaction+ or VT Cash Book

VT Transaction+ does not automatically allocate the profit for the year to each individual partner. Instead, all the profit is transferred by the automatic year-end journal to the Capital accounts: Profit to be allocated account. You should therefore enter a journal dated the first day of the new year to transfer this profit to the partners in accordance with the amounts shown in the previous year's final accounts workbook.