If you are using a workbook for a second or subsequent year, see also Preparing accounts for a subsequent year.
The buttons referred to in this topic are all on the VT toolbar.
You can redisplay these instructions at any time by clicking on the Template Instructions button.
1 If you have not already done so, enter the company/business name and the dates of the financial year in the Workbook Properties dialog. You can also use this dialog to select the type of audit/accountants report required and to display/hide the comparative columns, filleted accounts, cash flow statement and other optional sheets
2For a partnership, select the Partners sheet and enter the name, fixed salary (if any) and profit share percentage for each partner
3 Click on the Get Balances From VT File button to import the trial balance (the comparative year trial balance is also imported unless you untick the option in the dialog displayed when you click the button). If you have not pressed the Get Balances From VT File button before, you will asked for the name and location of the file you wish to import from. The file should not be open in VT Transaction+ or VT Cash Book when you import. For more advice on using linked entry workbooks, see the Linked entry trial balance chapter
4 To review or change which reporting line (heading) in Excel each account in the VT file goes to, click on the Trial Balance Analyser button. You can also specify where rounding differences are included by clicking on the Rounding button in the Trial Balance Analyser dialog
5 To insert any new reporting lines (headings) created in the Trial Balance Analyser dialog into the printable part of the accounts, click on the Insert Financial Row button. For advice on which sheet and cell to select before clicking on the button, see Which cell to select when inserting a new financial row
6 You can enter additional transactions and adjustments into the VT file directly from Excel by clicking on the buttons at the right-hand end of the VT toolbar. There is no need to open the file in VT Transaction+
7 You can display and print reports (trial balance, transactions, accounts) directly from Excel by clicking on the buttons at the right-hand end of the VT toolbar. There is no need to open the file in VT Transaction+. In any report, you can change or delete an entry or transaction by clicking on it with the right mouse button. The accounts report is particularly useful. It lists all accounts and their balances on the left of the dialog and the entries in the currently selected account on the right.
8 If you still need to, the quickest way to open the file (that the workbook is associated with) in VT Transaction+ is to click on the Open VT File In VT Transaction+ button. However, if you make any changes in VT Transaction+, you will need to click on the Get Balances From VT File button again
9If the company has a cash flow statement, you will also need to enter the comparative cash flow figures (from the previous financial statements) into the right hand column of the CFWorkings sheet. If these figures are not available, consider using VT Final Accounts to re-construct the previous year. The cash flow statement is only available in the medium/large company template and can be switched on or off in the Workbook Properties dialog.
10Select the Data sheet and enter miscellaneous data as indicated by the white spaces
11 If applicable, hide any accounting policies not required by clicking on the Policies And Paragraphs button
12If applicable, directly modify the text in the directors report as required
13If applicable, directly modify notes containing text on the Notes sheet as required. Notes which you leave blank will automatically hide
14 Click on the AutoHide On/Off button. This hides all lines and notes which have nil balances (except for number of employees, which is required by Companies House, even if zero). Note numbers are automatically re-sequenced
15If applicable, set manual page breaks at appropriate places on the Directors Report and Notes sheets if they are more than one page long. See Page breaking
16 Choose the Preview Accounts button to review the accounts before printing
17 Always use the Print Accounts button to print out the accounts. This checks that the accounts are in balance and prints out all pages of the accounts regardless of the sheet(s) selected
18To create a PDF of the accounts, see Printing the accounts to a PDF file
19To create an iXBRL file of the accounts or tax computation, select Generate iXBRL File from the VT XBRL menu. See iXBRL: Overview.
20To submit an iXBRL file of the accounts to Companies House, select Companies House>Generate New Submission from the VT XBRL menu. See VT Filer: Introduction.
21The iXBRL accounts and tax computation files can be attached to third party tax packages for filing a CT600 with HMRC.
22For unincorporated business only, you can export the profit and loss account and balance sheet to tax software packages by choosing the Send To Tax Package command from the VT Data Export menu