An account is a list of amounts due to or from the same person, or a category of income or expenditure. Although both types of account may appear to be very different, they are processed in an almost identical manner by VT Transaction+.
A ledger is a set of similar accounts. Accounts are often referred to in the format Income: Sales. The first word is the name of the ledger and the second is the name of the account within the ledger.
Ledgers and accounts in VT Transaction+ are selected by clicking on items in lists, or by typing the first few characters of the name. VT Transaction+ pre-selects the analysis account last used for a customer/supplier or payee, so that data entry soon becomes very fast.
A transaction consists of two or more entries. An entry is a single amount in an account. The balance on an account at a specified date is the sum of the entries in the account dated on or before that date.
VT Transaction+ has a default set of accounts based on the chart of accounts template you select when creating a new company, as described here. If you wish to modify these, this can be done so as described below.
Setting up new, renaming or deleting accounts
You can set up new accounts when you are entering a transaction. Accounts can also be set up, renamed or deleted by choosing the Accounts command from the Set Up menu.
To create a new account, select Set Up>Accounts>All, then click on the name of ledger you want the account to come under, and select New.
Accounts can also be moved to different ledgers using the Move command.
Setting up new, renaming or deleting ledgers
Ledgers can also be set up, renamed or deleted by choosing the Ledgers command from the Set Up menu.
Setting up customer and supplier accounts
Please refer to Creating customers and suppliers.
