All transactions are stored in a company/business data file in VT Transaction+ in a continuous period which has neither a beginning nor an end date. The current year/period selected by the user can be changed backwards or forwards at any time without any change to the underlying transaction data. It is normal to use the same data file for all years for a company/business.
The period in which a transaction lies is determined by its date and not the period set up when the transaction was entered. You can enter transactions for a new year/period before you have completed the previous year/period. The date of a transaction can also be altered at any time (by right mouse clicking on it in any window and choosing Edit Transaction from the pop-up menu).
It is possible to operate VT Transaction+ without any year or period being set up. This may be useful if you do not yet know the year-end date for a business.
The contents of most of the reports in VT Transaction+ are based on the transactions that fall within the currently selected year/period.
Current financial year
To set up the current financial year, or move to a different year, click on the current year caption on the application status bar at the bottom of the window.
Initially, it displays [year not set]. Clicking on this caption (or the options it displays) automatically sets up year-end dates as required. If you need to change or delete these dates for some reason, choose the Year Ends command from the Set Up menu.
If you are using VT Transaction+ to record transactions on a day to day basis, it is normal to also select an accounting period such as a month from within the current financial year. This is done by clicking on the current period caption on the application status bar.
Locking previous periods
Transactions can be entered to any period in VT Transaction+, or any aspect of a transaction edited, unless the period is locked. It is important, therefore, to lock all transactions up to the date of the last set of accounts that have been finalised. A lock date can be set (or removed) by clicking on the Lock Previous Periods caption on the application status bar (or by choosing the File>Lock Previous Periods command). You can also optionally enter a password to prevent other users altering the lock date.