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VT Transaction+

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Processing trial balances

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Introduction

A trial balance is a list of the account balances in a company. VT Transaction+ has several features that are useful for processing trial balances.

Importing a trial balance

You can manually enter a trial balance from another system by clicking on the JRN button on the main toolbar. The journal dialog can be used to make an unlimited number of entries to any combination of accounts, including customer and supplier accounts.

A trial balance can also be automatically imported from a tab delimited text file, CSV file or spreadsheet by choosing the Edit>Import Trial Balance command. The content of the original file or spreadsheet is saved with the imported journal and can be displayed at any subsequent time. The import feature is primarily intended for importing a trial balance from Sage but can be used to import a trial balance or journal in virtually any format.

A journal should normally be dated the last day of the period represented by the trial balance being imported.

Adjusting a trial balance

You can use any of the transaction entry methods to make adjustments to a trial balance. However, the trial balance style journal has been specially designed to make working on an entire trial balance easier. The trial balance style journal dialog lists all the accounts and balances in a company. Against each account you can specify an adjustment amount or just simply alter its closing balance. To display the trial balance style journal dialog, choose the Transaction>Journal>Trial Balance Style command, or click on the down arrow to the right of the JRN button on the main toolbar. You can type and save notes of any length with the journal by clicking on the Notes button in the journal dialog.

Displaying a trial balance

To display the trial balance, choose the Display>Trial Balance command. The balances shown are those at the last day of the current period set up on the application status bar.

Displaying entries/audit trail

The transactions report lists all the transactions you have entered in double entry format. Any notes saved with transactions can be optionally displayed. To display the transactions report, choose the Display>Transactions Report command.

The ledgers report lists the entries and balances for all accounts. To display the ledgers report, choose the Display>Ledgers Report>Multiple Ledgers command.

The above reports can be printed, or made into a PDF file, by clicking on the Print button on the main toolbar. The reports can be copied to any spreadsheet by choosing the Edit>Copy command.

The above reports are automatically updated if you enter transactions whilst the reports are open. You can change or delete a transaction by right mouse clicking on it in either of the above reports.

Reformatting a trial balance

A standard trial balance is the rearrangement and summarisation of the account balances in a company into a standardised format. A standard trial balance consists of headings. Each account in a company is assigned to a heading. Several accounts can be assigned to the same heading. Accounts that do not have a balance do not need to be assigned. The order of headings can be changed (but not their number). Standard trial balance formats can be copied and pasted between companies, or exported and imported via a file. The format includes the names of accounts assigned to each heading.

To set up or modify a standard trial balance, choose the Set Up>Standard Trial Balance Formats command.

To display a standard trial balance, choose the Display>Standard Trial Balance command.

VT Final Accounts uses standard trial balances when reading a VT Transaction+ or VT Cash Book file. If necessary, it automatically sets up the required format. It also automatically assigns any built-in accounts, but not accounts the user has created.

Exporting a trial balance

There are three ways to export a trial balance:

The trial balance can be exported in the csv format used by Sage and many other accounting packages by choosing the Edit>Export Trial Balance command

The trial balance reports referred to above can be copied and pasted into any spreadsheet. With the report displayed, choose the Edit>Copy command

A trial balance in a special spreadsheet format can be copied and pasted to a spreadsheet by choosing the Edit>Copy Spreadsheet Trial Balance command. The format initially looks odd. Accounts are listed in the order they were created and a placeholder is retained for deleted accounts. The advantage is that if you copy this trial balance month after month or year after year to the same spreadsheet, formulas linking the spreadsheet accounts to the trial balance do not need updating even if accounts have been deleted, moved, renamed or inserted (because accounts are always on the same row)

A standard trial balance strictly in heading number order can be copied and pasted to a spreadsheet by choosing the Edit>Copy Standard Trial Balance command. Behind the scenes, this is the format used by VT Final accounts

Clearing all brought forward balances

If you use the same VT Transaction+ file to import trial balances for successive years, choose the Transaction>Clear All Brought Forward Balances command to clear the previous balances. The clearance journal is dated the first day of the new year, so the previous trial balance is still available.

This feature is very useful when using VT Final Accounts to read a VT Transaction+ file, as this works best when both the current year and comparative year trial balances are imported.