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VT Transaction+

Navigation: Basics

Quick start

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Enter your license key

Start the software by clicking on the VT Transaction+ shortcut VT icon on your desktop.

In the VT Transaction+ menu select Help>Register Software. For more details, see Entering your licence key.

Set up company/business details

 

Create a new company/business data file by choosing the New Company command from the File menu at the top of the screen:

new company
(An existing file can be opened by choosing Open Company from the File menu.)

In the New Company/Business dialog:

oenter the name of the business

otick the VAT registered box if you are registered for VAT, and if you are on the VAT cash accounting scheme, tick this box also

oselect a chart of accounts template from the list

New company dialog

If you wish to create your own chart of accounts template, select File>Templates>New, then choose an existing template from which to base your new template on. You can then modify the accounts in the new template as you wish.

Click on OK to save the file to your PC. The default location to save the file to is the Documents folder, but you can choose a different folder. This file will contain all data entered for the particular company, therefore back up this file regularly by selecting Backup to any drive from the File menu - for further details see Backing up data files. Note: when backing up a file, it is best to name each backup with a different name so you don't overwrite the same file.

Set the financial year

Set the dates of the current financial year by clicking on the caption at the bottom of the screen that says [year not set] and then entering the dates:

application_status2

Set up accounts, including customers and suppliers

To set up customers and suppliers, click on the CU Customer button and SU supplier button buttons on the main toolbar then select Set up a new account - for further details see Creating customers and suppliers.

toolbar2

The main toolbar in VT Transaction+

If you need to set up other new accounts, click on the A button Account buttond on the main toolbar then click on the ledger you want the account to be in, and select Set up a new account. To modify an existing account, select the account and select Change the name or other details of this account. For further details see Accounts and ledgers.

Enter transactions

To enter transactions click on the transaction buttons on the main toolbar (P+R, PAY, CHQ, REC, TRF, SIN, SCR, SIN, SCR, PIN, PCR, CTX, JRN, RJN) - for further details see Transaction entry methods.

Alternatively you can import transactions by clicking on the Universal Input Sheet button UIS_button - for further details see Importing.

If you need to enter recurring transactions - see Recurring transactions.

If you have not been using VT Transaction+ since your business started, you will have some opening account balances to enter - for further details see Opening balances.

Enter bank transactions

Bank transactions can be entered by clicking on the PAY, CHQ, REC and TRF buttons on the main toolbar. If you wish to enter bank transactions in a batch, you can use the P+R button - for further details see The Payments And Receipts entry method.

Alternatively you can import bank transactions from a statement by clicking on the Universal Input Sheet button UIS_button - for further details see Importing from a bank statement. There is not a direct bank feed function in the software.

To perform a bank reconciliation, click on the R button Reconcile_button on the main toolbar - for further details see Bank reconciliation.

Issue invoices and statements to customers

To issue invoices to customers, click on the SIN button SIN button on the main toolbar - for further details see Raising a sales invoice.

To issue statements to customers, click on the CU button Customer button on the main toolbar, select the customer, then click on Statement - for further details see Customer statements.

Allocate customer and supplier payments to invoices

If you have entered customer and supplier payments using the methods described in 'Enter bank transactions' above, you will need to manually allocate them against invoices as follows:

oclick on the CU Customer button and SU supplier button buttons on the main toolbar

oselect Open Entries then click on the payment and associated invoice(s) lines so they are highlighted in blue

oclick on the Contra button contra which then appears directly above

For further details - see Customer and supplier payments

Alternatively, if you have not yet entered the payment, click on the invoice(s) line in the Open Entries tab so it is highlighted in blue, then click on the special PAY (for a payment to a supplier) or REC (for a payment to a customer) button which appears directly above (not the one on the main toolbar).  This creates a PAY or REC entry automatically allocated to the selected invoice(s) - for further details see Customer and supplier payments.

Submit a VAT return

To set up MTD (Making Tax Digital) for VAT, see Setting up MTD: businesses, or Setting up MTD: agents if you are an agent submitting VAT returns through an agent services account.

To generate a VAT return, click on the VAT button VAT button on the main toolbar and select New VAT return - for further details see VAT - quick start.

To submit a VAT return to HMRC by MTD, click on the VAT button VAT button on the main toolbar and select Submit VAT return to HMRC - for further details see VAT - quick start.

Run reports

To generate reports such as profit and loss, balance sheet, trial balance and transaction reports, select them from the Display menu - a full list of reports is given in the Report windows topic.

To copy and paste any open report to a spreadsheet, click on the Copy button Copy , then in your spreadsheet, right-click and select Paste.

Other common topics

Domestic reverse charge VAT for construction services

Using VT Transaction+ on multiple PCs

Access a VT Transaction+ file on different PCs using a cloud storage service

Emailing a data file

Multi-currency accounting

Departmental costing

Correcting mistakes

Year-end procedures