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VT Transactions+ Bank Charges

Hi

I am new to using VT Transactions+, and new to trying to do accounts.

I am trying to enter Bank Charges which will be deducted from current account on 29th Feb. When I enter the details using the Purchase Invoice button, it shows it as a credit in the suppliers list, however it is showing the value in the bank account as a receipt. Surely this is not correct? Can anyone advise please. Many thanks.

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22nd Feb 2012 11:06

Wrong nominal code?

If you want to record your bank charges via a purchase invoice, then when you enter the invoice in the purchase ledger you must choose the "bank charges" nominal code for the expense.

As you mention that the transaction you have posted shows as a "bank receipt" - I assume you mean the amount you have posted as bank charges is appearing as a debit in the bank account - then I think you may have chosen "bank account" rather than "bank charges" when entering the purchase invoice.

Hope that helps.

[Edit: It would be more usual to make such an adjustment via a journal - Debit bank charges/Credit accruals]

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22nd Feb 2012 10:47

Why enter as a Purchase Invoice?

Just enter them as a payment instead of a purchase invoice!

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