VT accounts help

VT accounts help

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Hi

First time using VT accounts, looks good so far.

However, I have a client (driving instructor) who obviously takes fees in cash.  He doesnt proceed to bank the fees.  In VT Transactions, I'm trying to put in receipts for all all fees each month but the double entry is income and bank receipt.  For neatness sake, I want it to be income and cash receipt but I dont seem to get that option.  any ideas?

Replies (7)

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By ShirleyM
21st May 2013 12:40

When you enter receipts in VTT+

You get to choose between bank or cash.

Or are you entering invoices, and entering receipts against them?

Try the help utility. It is very good, and worth looking through just to see how many things VT can do.

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By Monsoon
21st May 2013 12:41

VT

This should be straight forward. Just choose the bank you are receiving into as Cash (drop down box at the top?). 

Like any accounts package, you have to tell it what bank account to receive into.

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By Russell Huk
21st May 2013 13:56

Thanks Monsoon, but the point is teh money isnt being deposited into any bank account.  Its being received cash in hand.

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By taxhound
21st May 2013 14:04

There is a bank account called "cash"

Change the bank to "cash" as per Monsoon's message and post it to there.  You can then do transfers from there to the bank, or drawings as appropriate.

Thanks (1)
RedFive
By RedFive
21st May 2013 14:26

VT+ Cash

If you click P+R tab to enter a payment or receipt as normal right at the top you will see Bank Account 'current account'. Next to it in BLUE is 'New Bank Account'. Click that and type 'Cash' hey presto you now have somewhere to deposit your cash in double entry.          Other ways of doing this such as Set Up - Accounts - Bank - but the above is the easiest.       Apologies for no paragraphs - my browser is playing up!

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Replying to Robertwebb:
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By Russell Huk
21st May 2013 15:34

albeit, technically there is no problem..... but for neatness sake it leaves an unreconciled "bank" as typing cash into new account still refers to thing as a bank account.

 

I've gone the other way and debited a Customer A/c and credited Income A/c.

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Giraffe
By Luke
21st May 2013 15:40

Or Petty Cash

You don't need to set up a New Bank Account, just click petty cash in the drop down menu at the top of the payments/receipts entry screen.

Then, when you feel like it you can reconcile the cash balance to actual cash held say once a week/month/year as appropriate.

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