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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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.
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.
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.
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!
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.