Final Accounts very basic query | AccountingWEB

Final Accounts very basic query

My first post so forgive me if too much info given/asked for.

I am an accountant in (small) practice around 200+ clients, mainly small sole traders.

Reviewing my software and looking at VT Final Accounts and half way through 30 day trial so running out of time!!

Read all the reviews about the simplicity of use so now questioning my own intelligence as I am stuck with what I think is a very basic problem.

I am trying to prepare sole trader accounts, without a balance sheet using the "without detail" template. I need the expense items to be more specific than those presented on the trial balance manual entry. For example the TB heading "Telephone, fax,stationery and other office costs", I would like to show separate entries for telephone, mobile and pps.

I have followed the instructions to do this and the accounts look exactly how I want them presented, however, when I try to "send to tax package" using the data export add in, the figures entered against my own headings are missing and a message says that the TB does not balance.

I have tried it with Auto Hide off/on and have also used the Re-valuate hiding button. Seem to be going round in circles but I think that my headings/figures need to be somehow mapped to the correct SA headings?

Any help would be appreciated.

taxhound's picture

Sounds like

taxhound | | Permalink

You should have chosen the "with detail" option.  This will then give the information you want.  On the properties page there is then an option not to include a balance sheet.

"without detail" does not give you abreakdown of the individual expense items

remhonps's picture

very basic query

remhonps | | Permalink

Very tempting as it may be to go off-piste the easiest way with VT accounts is to stay well away from it for bookkeeping and data entry. The VT package comes with VT+ bookkeeping software and crunching the numbers in VT+ (use the templates - with balance sheet - because you can always turn the balance sheet print 'off'' later)  and do a link transfer between VT+ and Final accounts because it is much, much the easiest way. We always insist on everything going via VT+ - including TB entry - and then moved over. Doing it that way is so much easier and it will be extraordinarily difficult for it not to balance. It really is a breeze to do. Once VT+ data entry is complete, it can take less that 5 minutes to format and print a set of sole trader accounts inside VT Final accounts.

VT will always consoldate P&L entries so they focus on appearing in a similar format to the SA100 expectations. You will be able to create as many P&L categories as you can shake a stick at when you're crunching numbers - although you will need to funnel them towards SA100 expectations when you link the data over.

You can still have your detailed P&L if you want it - it's very straightforward. One option is to view the P&L in spreadsheet format - copy and paste the detailed figures in  to a new tab created in Final Accounts ?P&L2 .

Similarly, we would always transfer the data from VT+ to the tax return (rather than from the final accounts)  - we now use BTC - previously Drummohr - and it is just so straightforward.

Treat VT+ as the engine of activity and Final accounts as the end result and much joy will follow.

Good Luck

Peter T





taxhound's picture

Would disagree,,,,,

taxhound | | Permalink

I use VT transaction+ for quite a few clients where I do the bookkeeping, and like it very much, but for non bookkeeping clients, using the tb in the vt spreadsheet generally works very well.

You just need to choose the "with detail" option to display the info you want!

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