Not able to save shipping methods

I am using hotecommerce virtual mart template, but I am not able to add any of the shipping methods. Even after entering all the data, after saving the record nothing is getting saved.

Can you please help me on this ?

Should I install the latest version of VM ?

You should consult vm form about such problem. Also you need to inspect thing more detailly , set error reporting level in global configuration to maximum, then try to save something ans see if some error will pop out.