How we make charts of accounts in Peachtree?

How we make charts of accounts in Peach tree?

Chat of account is a list of accounts which we make transactions.

First we open Peach tree accounting software and then click the maintain category and you see the following window as:

After that select the chart of accounts and the following window will appear:

Account I.D

            First we fill the account I.D of the item. Such as you filled it as 223.

Description

In this column state the name of account

Type of Account

In this column state the nature of account such as here the nature of account is Fixed Asset.

How to delete an account in Peachtree:

If we want to delete any account go the look up button:

We click on the look up button and the following window will appear:

Then we select the desired account which wants to delete. See the below picture:

After the selection of account we click on the delete button as shown below in the circle:

How to enter the opening Balances in Peachtree

When Account I.D and Description and the Account type have been filled the next step is to enter the beginning balances. For this following procedure will be followed

The above window shows the Highlighted circle of beginning Balances click this button. The following window will appear:

In this window select the time period in which you want to enter the beginning balances e.g. if you are going to enter beginning balances of first January 2012, the time period you select will be 12/1/2011 to 12/31/2011.Then click the OK button and the following window will appear:

This window will appear .In this window Assets are at the left side while liabilities at the right side .Put the amounts of accounts that you want to enter. After putting the amounts following window will appear:

The above window show that both sides are equal. Then we check that either we maintain the retained earning account through following window:

This window shows that we have maintain the retained eaning account.If we have not maintained the retained earning account then both sides not equal and the difference will be shown as trail balance.

Setup of company

                                                       Setup of company

We will open Peachtree software and we will find the following window:

                                    

Then we select the “set up a new company” and the following window will appear:

This is an introductory window which guides us through the new company setup phase.By clicking on the next button we will have the following window:

This window shows the company information we will put the required information i.e. the name of the company, the type of business and the other details. After filling the information we click the next button and the following window will appear:

This window shows the “Chat of Accounts” and it has 5 categories we can choose any one of them in which we want to make our accounts.

If you want to start Retail, Service, Construction, Manufacturing or Distribution Company, using a simplified chart of account. Then you will click the 1^st option.

If you want to set up a new company using the chart of accounts of more than one sample companies. Then you will select the 2^nd option.

If you want to build your own company so you will select “Build your own company” and click the next button.

After selecting one of the categories the following window will appear:

This window shows the “Accounting Method” peach tree provides two accounting methods

1) Accrual

2) Cash

It depends on you what type of accounting method you choose either accrual or cash. Then click the next button to proceed further:

                                            

Under the posting method there are two methods

1)      Real Time

2)      Batch

It is the choice of the company wither it choose real time or batch. When you click on the next button the following window will appear:
                                                   

There are two methods of accounting periods that Peachtree accounting uses to transaction.

1)      12 monthly accounting periods

2)      Accounting periods that do not match with the calendar months.

The company has to decide which one of them it wants to choose. For example, the company wants to choose the 12 months accounting periods  it selects the option and click next to proceeds further:
                                             
                                           

This is the “Monthly Accounting periods window” in this the company has to fill the blocks in which fiscal year it wants to start the business like the month and the year ( January 2013). Then the month you will be entering the data (March 2013) and what is the first fiscal year the company will be entering the payroll (2013).Then click the next button.
                                           

At this stage the company has been created and this is the congratulation note that you have completed the required information. Click finish to close the wizard.