How to maintain Charts of accounts in Peachtree Software ?

What is Chart of Accounts

Chart of accounts is the list of accounts that are used to record any transaction sufficiently.

How to Maintain Charts of Accounts in Peachtree Software and Why ?

In our previous discussion we learnt that how to make a new company in Peachtree?

Now its time to make the Chart of accounts for that company,

                         At that time when we made the company, while moving from Charts of accounts, we selected the option of “Build your own company” so this is the right cause, why we are maintaining or building the company’s charts of accounts.

To maintain Chart of accounts of any new company,

Open your existing company and just move your curser right to top of you Peachtree software and lick on the third option that in “Maintain” and choose 4^th option that is “Chart of Accounts” like the following window,

When you will do so the next window will be appeared like,

Now we are going to discuss that what is,

Account ID

Description

Account Type?

First of all we will discuss about the “Account ID”

This means that what Id you want to assign this account through which you would be able to search it again conveniently.

e.g we assign  100 to an account, when you will do so it will be seem like the following window,

Now we will discuss about the “Description”

Here you have to type that particular account which you want to add in your charts of accounts, like, you want to add Cash at bank, Accounts receivable, Accounts payable, and such forth.

When you will fill this one you window will be seen like the following picture,

Now we will discuss Account type,

 it means the nature of your account e.g the nature of cash at bank is “Cash”, the nature of petty cash is “Cash” the nature of land is “Fixed asset” and such forth.

When you will select the account type you window will be seen like the following picture.

Now your whole window should be seen like the following picture,

When you have typed all now its time to save your account for this just press “Alt” key and hold it with this press “S” key when you do so your account will be saved.

Say, you have built an account that is wrong may be the ACCOUNT ID, DESCRIPTION or the ACCOUNT TYPE and now you want to make it correct.

For this you have to move your curser to “LOOK UP” button that looks like the following picture,

Just click on this button and select the desire account that you have made incorrect.

Here you can see all the accounts that you made, now just select the desired account e.g we select “100” that we made earlier. Since you are thinking that the selected account is 100 and in Account ID 110 is being shown, to proper selection DOUBLE CLICK on desired account when you do so your account will be selected like the following window,

Here you can modify your account, since if you made an account double ID and you want to delete that account just select that account and click on delete button that is third option in menu bar and seems like the following picture.

How to open a new company in “Peachtree” software

How to open a new company in “Peachtree” software

When open Peachtree software will find five options in the following window.

                    A new company can be opened and by clicking on “Set up a new company” you will see the following picture that is an introductory window:

This an introductory window which is guide us that how a new company can be opened.

     Here you have to write you Company’s name that you are running.

     Chart of accounts that you are using or preferred to use.

   You have to choose an Accounting method if you have decided.

   You’re posting method of Transactions.

And in the Last you have to choose your accounting period.

 When you are done with and click on the Next button you will find the following window.

  Here you have to type the Information regarding your company.

By completing the informational window and clicking on next button you will find the following Window.

But keep in mind that the name of folder where it will be saved, similar to the name of the company you had been selected.

There are five options in first option,

In first option, software has already made chart of account for these companies.

Second option says that if there is a retail company in and retail you will run fruit company so software has already made all the chart of accounts regarding the fruit company.

Third option says that if you have an existing company you can copy the chart of accounts from there.

In Fourth option you can convert company from software other than Peachtree.

In fifth option you can build your own chart of accounts.

So we will make our own chart of accounts by clicking on “Build your own company”.

As you will click on the next button you will find the following window.

Here you will find two options, accrual and Cash.

Accrual method refers that the transactions should be recorded when it is occurred and accrual method refers that when the cash will received then that transaction should be recorded.

And usually accrual method is used so we will move on with accrual method and click to next and will find the following window.

Here the “Real Time” means that the transactions will effect on The BALANCE SHEET at same time you are making your accounts.

“Batch” means your transactions will be saved batch by batch or date by date then you can print or review all the transactions twice.

But preferable is “Real Time” because in “Real Time” the data can be edited. So we will select “Real Time” and click next. By clicking on next button you will see the following window.

Here you have to select the Accounting period.

If you are using computer based accounting system already or by start of your company then selects the calendar months which are “monthly accounting period.

But on the contrary of your company using other than the calendar months which starts from January then use what your company is using.

We will move on with 12 month accounting period and click next. By clicking on next you will find the following window.

Now select the first financial year that you want to choose.

Choose first month of accounting period.

Choose the actual accounting year.

This window shows that your company has been created.

Here you must have a knowledge that where you file will be saved. Following is the right address where you company will be saved.

C:\Program Files\Peachtree\Company

But you need to change you saving address from “C” drive to another drive, so from here you just copy the right folder of you company with name you had been created and paste it with your desired place.

How to open a File in Microsoft Word

Opening Microsoft Word Documents

We'll shortly add an address to the top of our Library Complaint letter. Before we do that, we'll learn how to open a file. After all, you might have closed down Microsoft Word, or your computer might have crashed. The result being that you no longer have your library letter loaded into Word. So here's how to Open a file you have saved, and want to work on again.

From the File menu, click Open:

                            

The Open dialogue box appears, and looks like the image below:

                                        

The Open dialogue box looks very similar to the Save As dialogue box. "Save in", "File name", and "Files of type" work in exactly the same way as the Save As dialogue box. Notice, though that the File name text box is blank, and the Open button is not available. It has been greyed out.

The reason that the Open button is greyed out, and therefore not available, is that text box is empty. Once you select a file, the Open button will be ready for us.

But the text box is empty because no file has been selected. A file is selected from the larger white area in the middle. Clicking on the file once with the left hand mouse button will select a file. In the previous image, there was only one file available for selection - a document called "rrKeyCaps.doc". That is not the one we want.

To locate the file we want, we need to open the folder called "My WP Projects". Because that's where we saved it. You can see from the image that this folder is in the list of folders, just below the folder called My Pictures:

                                

You can see also that we are in the folder called My Documents. To open up the folder we want, simply double click it. This will take us inside the My WP Projects:

    

The whole Open dialogue box now looks like this:

   

The file we want, Library Letter, has been clicked on. As a result, the Open button is no longer greyed out. We can go ahead and click it. When we do, our letter will open in Microsoft Word.

To recap then on how to open a file. Do the following

· Navigate to the folder where the file was saved

· Click on the file to select it

· Click the Open button

OK, now that you know how to Open a file, we can start adding the address to our letter.