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.