How
to maintain chart of accounts:
After creating a new company, now it’s the time of
preparing chart of accounts.
Open software of Peachtree and click the option of
existing company. When we open our existing company then a menu bar will be
shown in front of us.
We will click on maintain menu button and following window will appear.
We will click on maintain menu button and following window will appear.
After that we will click on the chart of accounts button
and following window will open in front of us.
In accounts ID bar that I have given the option A, we will
write down the ID of account which we want to save in the software.
In description bar that is pointed as B, we will write
down the description of our chart of account.
In Account type bar that is option C, we will write down
the type of account that we want to save on Peachtree.
After filling all the three informations mentioned above,
the winow will appear as:
After saving that we will save it
by pressing Alt and s button.
How to entre beginning
balances:
After maintaining chart of accounts, we will click the
button of beginning balances as shown in window:
Note:
Before
clicking the button, we must assure that we have maintained the retained
earning account. We can maintain retained earning account at the time of
entering beginning balances but the software will reject to save it and we have
to go back to the previous window to form the retained earning account.
When we will click on the button of beginning balances
button then following window will appear…
We must select the date according to data given. If it is
1st of January balances in the question then we will select the date
of 31st December because it is the ending balance of December. If
data is of 31 December then we will select the same date.
After selecting the date, following window will appear:
We will enter all the debit and credit balances in this
window. The debit and credit balances must be equal.
If there is any discrepancy then we must check all the
amounts again.
Expenses will automatically deduct from revenues and net
income will be shown at the last.
Net income will be shown at the last.
We can see all the chart of accounts to see whether we
maintained retained earning account or all the required accounts by clicking on
the search button.
Or we can see these chart of accounts by clicking on
reports menu button and click on general ledger.
Then following window will appear:
Then we can see our chart of accounts by clicking on
chart of accounts button.
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