Maintaining Chart of Accounts

Initial Step:

After setting up the company, the  very next  step is to start maintaining Chart Of Accounts.

First of all we will go to MAINTAIN menu option like shown below.

In maintain menu, click on the chart of accounts option in order to open it.

like shown here. 

After clicking the fourth option which is of chart of accounts, the following window will appear.

Here we will have to fill in the empty spaces to start on. Following are the heads.

Account ID: must be unique in order to quickly find it.

Description: whether it is cash, accounts receivable , inventory and so on.

Account Type: We have to mention the type like cash , cost of sales or equity etc.

 One convenient button is of the TAB which by pressing goes to the next immediate column.

After filling information, press simultaneously Ctrl and S . It would save the entered info in company's chart of accounts.  

DELETE An ACCOUNT:

 Double click on a specific account will open it and pressing the delete button would completely remove that account from company's records like shown below.

In order to open all the saved chart of accounts, click on the search image and list will be shown to you. 

All saved chart of accounts will be displayed like this.

Changing ID:

  If we want to change the id of any account then it can be done by clicking on the CHANGE ID button.

Saving all the changes:  

After incorporating the relevant data and amendments, one should not forget to save all the changes by pressing Ctrl and S at the same time.

Set up a new company in Peachtree:

Double clicking on the Peach tree software, the following screen appears.

In order to create a new company, click on the second option which says like set up a new company.After clicking, the following window appears which states the requirements to be filled in before setting up new company.

When we click the next button on the above drawn figure, a window will appear which is similar to below window.

This window requires the company name, address, telephone number, city, state,website and email. The minimum information to be entered is company’s name. After entering the information, press ‘NEXT’ button.

After pressing the next button the following window will appear. It gives us the option of setting up the company in different methods. It may be of construction, service, manufacturing etc.

The second option tells to setup through extensive method through the help of sample companies or we can copy company from another accounting program. The last option would be selected if we want to build our own company.

After clicking next button, following window appears which looks alike the following one. It basically wants us to choose the accounting method for the new company. The two available options are accrual and cash.Where transactions are recorded regardless of the cash received is considered as accrual accounting method. And where transactions are incorporated on the cash basis only follows the cash method.

After clicking the next button, new window appears requiring the posting methods of the proposed company. It may be real time where transactions’ effects are incorporated immediately in all the statements of accounts or the Batch method where transactions’ effects take place after a certain period of time or transactions

After choosing any of the radio buttons, click next button and the following window will appear.

Here we have to choose our accounting period which would be followed in the company.

    Again, click the next button located at the bottom of the window and following below given window will appear.

 It wants us to enter the monthly accounting dates and date of fiscal year to be followed in this company. After selecting the months and fiscal year of the company click next button once again. 

     After clicking the next button the congratulations window will appear and greeting us that all required information is completed and a new company has been opened in Peachtree software.

Click on the FINISH button and software will show this window. This is the welcome page of our business in which various options are given to navigate through all the business.