How to Maintain Accounts in Peachtree software
As we started a
company, we need to establish charts of accounts.
Charts of Accounts states the list of
accounts used by a company to record its transactions.
Once we have established them the time has
come to save charts of accounts in Peachtree software, so in order to do that
we open peach tree software in the first place. We select the maintain option
in the tab and choose the option “charts of accounts”
A window opens, where
we save accounts by putting the ID of account, description of account and type
of the account.
Once the window is
opened we put the id types and its description and account type we press ALT +
S and save the account.
ACCOUNT ID
It is a specific number
with which a specific account can be recognized.
DESCRIPTION
Description states the
name of the account.
ACCOUNT TYPE
The account type states
the nature of the account
HOW TO DELETE AN ACCOUNT IN PEACHTREE SOFTWARE
In order to delete an
existing account from charts of account we press the look up button in the
first place.
We click the look up
button and a list of accounts opens
Then we select the
account from the list that we desire to delete
After selecting the
desired account from the list for deletion we press the delete button to delete
the account from the list.
How to enter beginning balance in Peachtree
Once the chart of
accounts has been maintained, now is the time to enter the beginning balances
in the software.
Key point
Before we enter the
beginning balances, we need to maintain an account of retained earnings in
order to update the net income. If this account is not maintained the net
income will remain updated and the software will refuse to enter the balances.
We can check that whether the account is maintained or not by selecting the
report button from the menu bar
Then we will select the
‘’ general ledger ‘’ and open it by clicking the left button of mouse
A new window will open
and in that new window we will double click on the charts of account option and
we see
Once the retained earning account is
established we, then, will press the
beginning balance button in the first place and a new window will open asking
for the selection of the date of the balance.
After the selection of
the time period a new window will open with a list of assets, liabilities and
owner equities with their account IDs, descriptions and account titles with
their balance columns and the data can only be entered in the white boxes. we,
then, will enter the balances in their respective columns as shown
If the assets and expenses
side is not equal to the liability, Equity and income side then the software
will maintain an account of retained earning and post that balance in it.
