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.