Computerized Accounting

PEACHTREE -- REPORTS

2012-01-29T20:30:00.000+05:00

Reports

For financial statements and reports review we click on “REPORTS” in menu bar and click ‘Financial Statements’.

As we click on ‘Financial Statements’ the following default window will appear:

This above window contains the option of all financial reports and statements including:

Ø Accounts Receivable

Ø Accounts Payable

Ø Payroll

Ø General Ledger

Ø Financial Statements

Ø Inventory etc.

Now we take an example as if we select “Balance Sheet” from ‘Financial Statements’. The following window will appear:

In above shown window we will select time frame period for which the balance sheet data we require. Now as we select the time frame the following format of balance sheet will appear:

Now if we want to see the detail of any asset or liability then we double click on that specific account with the cursor that is shown in form of zoom.

In the above mentioned window we took an example of ‘Accounts Receivable’. We can see the complete report of accounts receivable.

In order to create the report in ‘Microsoft Office Excel Sheet’, we click on “Excel” option located at the top of particular statement. In the above shown window we click ‘OK’ and the following below excel file of the particular financial statement will be created:

The same is the process to see any of the financial statements.

PEACHTREE -- Vendor Credit Memos

2012-01-29T20:25:00.000+05:00

Vendor Credit Memos

Vendor credit memo is used when purchased goods are returned to the vendor.

For ‘Vendor Credit Memos’ we click on task at menu bar and click ‘Vendor Credit Memos’.

As we select ‘Vendor Credit Memos’ option the following window will appear:

The above window includes following two tabs:

1. Apply to invoices

2. Apply to Purchases

First in the tab of “Apply to Invoices”:

Ø We select a vendor to whom we are returning goods.

Ø Now we select an invoice number.

Ø Now we select a date on which we returning goods.

Ø Then we enter credit number. This is used because of how many times goods have been returned to the vendor.

Ø Now we enter quantity or number of units which are to be returned.

Ø Then we select GL account. For that raw material ledger account will be selected for manufacturing business and Inventory account for trading business.

Ø Now total amount will be automatically calculated when returning number of units is entered.

After we are done with the data we click “SAVE” button.

For the tab of “Apply to Purchases” is used when we purchased goods directly.

In this tab we select a vendor from which we have purchased goods directly.

Now we enter the same details as we have entered in ‘Apply to Invoices’.

When we are done with the data we click “SAVE” button.

PEACHTREE -- Credit Memos

2012-01-29T20:22:00.000+05:00

Credit Memos

Credit memo is used when goods are returned back by the customers to us.

For ‘Credit Memos’ we click on task at menu bar and click ‘Credit Memos’.

As we select ‘Credit Memos’ option the following window will appear:

The above window includes following two tabs:

1. Apply to invoices

2. Apply to sales

For the tab of “Apply to Invoices”:

Ø First we select customer id who are returning goods to us. Then tab auto shifts from ‘Apply to Sales’ to ‘Apply to invoices’.

Ø Now we select an invoice number against which we are receiving goods from customer.

Ø Select date on which customer is returning goods.

Ø Enter credit number.

Ø Enter number or quantity of returned goods.

After entering all information we click “SAVE” button

For the tab of “Apply to Sales”:

Ø We select customer id.

Ø Then the tab shifts but we have to click on apply to sales tab.

Ø Enter information about goods that are being returned by customer as these returned goods were sold to the customer directly not on invoice.

When we are done with the data we click “SAVE” button.

PEACHTREE -- Payments

2012-01-29T20:19:00.000+05:00

Payments

We click on ‘Task’ in menu bar and click on “PAYMENTS”.

As we select payments, the following prompt window will appear:

In the above prompt window we will have to select a cash account for the use of particular payment transaction. Now as we click ‘OK’ the below default payment window will appear:

The above displayed payment window includes two tabs:

1. Apply to Expenses

2. Apply to Invoices

First in the tab of ‘Apply to Expenses’ payments will be for expenses. Here,

Ø Enter the name of expense in ‘Pay to the Order of’.

Ø Enter check number.

Ø The date of payment is entered.

Ø In case of Apply to Expenses we don’t enter quantity, item, and unit price. But we enter detail of an expense in description.

Ø Enter GL account of particular expense. salaries expense account.

Ø Enter total amount of expense and click ‘SAVE’ button.

In this way the payments are made for expenses.

Now in the tab of ‘Apply to Invoices’ when we select a vendor then ‘Apply to Expenses’ tab automatically shifts to ‘Apply to Invoices).

Now here ‘invoice’, ‘due date’ and ‘amount due’ will automatically be displayed because we have made purchase already from the particular vendor. So we have to enter description.

Now we enable pay box in the pay column.

After this we click ‘SAVE’ button.

In this way the payments are made for invoices.-

PEACHTREE -- Purchase/Receive Inventory

2012-01-29T20:17:00.000+05:00

Purchase/Receive Inventory

First of all go to task menu bar and click on “purchase / receive inventory”.

The below window will appear as we select purchase/receive inventory:

The above window contains two tabs. First is “apply to purchases” tab. In this tab includes the following:

Quantity: (The total quantity received will be entered.)

Item: (The ID of receiving inventory will be entered.)

Description: (After entering the ID here the name of inventory will displayed.)

GL Account: (The GL account of raw mwterial inventory will be displayed.)

Unit price: (The unit price of that perticuler inventory will be entered. )

Amount: (The total amount of inventory received will be displayed here.)

The second tab is “apply to purchase order number”. In this tab includes the following:

Item: (The total number of inventory item receiving will be entered)

Remaing: (The remaining amount of goods will be displayed.)

Received: (The total number of goods received will be entered here.)

Description: (The name of inventory item will automatically be dispalyed.)

GL Account: (Here the GL account ID for raw material inventory will be selected.)

Unit price: (The unit cost of that perticuler inventory item will be entered here.)

Amount: (The total amount of that product will be displayed here.)

PEACHTREE -- Purchase Order

2012-01-29T20:14:00.000+05:00

Purchase Order

We go to the task menu and click on “Purchase order”.

As we select ‘Purchase Order’ in task menu, the following window will appear:

The above window includes:

Ø Vendor ID: (Here the ID of vendor will be entered to whom we are sending purchase order. It will be selected from already available of vendors this list can be viewed by clicking on magnifier glass. )

Ø Purchase order: (This is used to switch between multiple purchase orders.)

Ø Date: (Here the date will be entered at which we are sending purchase order to vendor.)

Ø Good thru: (The date on which we will receive goods from vendor.)

Ø PO NUMBER: (This will be any serial purchase order number.)

Ø Quantity: (Here the required quantity of goods will be entered.)

Ø Received: (We can see this column when we receive inventory in future.)

Ø Item: (Here the ID of item will be entered for which we are going to send order.)

Ø Description: (Here the name of document will automatically be appeared after entering the ID of product)

Ø GL Account: (Here the ID of Account receivable will be entered)

Ø Unit price: (Here the unit price of the product will be entered)

Ø Amount: (After entering the unit price the total amount will automatically be appeared)

PEACHTREE -- Receipts

2012-01-29T20:11:00.000+05:00

Receipts

First of all go to task bar menu and click on “Receipts”.

The below window will appear as we select ‘Receipts’:

In the above window we will have to select cash account to be used for a particular transaction. And after selecting cash account we click ‘OK’ and the below default window will appear:

In the above window we have following options:

Ø Deposit ticket ID: (Here the will be entered that displayed on the receipt that we have used to deposit money in the bank)

Ø Reference: (Here the number will be entered that was printed on the check or in other mode of payment that we have received from our customer)

Ø Receipt Number: (Here we will enter the number that we want to be displayed on our generated receipt first time we will entered any number suppose 100 then each next time it will be incremented by one each time )

Ø Date: (Here we will enter the date on which we are receiving the amount.)

Ø Receipt Amount: (Here the total amount will be entered of this receipts)

Ø Payment method: (Here the payment method will be entered it could be cash, check, Visa, master card etc.)

Ø Cash account: (Here we will entre the possible account heads for cash it could be cash, bank etc)

Ø Cash Account balance: (Here there is a dollor if we press this dollor sign then in this field the total calculated amount will be displayed.)

Now as we select a customer ID, there will be two tabs parallel to each other captioned as “Apply to Invoice” & “Apply to Revenue”

By default second tab “Apply to Revenue” is selected. The difference b/w both is that

Ø Apply to Invoices: (We will select this tab if we sent an invoice to a customer and want to apply a receipt to the invoice.)

Ø Apply to Revenues: (We will select this tab if we made a direct sale and we don’t want to generate an invoice.)

Ø Quantity: (In this column we will enter the quantity of the item whose receipt we want to generate.)

Ø Item: (In this column we will enter the ID of the item.)

Ø Description: (Here the name of the item will automatically be displayed after entering the ID of item.)

Ø Unit price: (Here we will enter the unit cost of the item that we have already sold.)

PEACHTREE -- Sales / Invoicing

2012-01-29T20:06:00.000+05:00

Sales / Invoicing

Here we click on “Sales/Invoicing” in ‘Task’ menu of menu bar.

As we click on “Sales/Invoicing” in ‘Task’ menu of menu bar, the following default window will appear:

The above window contains two tabs:

Ø Apply to Sales Order.

Ø Apply to Sales.

As we will select the customer’s ID, if there is any sales order issued to that customer than the tab “Apply to sales order” will also be enabled. Otherwise only the tab above displayed tab of “Apply to sales” will be enabled.

Now as we select a customer id for which sales order has been made. Then tab will be shifted to ‘Apply to sales order’ and sales order detail menu is also shown.

Now in above window we select a respective sales order number from this menu. The details will be shown of sales order:

In these details we can alter shipping units/items. Those are to be actually sold.

We have to enter following detail:

Ø Invoice no.

Ø Date: (The date on which sales / Invoice detail was prepared in books.)

Ø Ship Date: (That date is entered on which goods are to ship.)

Ø Sales Rep: (Person who will perform this activity)

Ø Terms: (Discount rate and conditions are entered)

After entering all above information we click on ‘Save’.

Convert Quote to Sales Invoice

In this method first we have to make quotations. And then we directly convert quotations into sales invoice.

After making quotations we click on ‘OPEN’ button in Quotation window. And select a quotation which is to be converted into sales invoice.

Now we click on ‘CONVERT‘ button and we select an option of Sales/Invoice. After selecting it we enter invoice number and then press “OK”. Now quotation has been converted into Sales/Invoicing.

PEACHTREE -- Quotes/Sales Orders

2012-01-29T19:58:00.000+05:00

Quotes/Sales Orders

Quotes/Sales Orders option is located in ‘Tasks’ menu of menu bar.

Quotes

For entering quotation to the sales orders, we select ‘Quotes’ from ‘Tasks’ menu on menu bar.

As we select ‘Quotes’ from ‘Tasks’ menu on menu bar, the following default window will appear:

The above window includes the following:

Ø Customer ID (Here the ID of customer will be entered)

Ø Quotes: (These two arrows right and left are used to switch b/w the different quotes for different customers )

Ø Date (Indicate the starting date for this Quote)

Ø Good thru: (Indicates the ending date for this quote)

Ø Quote no: (Will be the any proposed ID for our quote)

Ø Quantity: (Here the total quantity will be entered for which we are setting the quotes)

Ø Item: (Here the ID of inventory item will be entered)

Ø Description: (After selecting the item ID here automatically the name of inventory item will be displayed)

Ø Unit cost: (The unit cost will be entered here)

Ø Amount: (Here automatically the total amount will be displayed)

If the customer does not exist then we have to maintain a new Customer ID we then click on the ‘NEW’ button which is in the drop down list. We then repeat the step of Maintain Customer ID to maintain a new customer.

To open an existing Quote we click on the ‘OPEN’ button the above screen will appear. Now we select the desired account from the list and then by choosing it click on the OK button the Quote will then be shown in the screen and we can add any detail or want to do any amendments in it can do it.

Convert Quote to Sales Order

In order to convert quotations into sales order first we make quotations and save it. Then we click on ‘OPEN’ button and select saved customer. Then we click on ‘CONVERT’ button in menu bar of Quotations. The following window will open:

In the above menu we select an option of ‘Sales Order’. And we enter particular sale order number and click ‘OK’.

Sales Orders

For entering the sales orders, we select ‘Quotes/Sales Orders >> Sales Order’ from ‘Tasks’ menu on menu bar.

Now we select a particular customer from customer’s database.

The ‘Sales Order’ window includes the following:

Ø Customer id: (Here the customer ID will be entered that can be viewed from the magnifies glass following this field )

Ø Sales order: (Here the two right & left arrow sign use to switch b/w the various sales order )

Ø Date: (Here the starting will be from which this order will be effective)

Ø Ship by: (Here the date will be entered when the goods will be shipped to customer)

Ø Customer PO: (Here the purchase order will be entered which send by the customer to us)

Ø Quantity: (Here the total quantity will be entered for which we are setting the sales order)

Ø Item: (Here the ID of inventory item will be entered which is ordered.)

Ø Description: (After selecting the item ID, here automatically the name of inventory item will be displayed)

Ø Unit cost: (The unit cost will be entered here.)

Ø Amount: (Here automatically the total amount will be displayed)

If we want to maintain a new Customer ID we then click on the ‘NEW’ button which is in the drop down list. We then repeat the step of Maintain Customer ID to maintain a new customer.

PEACHTREE -- DEFAULT INFORMATION INVENTORY ITEMS

2012-01-29T19:48:00.000+05:00

DEFAULT INFORMATION INVENTORY ITEMS

In order to maintain ‘default information’ for inventory record, we click on “MAINTAIN” on menu bar and then we click on “INVENTORY ITEMS” in “DEFAULT INFORMATION”.

The very first tag which will appear when we click “Default Information >> Inventory Items” is “GENERAL”.

The ‘general’ tab includes:

Ø Setting default information for UPC / SKU.

Ø Setting default information for Quantity Available.

Ø Sales Invoice Out of stock warning message setting.

Ø Sales order out of stock warning message setting.

The next tab is ‘GL Accts/Costing’. In this tab we set default information about costing method for inventory items like LIFO , FIFO , Average.

The next tab is ‘Taxes/Shipping’. Tax type is used to classify sales taxes for state reporting while ship method is used for shipping on invoices.

The next tab is “CUSTOM FIELDS’. This tab includes secondary information about the inventory item.

The next tab is ‘Price Levels’. Price levels are used in sales transactions to establish different item pricing strategies. Enter the price level name. Now click the edit button to set up the price level’s default calculation.

PEACHTREE -- INVENTORY ITEMS

2012-01-29T19:42:00.000+05:00

INVENTORY ITEMS

In order to maintain inventory record, we click on “MAINTAIN” on menu bar and then we click on “INVENTORY ITEMS”.

The following default screen will appear as we click on ‘Inventory Items’:

In Case of “STOCK ITEM” (item class) :

The “GENERAL” tab will appear as default in inventory records. This tab includes the following options:

Ø Item ID ( a particular ID is given to each item. It may be numeric or alphanumeric )

Ø Description ( The name or description of particular item )

Ø Inactive

Ø Subject to commission

Ø Price Level 1

Ø Item Tax Type

Ø Last Unit Cost

Ø Cost Method ( includes FIFO , LIFO , Average )

Ø UPC / SKU

Ø Item Type

Ø Location ( here we will enter the location of inventory item where that item is placed )

Ø Unit/Measure

Ø Weight ( weight of particular inventory item )

Ø GL Sales Acct ( we click on magnifying glass and select “SALES ACCOUNT” from ‘Chart of Accounts’ )

Ø GL Inventory Acct ( here we click on magnifying glass and select “INVENTORY ACCOUNT” from ‘Chart of Accounts’. As we are dealing with perpetual inventory system )

Ø GL Cost of sales Acct ( we click on magnifying glass and select “COST OF SALES ACCOUNT” from ‘Chart of Accounts’ )

Ø Beginning Balances

The next tab is “CUSTOM FIELDS”. In this tab we will enter extra information.

The next tab is “HISTORY”. This includes the sale and purchase history of particular inventory item.

In Case of “MASTER STOCK ITEM”( item class ):

The “GENERAL” tab includes the following options:

Ø Price Level 1

Ø Item Tax Type

Ø Cost Method

Ø Item Type

Ø Location

Ø Unit/Measure

Ø Weight

Ø GL Sales Acct

Ø GL Inventory Acct

Ø GL Cost of Sales Acct

The next tab is of “CUSTOM FIELDS”, which have same options as described earlier.

The next tab is “ITEM ATTRIBUTES” related to particular inventory item.

In Case of “NON STOCK ITEM ( item class )”:

The “GENERAL” tab will appear as we select ‘Non-stock item’ in ‘item class’. This ‘General’ tab includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1 ( price levels for particular inventory item are set )

Ø Item Tax Type

Ø Last Unit Cost

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø Weight

Ø GL Sales Acct ( we click on magnifying glass and select ‘Sales’ account from chart of accounts )

Ø GL Salary / Wages Acct ( we click on magnifying glass and select ‘wages’ or ‘salary’ expense account from chart of accounts )

Ø GL Cost of sales Acct ( we click on magnifying glass and select ‘cost of sales’ account from chart of accounts )

The next tab in ‘non-stock item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Non-stock item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “DESCRIPTION ONLY”(item class):

The “GENERAL” tab will appear as we select ‘Description only’ as ‘Item Class’.

The “GENERAL” tab includes the following:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Item Type

The next tab in ‘description only item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Description only item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “SERVICE”(item class):

The “GENERAL” tab will appear as we select ‘Service’ as item class.

The ‘General’ tab in ‘Service’ item class includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1 ( price levels for particular inventory item are set )

Ø Item Tax Type

Ø Last Unit Cost

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø GL Sales Acct ( we click on magnifying glass and select ‘Sales’ account from chart of accounts )

Ø GL Salary / Wages Acct ( we click on magnifying glass and select ‘wages’ or ‘salary’ expense account from chart of accounts )

Ø GL Cost of sales Acct ( we click on magnifying glass and select ‘cost of sales’ account from chart of accounts )

The next tab in ‘Service item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Service item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “LABOR”(item class):

The “GENERAL” tab will appear as we select ‘Labor’ as item class.

The ‘General’ tab in ‘Labor’ item class includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1 ( price levels for particular inventory item are set )

Ø Item Tax Type

Ø Last Unit Cost

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø GL Sales Acct ( we click on magnifying glass and select ‘Sales’ account from chart of accounts )

Ø GL Salary / Wages Acct ( we click on magnifying glass and select ‘wages’ or ‘salary’ expense account from chart of accounts )

Ø GL Cost of sales Acct ( we click on magnifying glass and select ‘cost of sales’ account from chart of accounts )

The next tab in ‘Labor item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Labor item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “ASSEMBLY”(item class):

The “GENERAL” tab will appear as we select “ASSEMBLY” as item class.

The ‘General’ tab in ‘Assembly’ item class includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1 ( price levels for particular inventory item are set )

Ø Item Tax Type

Ø Cost Method ( we have to select either use ‘FIFO’ , ‘LIFO’ or ‘Average’ method of costing )

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø Weight

Ø GL Sales Acct ( we click on magnifying glass and select ‘Sales’ account from chart of accounts )

Ø GL Inventory Acct ( we click on magnifying glass and select ‘Finished goods Inventory’ account from chart of accounts )

Ø GL Cost of sales Acct ( we click on magnifying glass and select ‘cost of sales’ account from chart of accounts )

Ø Minimum Stock

Ø Reorder Quantity

Ø Beginning Balance

The next tab in ‘Assembly item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Assembly item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

The next tab in ‘Assembly’ item class is “Bill Of Materials”. This includes requisition description of particular inventory item with ID.

In Case of “ACTIVITY ITEM”(item class):

As we select “ACTIVITY ITEM” as item class the following ‘General’ tab will appear as default:

The ‘general’ tab in ‘Activity item’ includes the following:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Billing Rate # 1

Ø Item Tax Type

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø GL Income Acct ( we click on magnifying glass and select ‘Income ’ account from chart of accounts )

The next tab in ‘Activity item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Activity item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “CHARGE ITEM”(item class):

As we select “CHARGE ITEM” as item class the ‘General’ tab will appear as default.

The ‘general’ tab in ‘Charge Item’ item class includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1

Ø Item Tax Type

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø GL Income Acct ( we click on magnifying glass and select ‘Income ’ account from chart of accounts )

The next tab in ‘Charge item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Charge item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

PEACHTREE -- DEFAULT INFORMATION FOR VENDORS

2012-01-29T19:09:00.000+05:00

DEFAULT INFORMATION FOR VENDORS

We click on “MAINTAIN” menu on menu bar and then we click “DEFAULT INFORMATION > VENDORS”.

The following default screen will appear :

Here in payment terms we have different set of options that includes :

Ø C.O.D ( Cash On Demand )

Ø Prepaid

Ø Due in number of days

Ø Due on day of next month

Ø Due at the end of month

Ø Purchase Account ( here we will select ‘Inventory Account’ from ‘Chart of Accounts’ as we are dealing in perpetual inventory system )

Ø Discount GL Account ( here we will select ‘Discount Received’ account from ‘Chart of Accounts’ because in case of vendors we receive certain discount )

The next tab will be of “ACCOUNT AGING”, and this tab includes following options:

Ø Age Invoices By ( here we have two set of options i.e ‘invoice date’ and ‘due date’. Invoice date is used in case we are aging our vendors in term of invoices. And due date option is used in case we are aging our vendors in terms of date due for payment )

Ø Aging Catagories

The next tab will be of “CUSTOM FIELDS”. In this tab we are required to enter extra information about vendors. In order to make these options appear on vendor screen, we have to enable them by checking on ‘Enabled’ option.

The next tab is of “1099 SETTINGS”.

PEACHTREE -- Maintaining Vendors Accounts

2011-12-09T17:40:00.000+05:00

Maintaining Vendors Accounts:

In order to maintain ‘Vendors’ records , we click on “MAINTAIN” located at menu bar and then we click “VENDORS”.

As we click on ‘Vendors’ , the following given screen will appear:

The above “GENERAL” tab includes the following:

Ø Vendor ID ( A particular id is allotted to each vendor. It may be numeric or alpha-numeric. The ID’s of vendors must be different for each vendor ).

Ø Name ( The name of each vendor is given , it may be the name of company of vendor ).

Ø Contact ( The name of the person we are dealing in respect of the particular vendor ).

Ø Account # ( A particular account number is provided for each vendor ).

Ø Address ( The address of particular vendor ).

Ø City , State , ZIP code and country of the vendor.

Ø Vendor type.

Ø Telephone , Fax , E-mail and website of particular vendor.

Ø Beginning Balances ( We provide the balances of transaction with the particular vendor ).

Now we move to “PURCHASE DEFAULTS” tab. This includes the following:

Ø Purchase Rep ( The name of our purchase representative ).

Ø Purchase Acct ( We click on magnifying glass in front of it , and we click on ‘Inventory’ from the ‘Chart Of Accounts’. We are choosing inventory account here because we are using ‘Perpetual Inventory System’ ).

Ø Tax ID #

Ø Ship Via ( The sources which are to be used by us in order to receive our consignment ).

Ø Terms ( Means what is the net duration in which we will make our payment and what are the terms that if we make early payment then how much discount we would get ).

In “CUSTOM FIELDS” tab we enter the information regarding our management who would be dealing with the particular vendor.

The “HISTORY” tab is used to enter the information regarding the history of purchase and payments with the particular vendor. This tab also shows since when we are dealing with the particular vendor and also shows the latest payment and invoice date and amount from the particular vendor.

PEACHTREE -- Maintaining Customers Accounts and their Default Information

2011-12-09T17:28:00.003+05:00

Maintaining Customers Accounts:

Now as we move further, we click on “MAINTAIN”. The following bar will appear with different options having one option as “CUSTOMERS/PROSPECTS”.

As we click on “CUSTOMERS/PROSPECTS”, the following window will appear:

It consists of five set of tabs including:

Ø General

Ø Sales Defaults

Ø Payment defaults

Ø Custom Fields

Ø History

The above “GENERAL” window contains the following:

Ø Customer ID ( A particular ID is given to each customer. It may be numeric or alpha-numeric ).

Ø Name ( The name of the particular customer ).

Ø Contact ( The name of the person we contact in respect of the customer ).

Ø Just below the ‘CONTACT’ there is a bar containing two options “BILL TO ADDRESS” and “SHIP TO ADDRESS”.

Ø Address ( Address of the customer is provided ).

Ø City , State , ZIP code and country of the customer is provided .

Ø Sales Tax.

Ø Customer Type.

Ø Telephone , Fax , Email and website of the customer.

Ø Beginning Balances.

Now as we click on “SALES DEFAULT” the following given options will appear on the screen:

Here in the “SALES DEFAULT” tab we can see the following options:

Ø Sales Rep.

Ø GL Sales Acct ( We click on the magnifying glass , and ‘Chart Of Accounts’ will appear. Now here from the ‘Chart Of Accounts’ we will select ‘Sales’ account and click ‘OK’ and ‘Sales’ account will appear on the bar in front of ‘GL Sales Acct ).

Ø Open P.O # ( The number of purchase order which is sent by the customer ).

Ø Ship Via.

Ø Resale #.

Ø Pricing Level.

Ø Terms ( For Example ‘ 2% 10 , Net 30 Days ‘ means 2% discount will be given if the customer will make the payment in 10 days , otherwise there will be no discount and it is mandatory for the customer to make the payment in 30 days ).

Now we click on the next option “PAYMENT DEFAULTS” which contains the credit card details of the customer.

Now in the next step we click on “CUSTOM FIELDS” in which we give the details of the second person we should contact in respect of the customer.

Now we click on “HISTORY” which contains the history of transactions with the customer.

Default Information Of Customers

We can also set some default settings manually for customers. For this purpose we click on “MAINTAIN” in ‘Menu Bar’ , we then click on “Default Information >> Customers”.

By clicking on “Default Information >> Customers” , the following given screen will appear:

The very first tag which will appear when we click “Default Information >> Customers” is “PAYMENT TERMS”.

“PAYMENT TERMS” include the following:

Ø C.O.D “Cash On Delivery” ( As we click on ‘C.O.D’ the options of “Net due in” , “Discount in” and “Discount %” will be disabled , while the option of “Credit Limit” will remain enabled. This is because as the word ‘Cash On Delivery’ is self-explanatory means the cash is directly paid at the time of delivery of goods , so there will be no need of disabled options as it will be a cash transaction , however the credit limit of the customer must be entered. )

Ø Prepaid ( Means the payment is made by the customer prior the delivery of goods. This will have the same treatment as of ‘C.O.D’. )

Ø Due in number of days ( All options will be enabled in this case , this means that the net payment would be made for example in 30 days , and if the customer pays with in 10 days he would get discount of 2% , while the credit limit for the customer is $2,500. )

Ø Due on day of next month ( Same treatment as of ‘Due in number of days’ except the ‘Net due in’ will be the date of next month. )

Ø Due at end of month ( Same treatment as of ‘Due in number of days’ except the option of ‘Net due in’ will be disabled because the net payment would be due at the end of month. )

Ø GL Sales Account ( Here we click on magnifying glass and select “SALES” from ‘Chart Of Accounts’. Now this will be set as default for all customers and we do not need to select ‘GL Sales Acct’ in ‘Sales Default’ tab of ‘Customers’. )

Ø Discount GL Account ( We click on magnifying glass and select “DISCOUNT ALLOWED” from ‘Chart of Accounts’. )

We click on the tab of “Account Aging”. In this tab we can set the age of our customers(debtors) either by ‘Invoice date’ or ‘Due date’

“CUSTOM FIELDS” tab is used to enter extra information about customers. The field labels must be enabled for the data to be entered.

The “FINANCE CHARGES” tab is used to enter the charges and interest required to be charged on overdue amount by the customers.

The “PAY METHODS” tab is used to enter the methods of payment by the customers. We may add up to 10 methods of payment that are accepted by our business.

PEACHTREE -- Maintaining Chart of Accounts

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Maintaining Chart of Accounts:

In this window we first click on “MAINTAIN” located at the top right side of the screen. The following options will appear :

Here we click on “CHART OF ACCOUNTS”.

The following window will appear:

Here we have different set of options that includes:

Ø Account ID ( This includes special numeric or alpha-numeric ID’s to be given to different set of accounts ).

Ø Description ( In description we type different accounts. e.g, Fixed Assets , Cash , Capital , Expense , Drawings etc ).

Ø Account Type ( This includes different account types which are to be assigned to respective set of accounts given in description ).

Ø Beginning Balances ( Requires beginning balances of Account Types ).

Entering Beginning Balances:

Now we click on “BEGINNING BALANCES”. The following given window will appear:

Now here we have to select the period for beginning balances. As we click on the period of beginning balances , the following given window will appear:

Now we enter the beginning balances of different account types. After entering all beginning balances we click “OK” to save our work.

PEACHTREE - SETUP of a Company

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Setup a New Company:-

§ In the very first step as we want to setup a new company, we will click on “setup a new company”.

New Company Setup:-

§ In second step we will need the knowledge of these “FIVE” things.

i.e,

1- Your company name and address.

2- Your company chart of accounts.

3- Your company accounting period.

4- Your company posting method.

5- Your company accounting period.

§ Now click “NEXT” to move to the next screen.

Company Information:-

§ In the third step when the new screen appears , we will be required to provide “Company Information” which includes the following:

1- Company Name.

2- Address.

3- City , State and ZIP.

4- Country.

5- Telephone.

6- Fax.

7- Business Type ( Corporation , Sole Corporation , Partnership , Sole Proprietorship , Limited Liability Company ).

8- Website.

9- E-mail.

Build Own Company:-

§ The window which appears in the 4^th step includes the following options, from which we will be required to opt one. These options includes the following:

1- In order to setup new Retail , Service , Construction , Manufacturing or Distribution Company using simplified chart of accounts.

2- In order to setup new company using an extensive chart of accounts from one of sample companies.

3- We can also copy settings from existing PEACHTREE Accounting company.

4- Convert a company from another accounting program.

5- We can also build our own company.

§ As we are going to work on our own company, we will opt 5^th option and click on NEXT.

Choosing Accounting Method:-

In this step we will have to select one of the Accounting Method:

§ Here PEACHTREE provides us two accounting methods which companies mostly use and these are given:

1- Accrual ( Income or Expense is recorded when these are actually incurred ). And most of the companies uses this Accounting Method.

2- Cash ( Income or Expense is recorded when the cash is actually received or paid respectively ).

Ø It should be noted here that once an accounting method has been chosen, it cannot be changed.

Choosing Posting Method:-

§ Now the screen which appears before us provides the following Posting Method:

1- Real Time ( Transactions are posted directly to the general ledger as they entered ). Most of the companies use this method.

2- Batch ( Transactions are posted in a group ).

Ø It should be noted here that we can change the posting method at any time.

Selecting Accounting Periods:-

§ The screen which appears in this step requires us to select the accounting period and we mostly select “12 Month Accounting Periods”.

§ Now we click on the NEXT in order to switch to new window.

Selecting Monthly Accounting Periods:-

§ In this step we will perform the following tasks:

1- When do we want to start our first fiscal year.

2- What would be the first month we will be entering data.

3- What will be the first year we will be entering payroll.

§ Now we will hit the NEXT in order to move to our Final Screen.

Company Has Been Setup:-

§ In the final screen which appears in our 9^th step, we just have to click on FINISH in order to make our steps completed.