How to Maintain Chart of Accounts:
Creating Chart Of Accounts
1) Once we setup our Company in Peachtree Accounting Software, the next step is to maintain Chart of Accounts for our company (We maintain the chart of accounts because we choose Build your own Company option at the start of making the new company in the software if we select any other option then chart of accounts are already been prepared). Chart of Account means the list of accounts which we will use while recording transactions in Peachtree such as Expenses, Incomes, etc. For maintaining Chart of Accounts, we open the existing company which we make previously then we go to the Maintain option which is at the top of the screen the following screen will show how to do this task.
We then click on to the 4th option which is shown in the below mentioned screen that is “Chart of Accounts” like this
2) By clicking on the option Chart of Accounts the following screen will appear.
3) We record the Accounts which we have mentioned earlier in the Peachtree we first give the Account ID in front of the Account ID bar as shown in the following screen.
4) After giving ID in the blank we then write the Description of the Account we give Cash in the Description bar which is shown in the following screen
5) Then we select the category of the Account i.e. Account Type as Cash falls in the category of Cash so we choose Cash as Account Type for the Cash and is mentioned as follows
6) After putting all the three information about the Account in the Maintain Chart of Accounts menu we then Save the Account in the Chart of Accounts, to save the Account we press Alt+S buttons or we can also click the above mentioned save button like that:
To create new account we click on the new button and create a new account. All the accounts we record are save and can be shown when we press Shift+? Keys and all the accounts which we have recorded will be shown as mentioned in the following screen
To Delete An Existing Account
In order to delete an existing account we open the already existing accounts by pressing Shift+? Keys and then double click on the account which we want to delete. The account will appears on the screen then we click on the Delete Button which is mentioned in the screen by clicking it the following screen will be appeared
If we click on to the Yes button then the existing Account will be deleted.
Changing of An Account ID
To change the account ID of an existing Account we open the Account which we want to change by pressing Shift+? Keys and then double click on the account .The account will appear on the screen then we click on the Change ID Button the following screen will be appeared
We write the new ID of the Account and then click the OK button the Account ID will be changed.
Entering Beginning Balances For Accounts
In order to enter the beginning balances of the accounts, following steps should be followed:
1) First we go to the Maintain menu and Click on the chart of accounts
2) After that we then open the Beginning Balances by clicking in front of the beginning balances button after clicking the beginning balance the following screen will be appeared
3) In Peachtree month is firstly shown then the date is mentioned and then the year is mentioned. Now we will have to select the period for which we want to record the transaction .If we want to record the beginning balance of February 2011 we record it on the mount of January 2011 because the ending balance of previous month is the beginning balance of the next month so in this case we select From 1/1/11 through 1/31/11 and then click the OK button for proceeding towards the next step.
4) After selecting the period the general ledger of the month will be appeared in the screen
We record the balances of the relevant Account in front of the Account and after completing it we then press the above given OK button and our Balances for the month will be saved.
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