How to Maintain the Default Settings of a Customer in Peach tree Software

How to Default a Customer:

We can default the settings of a Customer in Peach tree software by clicking on the Maintain Menu, the following screen will be appeared after clicking on the Maintain menu the maintain menu is on the top screen of the Peachtree software as shown below

After that we then move on wards to the Default Information option and click on it the following options which are given in the below screen will be shown in front of Default Information.

By selecting the Customers option the following screen will be appeared in the Peachtree Software.

In the above screen there are five main options given these are Payment Terms, Account Aging, Custom Fields, Finance Charges and Pay Methods

In Payment Terms first we have to select the Standard Terms. Terms describe how long the customers gives us to hold a bill before he pay it and how we want Peachtree to respond if Customers offer us a discount for paying early. We choose from these 5 standard terms the best that describes the terms most of our customers offer to us.

These five terms includes

1) Cash on Delivery (C.O.D.): Paid when goods are being delivered 

2) Prepaid

3) Due in number of Days

4) Due on day of next month

5) Due at end of month

We select the Standard Terms according to our Customers. We then Sets Default Terms for purchases, or Default for Credit Limit As we select an option button on the left, the boxes on the right side change . For example, if we choose C.O.D, or Prepaid, only the Credit Limit box on the right remains available, because none of the other boxes apply. 2/10 n/30 is the standard term which Is used when we gives or have been given a discount, if we pay the amount with in 10 days we can get 2 percent discount otherwise we have to pay the full amount in 30 days. We can change the Term according to our requirement.

We then select the GL Sales Account in which we mainly use Sales as an account similarly we do the same for the Discount General Ledger Sales Account as we are giving the discount so the discount is our expense we record Discount Paid in front of Discount GL Account. As shown below

If we do not have created an account of Discount in the Maintain Chart of Accounts Menu we can make an Account by clicking on the New button which is shown when we open a magnifying glass we then save the discount Account the process is shown in the below given screen.

and by closing the Maintain charts screen we will be back in the Default Customers screen we select the Discount Received option in front of Discount GL Sales Account. After filling all the information the word used in front of GL Sales Account and Discount GL Account that is Undefined Account is removed and is changed with the new Accounts as shown below

After selecting the payment terms we then move onwards to our next step which is Account Aging. Accounts receivable aging works the same as accounts payable aging — that is, we can choose to age by due date or by invoice date. Suppose that we post an invoice as of February 20, 2007, with terms of 2% 10, Net 30 Days. If we set up accounts receivable aging to age by due date, the invoice is due 30 days from the invoice date of February 20, which is March 22. On the Accounts Receivable Aging report, the invoice appears to be somewhere between 0 and 30 days old — that is, on March 31, 2007, the invoice is somewhere between 0 and 30 days past the due date of the invoice. Alternatively, if you set up accounts receivable aging to age by invoice date, the same invoice appears on the Accounts Receivable Aging report to be somewhere between 31 and 60 days old. That is, on March 31, 2007, the invoice is somewhere between 31 and 60 days past the invoice date of the invoice. This report is not showing us what is past due; it is showing that the age of invoices based on the number of days past either the due date or the invoice date. Many people choose to age customer invoices by invoice date because the aging report then reflects how old the invoice is. Others prefer to age invoices by due date so that they can see how many days the invoice is overdue.

We in this Custom Fields option select the most important information about Customers. Custom fields are a great way to store information about the customers that doesn’t fit elsewhere in Peachtree, such as details specific to the business or industry. For example, many businesses track a workers compensation certificate number for subcontractors to justify not covering the subcontractor on the company’s workers compensation insurance. On the Custom Fields tab of the Customer Defaults dialog box, we are able to create up to five fields for each customers as shown below. If we want to choose less then five Custom Fields we then click on the Tick button under the heading of Enabled Menu and press it, by doing so we can choose three or four Taps for recording the important information of the customers. In the Uncheck option we can not record the information of the customer.

Then we decide about the finance that how can we Charge the Finance. We enter the information about days overdue up to $, Annual Interest Rate, record On balances above that, Minimum finance charge. We also choose the Finance Charge GL Account in it.

After setting the default information about Finance Charges we then select the payment methods of the customers as shown below. The Payment methods may includes Cash, Check, VISA Card, Master Card or many other methods through which we can receive the amount from our customers. We enter the Available Payment Methods which we want our customer to send us the amount through these methods.

By selecting all the above given five tabs of Customers default i.e. Payment Terms, Account Aging, Custom Fields, Finance Charges and Payment Methods we then click on the OK button.  That is how we maintain Default of a Customer in Peach tree accounting software.