Peach-tree accounting setup And Maintain Chart Of Accounts

Peach-tree accounting setup

When you click on Peach-tree software.exe, which is already installed in your computer for accounting records. The following picture will appear.

To establish a new company click “set up a new company” button. We use only this button because we wants to create new company.

The following picture will appear.

This picture will show us in further proceeding this software will ask the following information from us. So now we have to only click on the next button for further proceeding. After clicking next button following picture will appear.

In this section you have to type your company name address line 1 and if you have another address then address line 2 also you can use. City,state.zip if you have USA nationality. Country in which your company is established. Telephone of your company office. Fax, if your company has this facility.

Business type you have either corporation, Semi corporation, partnership, sole proprietorship or limited liability company. We select on corporation company. At least information you must be provided for further proceeding is your company name must be fulfilled. So I write my company name as 2101 and click on next button. Then following picture will appear

Here you can chose charts of accounts already developed by the software of many sample companies, or you can copy charts of accounts from existing Peach-tree Company or another accounting software compatible with Peach-tree e.g. one-write plus company or Quick-books and you can also build your own company. There are radio button from which you can only chose on Radio button. Now we are going to build own company so we select “build your own company” button by clicking on it and  then click on next button for further proceeding. Then following picture will appear

In this picture we can see two accounting methods Accrual and cash.

Accrual Method: This is accounting method we use to record transaction at the time when it occurred. Accrual method is usually followed, where we accrue expense and income recorded weather paid or received or not.

Cash Method: this method is used for record transaction only for Receipt of cash and payment of cash.

The companies usually use Accrual accounting method so when select this by clicking on Radio button and then Click on next button for further proceeding of this setup of company. Once you select accounting period it can not be changed

By next click button this picture will appear which software asked the posting method from us either you want real time method or batch method.

Real Time Method: This is used when you want that you post an entry of transaction in this software and this entry will affect the whole financial statements.

Batch Method: This option is used when you want to after entering an entry it not affect the whole financial statements.

Mostly companies uses Real time method so we again chose real time method by clicking on radio button. And then click on next button for further proceeding. Then following picture will appear.

In this section we have to choose one accounting period. Either 12-months accounting period or any period you want. This accounting period can be changed at any time you want. Mostly companies prefer 12 monthly accounting periods. So we again select “12-monthly accounting periods” by clicking on radio button. And click on next button for further proceeding.  After clicking next button following picture will appear

Now in this section you have to select the month when the accounting period will start and the month when first time the transaction will record and your payroll year. After selection we have to click on next button then following picture will appear

This picture show that you have successfully fulfilled all the information that required for completion or setup of your company. Then click on Finish button the following picture will appear

After little wait you can see this picture which show your company' menu.

Maintaining Chart of Account

Maintain chart of account: in above as we mention we click on “build your own company” So we have to maintain chart of accounts. As this following picture shows when we first click on “maintain” and following Colum will appear. And we select “Chart of Accounts…”

 By clicking on “Chart of Accounts….” The following picture will appear

In this picture there are three main things that we concerning to maintain chart of account. First is “Account ID:” in which give account ID to a specific entry.

Second is “Description:” in which we give brief description about entry.

Third is “Account Type:” in which we give account to our entry or transaction this is the most important part to maintain account as these things appears in the following picture.

 

Correction in any Chart of Account:

There may be a wrong entry in either account ID, Account Description or Account Type. Fore the correction in Account Description or Account type we have to open that specific record that need to be correct. For correction we first of all open “look up”  button as shows in the above picture and following picture will appear in which we have to select wrong enter to rectify.

There is 895 ID NO. which there is spell mistake so We select it. And following picture will appear

After correcting spell we click Alt+S to save this entry after correction and now corrected entry will be shows as follow by clicking on “look up” button.

As Shows in this picture there is Spell mistake so we rectified it.