Peach-Tree Accounting Setup And Maintaining Chart of Accounts

Q : how to setup a new company.?

For setup NEW COMPANY first of all we open a Peach tree accounting wizard for established

a new company then window will appear following: 

FOR establishing a new company select the option of “setup a new company” for the purpose of establishing a new company. After selecting the option of set up a new company then new window will appear as follow:

Its  a introductory window for set up a new company in  which include the detail of company that is company name and address , charts of the company , accounting   period  , posting method ,and accounting  period. After  reading  all the above options we click on the next button option for continuous the process of establishing a new company.

When we clicking the next button option a new window will appear that include the “Company information” are as following:

First of all we write the company name in the first column option that is “2100”.  Company name is very important .We preferred  to write a company name in the form of digits because  if we  write company name  as “Misbah Ltd” then in the different computers it provide the name as MTD  that is wrong name that we select .after that we write the company address lines, city, country, telephone#, fax, business type that is partnership or corporation we preferred of corporation form of business   , email address and website.

When fill the above options in the window for establishing a new company then chick on the next button option after that a new window will appear “Charts of Accounts” as following:

This window provides the several methods for setting up your company. For establishing g a new company we select the radio button option of “Build your own company”.

 After selecting the “Build your own company “option we select the option of next button and  a new window  of “accounting method” will appear that is following :

Which include the Accrual and Cash method We select the Accrual method because transactions are enter on when they occur. After select the accounting method then click on the next button option for the further process of establishing a company

After select next button option then a new window will appear as “Posting method” following:

Then we select the “Real time" method because transaction are posted to the general ledger as they are entered and saved.

After select the posting method then click on the next button. after selecting then a new window will appear as follow:

After that we select the “12 month accounting period” option and select the next button for further process.

After selecting a accounting period  a new window will appear as “monthly accounting period”

It include the information of when we want to first fiscal year start that is select “January 2013” and what is first month when we entered   data “March  2013” and what is the  entering payroll "2013."

After fill all the above option then select on next button and then new window will appear as

This window shows the new company setup process is completed successfully and we want to open a company anytime that’s name is “2100 “.

And after that we select the finish button option then our company will setup  name  as "2100".

      How to maintain a chart of account:

Firstly we open Peachtree software then a window will appear on screen then we click on “Build your own company”. So we have to maintain a chart of account. As this following picture shows when we first click on “maintain” and following column will appear

And when we select the option “chart of account” then a new window will appear as follow: 

In this option we enter three things.
 Account ID

It include all the information about Account ID example 100, 120 etc

Description

It include all the description about the account name as Cash, Account Receivable, Account payable etc.

 Account type.

It include all the information about Account type what is a account type that we write or use .example the account of  Advertisement is an expense then we write in the type of “Expenses”.

If we posting a wrong account type or wrong Code or wrong Account type then we click on the “magnifier”  and select the option which we posted wrong

Like that.

 

Then a window will appear as following:

It includes all the information that we write the wrong Account ID, Type etc . If we write the wrong Description then change the description first we select the option change description then a new window will appear as:

For Change the description then write in the description “petty cash”

Then save it means our wrong Account ‘Chatty cash” change into the “Petty cash”.

After change the description then check the description by clicking on lookup button the following picture shows our correction .