Maintain Chart of Account

Chart Of Account

 “A chart of account  the names of accounts that a company has identified and made available for recording transaction in a general ledger. A company has the flexibility to tailor its chart of account to best suit its needs including adding accounts as needed”

Maintain a Chart of Accounts
When we start any new company we have to enter the data in the records and for entering the data we must have chart of accounts for entering the data because we build a new company so we maintain our own charts of account, First we open Peachtree software by clicking on it then a new window is open.

A new window appears and a “maintain button” is appear in menue bar then click on it and a new window will appear.

 This window consists of three contents and these are:

 The first content is Account ID. We have to fill it with an ID like
108,109,200 And such forth.

The second content is description. Its contains the Assets, Liabilities etc like cash, equipment, accounts payable etc.

The third one is account type that which type of account belongs in the above in the Description. Then enter the information in three boxes and then press “Alt+S” to save it. When the account is save the cursor again go in  first box.

We can see our save accounts by clicking on the button. All the accounts which we have save before, all appears in a list.

 If we want to delete an account then first we search that account as we did above then press the button “Delete” then the new window is appeared.

That ask “Are you sure you want to delete this record ”

If you want to change id of your current chart of account and you already enter the transaction in that account then press on “Change ID”.

How to enter Beginning balances:

To enter beginning balances first click on the right side option and that is “Beginning Balances”.

By clicking on it a new small window is opened and you have to select the time period that from which month you starts entering data and ends it. And you select anyone from the list and then press Ok.

After pressing ok a new window is opened. Now enter your data on it and the balances of Assets, Expenses and the balance of liabilities, Equity, Income  must equal and if these balances are not equal then the difference is going in beginning balance equity, and check your amounts again.

When you maintain chart of account you must check the Retained Earning account because when you enter account on peach tree, the system show you net income by less expenses from income, and post the net income automatically in Retained Earning ledger so you must check Retained Earning accounts first.
We can check Retained earning ledger of our company on peach tree by following process:

We can check our company chart of account by using  

“ look up” button.

setup of a new company

Setup a new company

We will open Peachtree software by clicking on its icon.

Then after clicking on it a window is displayed.

After that we will click on “Set up new company” then a new window is opened.

This window has five points which will required or fill by us further, and if we don’t know about these we never proceed further, then we will click on “next” then a new window will be appeared.

This window contains different boxes of required information which we have to fill first. The first box is “company name” and so on. After completing all the information we will click on the icon “Next”. Then a new window will open.

From this new window we have to select a chart of account. This box contains five different chart of account, first one is to make our own new chart of account then second is to make new chart of account from a companies as a sample then the third option is to simply from any peach tree account and paste it, forth one is to convert a company from another accounting program which already exits, and we select last one and that is “build your own company” because we build our own company and then press the button “Next”. And new window will be appeared.

In this window we have to select accounting method that is which method is used for recording a transaction and we select accrual for our company then click on the “Next” button. And a new window is open.

This new window contains the posting method that when the record of balance sheet is to be changed when single entry is passed. The first one is “Real time” and is when the transaction is recorded this is applied to the records and second one is “Batch” it means we will applied these transaction after specified time. And we select “Real time” and then click on the “Next” button. A new will appear.

Then we will choose accounting periods, if we required a financial year of 12 months then select first one and if we want to expand our financial year from 12 months or want to decrease the months then we will choose the second one. So we choose the first one. Then we click on” Next”. And a new window is opened.

In this we will decide that from which month we start our fiscal year, it may be start from January and end on December and such forth. So we start our fiscal year from January. And the second is that which months you have select to enter your data first time, so we select March 2013 and then click on “Next” and a new window will be opened.

This window contains a message that "Congratulation" your setup of new company now completed.

Opening Microsoft Word Documents

Opening Microsoft Word Documents

We'll shortly add an address to the top of our Library Complaint letter. Before we do that, we'll learn how to open a file. After all, you might have closed down Microsoft Word, or your computer might have crashed. The result being that you no longer have your library letter loaded into Word. So here's how to Open a file you have saved, and want to work on again.

From the File menu, click Open:

The Open dialogue box appears, and looks like the image below:

The Open dialogue box looks very similar to the Save As dialogue box. "Save in", "File name", and "Files of type" work in exactly the same way as the Save As dialogue box. Notice, though that the File name text box is blank, and the Open button is not available. It has been greyed out.

The reason that the Open button is greyed out, and therefore not available, is that text box is empty. Once you select a file, the Open button will be ready for us.

But the text box is empty because no file has been selected. A file is selected from the larger white area in the middle. Clicking on the file once with the left hand mouse button will select a file. In the previous image, there was only one file available for selection - a document called "rrKeyCaps.doc". That is not the one we want.

To locate the file we want, we need to open the folder called "My WP Projects". Because that's where we saved it. You can see from the image that this folder is in the list of folders, just below the folder called My Pictures:

You can see also that we are in the folder called My Documents. To open up the folder we want, simply double click it. This will take us inside the My WP Projects:

The whole Open dialogue box now looks like this:

The file we want, Library Letter, has been clicked on. As a result, the Open button is no longer greyed out. We can go ahead and click it. When we do, our letter will open in Microsoft Word.

To recap then on how to open a file. Do the following

• Navigate to the folder where the file was saved
• Click on the file to select it
• Click the Open button

OK, now that you know how to Open a file, we can start adding the address to our letter.