HOW TO MAINTAIN CHARTS OF ACCOUNTS
If you are a new company and you want to make charts of
accounts for your company then following is the procedure by which you can
maintain charts of accounts.
o
First
set up is to open the charts of accounts window. This can be done by opening
the peach tree software. On the upper left corner of the window there will be a
maintain option.
o
Click
on the maintain option and following options will appear as follows.
o
Click
on the maintain charts of accounts option and following window will appear.
o
Now
you can start making your charts of accounts. For that purpose you have to fill
the ID, Description and account type.
o
The
account IDs for the assets, liabilities, equity, revenue and expenses will be
different.
o
This
is done so to differentiate the different accounts from each other. So in case it is easy to differentiate them.
And by given the relevant code of the account we can open that account easily.
o
Now
you will add the Id and description of the account in the relevant places. You
will just press the TAB key and you will be in the ID column.
o
Again by pressing the TAB key you will be in
the description column.
o
After
this you will press the tab key and you will be in the account type column.
From there you can select the relevant account type of your given descript
account.
o
After
full filling all the information in the relevant accounts you will press the
ALT+S key to save the accounts. To check your account after it is saved just
enters the ID and your account will appear.
o
In
this way you can further make your accounts in the Peach Tree Software. To
check you all accounts detail you can press the button very next to account ID
and all your accounts will be shown.
o
After
pressing this magnifier button your all accounts detail will appear.
o
You
can also see the lists of your accounts by closing the charts of accounts and
in the main page in the upper right corner there will be a “REPORT” option.
o
When
you will click on the report option further options will be open.
o
From
these options you will select the general ledger option.
o
In
general ledger further there will be charts of accounts option.
o
And
there a list of your all accounts will be present.
HOW TO MAKE CORRECTION
o
Now
if your all accounts are made in the charts of accounts and during reviewing
your account you fin out that one of your account has wrong ID.
o
Then
you will go to that ID and will put the curser there and change your ID.
o
After
changing the ID press the save button which is present in the upper left
corner.
o
Your
corrected ID will be saved.
o
In
the same way you can change your account type and account description.
HOW TO DELETE THE ACCOUNTS
o
While
reviewing your accounts you realize that you have made two accounts of same
description.
o
You
want to delete that account.
o
For
that purpose you will open that account.
o
In
the upper left corner of your account delete option is present.
o
You
will simply press that key and your account will be deleted.
HOW TO INACTIVE AN ACCOUNT
o
If
you want to inactive your charts of account. Following is the procedure.
o
First
of all you will the account which is to be inactive.
o
Then
on the right side of the charts of account bar an inactive option is present.
o
Just
click on that option and your account will become inactive.
o
After
clicking the inactive option just press the ALT+S and your account will become
inactive.
HOW TO ENTER THE BEGINNING BALANCES
To enter the
beginning balances in the charts of accounts following procedure must be use:
o
First
of all go in the maintain charts of accounts window. There at the right side of
the window a beginning balances option will be present.
o
When
you will click on that option following window will appear.
o
Now
you will select the appropriate period for entering your transactions. You will
take one period back because for e.g. if you want to record the transactions of
January then if you will select the January 2009 then the transaction of
January will be recorded in the February. Therefore, to remove this error we
will take one month back from the month of transaction to be recorded.
o
After
you will select the appropriate month and year following window will appear.
o
Now
you will add the values in the respective accounts. The software will
automatically arrange them in there debit and credit side.
o
After
entering all the data a trial balance will be created.
o
After
your trial balance will be created you can see the net income along with your
trial balance balances.
o
In
case there is a difference present between your two sides it will be shown in
the head of the difference balances.
o
You
can also create the accounts when you are entering the values in the trial
balance.
o
In
this way you will enter the account and then you will click the OK option.
o
In
this way your account will be added.
o
One
thing must be kept in mind that before entering the values in the trial
balances the retained earning account must be formed. If you will try to made
the account while entering in the trial balances then it won’t be added.
