Your computer is having difficulties installing one of the files from the Peachtree compact disc. Try installing the program on another computer. Turning off screen savers and virus checkers may also help. If you suspect that the compact disc is damaged, please contact Peachtree Customer Sup- port for a replacement.
Peachtree either does not have enough memory to load these files or it can- not find the files to load. If Peachtree is on a network, check your network connections. You may have to restart your computer to establish the connec- tion to remote network drives.
Restarting your computer will also reset your memory. Peachtree does not support large system fonts in your Windows display set- tings. To use Peachtree, please switch your system fonts to the small font typically used in Windows. First, check your network connections. You may have to restart your computer to establish the connection to remote network drives. Check to see if these files are actually installed to your data path. If not, reinstall Peacht- ree. You should also check the system requirements for your Peachtree prod- uct to make sure you are using supported network software.
Because of fundamental changes in the release of Peachtree First Accounting, you cannot convert from Peachtree First Accounting and earlier to Peachtree First Accounting If you have First Accounting , you can convert to First Accounting Converting to a New Peachtree Release Format After installing a Peachtree upgrade or update, the first time you open your company in Peachtree, the Data Conversion wizard may appear automatically.
The wizard only works for company data created in prior Peachtree releases of equal or lesser versions. Before you launch the wizard, there are some precautionary tasks you may want to perform.
This will speed up the conversion process and avoid errors. The conversion may require up to three times the size of your company data to convert successfully, depending on the version you are converting.
For example, if your com- pany is 6 MB, make sure 18 MB of hard disk space is free. Peachtree uses the extra space temporarily while converting. If there is a lot of company data, we recommend performing conversion at the end of the workday.
Also, while the wizard requires that you back up your company data during the conversion process, you can do so beforehand too. In either case, back- ing up company data is highly recommended. Never overwrite an existing conversion backup. If your company is in a prior Peachtree format, the Data Conversion wizard appears. If it does not, data conversion is not necessary.
The Data Conversion wizard walks you through the process of converting your Peachtree company data to an updated format. At every point in the process, the wizard makes your options clear and tells you the consequences of every action you might take. The first window, Data Conversion Wizard - Introduction, informs you that your company data needs to be converted. If you need additional information or instructions, click the Help button on any wizard window. Peachtree will convert most Chapter 1 Installing or Upgrading Peachtree 30 QuickBooks and DacEasy lists such as accounts, customers, vendors, employees, items, and jobs and current balances.
PDF is available. Basically, your remaining tasks will be something like this. These are the basic tasks that most people will perform. Of course, it all depends on what you want from your Peachtree system.
Or you may also wish to track inventory and job costing. You can set them up on as-needed basis, when you need to record a transac- tion.
The following tables offer more detail about the workflow of your remaining tasks in setting up your system. Vital Info—Address, Phone, e-mail, account number Beginning balances and open invoices Vendors Default Info—Terms, aging, info Vital Info—Contact, account , phone, e-mail Beginning balances and open purchases Employees Default Info—payroll accounts, payroll taxes Beginning balances Chapter 2 Basics 34 Running Your Company Analyzing Your Business The remainder of this chapter discusses navigating within the product, as well as the basics of working with records and finding help in Peachtree.
If you are familiar with Windows programs, you may want to skip to Chapter 3, Creating a Company. Starting the Program There are several ways to open Peachtree. Locate and select the Peachtree group folder. Then select the Peachtree icon. General Ledger Journal entries, bank reconciliation Customers Quotes, sales orders, invoices, receipts, credit memos, statements Vendors Purchase orders, payments, checks, credit memos, s Employees Paychecks, W-2s, s General Ledger Financial statements and other reports Customers Aged receivables, invoice register, sales backorder, and other reports Vendor Aged payables, cash requirements, check register, and other reports Employee Current earnings, exception, quarterly earnings, and other reports The My Computer window appears.
Then select the hard drive where you installed Peachtree. Drive C is the default. Locate and double-click the Peachtree folder. EXE file. Chapter 2 Basics 36 Starting with Last-Opened Company From the Options menu, you can choose whether or not you want to open Peachtree with the last- opened company. If you uncheck this option, Peachtree displays the Start screen when launched. From the desktop, you can move around in Peachtree and perform your daily work.
There are three methods of navigating available from the desktop: Menu Bar: The menu bar provides drop-down lists of options. It also features a group of Shortcuts, links to Peachtree func- tions that you use on a regular basis. On the next page is a diagram showing you where to find each navigation method, based on its number.
This diagram is followed by a longer description of each navigation method. The Menu Bar At the top of the window is the menu bar. Chapter 2 Basics 38 The table below gives a brief description of each menu. File Allows you to perform several critical tasks such as opening or creating a company, backing up or restor- ing a company, updating Payroll tax tables.
Edit Allows you to locate Peachtree transactions through the Find Transactions window. Lists Allows you to open lists of records and tasks, such as customers and sales invoices. You can print these lists and customize them as necessary. Maintain Allows you to work with your record and list informa- tion.
Here is where you go to add or edit customers, vendors, employees, users, and so forth. Tasks Allows you to perform all of your daily tasks in Peacht- ree, as well as carry out system tasks like changing accounting periods. Analysis Allows you to view customized graphical overviews of the entire company to analyze cash flow, collections of amounts due from customers, payments due to ven- dors, and financial status.
Options Allows you to set global preferences for a company and to change the system date. You can also create and edit the format for reports, forms, and financial statements. Services Allows you to access and synchronize with various Peachtree Web resources online. You can also check for Peachtree updates. Window Lets you access open Peachtree windows and close all open windows.
This is also how you choose options inside windows or move to a field. Once a menu is displayed, press the underlined character to select an option or use W or Z to move up and down to select a menu option. Click an icon, and you will see the Navigation Center corresponding to it.
Shortcuts The Navigation Bar also displays a number of Shortcuts, which are links to Peachtree functions that you use on a regular basis. When you first set up your company, Peachtree will offer default Shortcuts, but you can customize them so you have quick access to the functions you want.
Help Allows you to access Help, contact Peachtree support, register Peachtree, and a variety of other tasks. Chapter 2 Basics 40 To customize Shortcuts, click the Customize link. A special dialog lets you choose the number and order of shortcuts that appear on the Navigation Bar.
To learn how, just follow Peachtree Help for this dialog. Each Navigation Center also provides a graphic representation of the flow of tasks related to that area of Peachtree.
At the bottom of each Center is a section called Peachtree Solutions. This displays a variety of general business information, including account balances, revenue figures, receivables and payables data, and action items. The Navigation Bar topic also has links to information about the Navigation Centers.
When the button reads Hide, click it if you want to hide the Navigation Center that appears to the right of the Navigation Bar. When it reads Show, click it to make the Navigation Center reappear. When it reads Make this the default page, click it to make the Navigation Center that you are currently working with appear each time you open a Peachtree company. Chapter 2 Basics 42 The Company Navigation Center This particular Navigation Center is the place to turn for access to a large number of tasks that help you manage your company on a day-to-day basis.
These tasks include setting up and maintaining your chart of accounts, secu- rity and user access to your company, running the Year-End wizard to close out a year in Peachtree, and back up and restore your company data. There is also a link to the Peachtree Setup Guide. Setup Guide: Use this feature to help you set up your company. Selections on the main page of the Guide allow you to choose different areas of Peachtree to set up, such as Customers or Employees. You can set the areas up in any order, but for best results, we recommend you follow the order that appears on the page.
Working in Peachtree 43 Working in Peachtree Running your business in Peachtree basically consists of entering records customers, vendors, employees, inventory items, jobs and then using those records in your business tasks or transactions.
Default information makes entering records easier by pre-filling certain fields. For example, you can set your standard terms in Customer Defaults, and those terms are automatically applied to all customers you enter. You can adjust the terms either at the customer level or at the transaction level.
Reports like Aged Receivables and forms like statements will reflect these default parameters. Records are lists of information, such as your customer list, vendor list, item list, employee list, and so on. You access Records through the Maintain menu. These are easy to set up and will make entering transactions easier for you. The more information that you put in the record, the more that will be transferred automatically to the transaction whenever you select the record on the transaction.
The toolbar provides several options for working with the record. Use the header to identify the customer and enter an ID and Description that will be used throughout the program. Use the lookup on the ID field to call up a list of all the records.
Each record window has several tabs that contain the information on this record. Each tab is devoted to one aspect of that record. You can use the arrow buttons to scroll through the records. Clicking this icon will open the lookup window, which gives a list of all IDs for that record type. For instance, clicking the lookup icon on the Maintain Vendors record window will open the lookup shown below.
Whenever you are entering a transaction for a customer that is not on file yet, Peachtree will display the screen below when you try to save that transaction. Use it to Fast Add or Set Up the record. The list of existing records appears here. Both the ID and the Description will appear. You can use the toolbar to sort the records or to find a particular record that you are looking for.
Select Fast Add to automatically create a record for the customer. Be sure that you complete all of the fields on the transaction, such as address, terms, and so forth, as they will be transferred to the new record.
Select Set Up if you want to open the record window and manually enter the customer information. When you save and close the new record, you will be able to save your transaction. Set Up allows you to enter all information for the record, while Fast Add is limited to what appears on the transaction. Chapter 2 Basics 46 Here is a flow diagram of data for customer records: Working With Tasks Most of the functions on the Tasks menu are transactions, such as invoices, receipts, purchase orders, payments.
This will ensure that you install correctly for multi-user setup. It lets you select certain Peachtree components for installation. During the install process, you will see a list of programs and files that you must allow to run for Peachtree to run properly.
If you Warning receive any warnings from your firewall software, be sure to select Allow or Unblock for these programs. You will need to share the folder where the Peachtree company data is stored on this computer. Click the Sharing tab. You will need this to set up your workstations.
Workstation Installation Follow these steps to install Peachtree on each workstation. Make sure you know the drive and directory of the Peachtree company data files located on the "server" computer before you begin installation.
Certain Peachtree files may trig- ger these softwares but you must allow them to run. This will ensure Peachtree knows you are installing in a network environment.
If you are upgrad- ing, the path of the current installation should appear here automati- cally. If you shared the Peachtree folder on your 'server' computer correctly as in the instructions above , you will see the appropriate folder here. Click on it to select it. Note: If, for some reason, it is not in this list, you can click Find a computer and search for it manually. Important Note: You must first install the Peachtree program files on the computer where the Peachtree company data files will be stored.
Then, install Peachtree on each workstation. Note Installing on the computer where the Peachtree company data files will be stored Be sure to follow directions for any notifications regarding your firewall or anti-virus programs. Installing on a Workstation Follow these steps to install Peachtree on each workstation. If, for some reason, it is not in this list, you can click Find a com- puter and search for it manually.
Follow the onscreen instructions, then select Next to con- tinue. Mapping a Drive to the Server Computer If you cannot find the correct shared folder for your Peachtree company data files, it is most likely because your workstation is not mapped to the server computer that stores the Peachtree company data files.
Below are general steps for mapping a drive. If it is unchecked, you will lose your connection to the data files whenever you reboot this computer. Installing Peachtree on a Terminal Server Installing Peachtree on a terminal server will allow you to network Peachtree so that resources can be saved on each local computer that is attached to the network. You can install Peachtree on a terminal server in one of two ways: Using the Add or Remove Programs Feature 1 Log into the server using an administrator account.
At the end of the Peachtree install, you will have to option to start Peachtree immediately. Deselect this option so that Warning Peachtree does not start.
Installing Manually You might need to use this routine if you are not installing from the Peachtree installation CD. This will open a window to a keyboard prompt. Make sure that you are logged in as Administrator, and repeat steps , ensuring that you type each command correctly. To do so, browse to the location of the Peachtree Autorun. Follow the steps on page 6 for installing Peachtree. At the end of the Peachtree install, you will have the option to start Peachtree immediately.
You must complete the steps of the install rou- tine on the terminal server first. Select Start. Registra- about registration? You can use the software only a limited number of times before you must register.
If you purchased single-user licenses, you must register each copy of Peachtree that is installed. If you purchased Note a multiuser Value Pack license, only one registration is required.
After completing a short questionnaire, you will be provided a registration number. The Customer Service representative will then give you a registration number. This service is available Monday through Friday A. This is the individual or company that recommended Peachtree to you.
Click the link if you need to look up the ID. If you select the Register Later button, you can use Peachtree a limited number of times before you need to register.
A mes- sage will display the remaining number of uses. If you have no remain- ing uses left and choose not to register, Peachtree will shut down. If you start Peachtree again, you will be prompted to register again. Important: Write down your Peachtree serial number, customer ID, and registration number and keep them in a safe place in Warning case you ever need to reinstall the product.
As stated in the Peachtree License Agreement, you must purchase and register sep- arate, licensed copies of Peachtree for each computer on which the program will be installed. If you purchased and registered a Peachtree Complete multiuser license Value Pack , you are not required to update your Peachtree Regis- tration information for each new user. If you purchased and registered a Peachtree Complete multiuser license Value Pack , Peachtree Registration will not appear on the Help menu.
Your serial number is located on the Peachtree CD holder. Or, enter the serial number provided with your new multiuser license. Please have your serial number as well as your name, company address, and telephone number available before speaking with a Peachtree Cus- tomer Service representative. Important: Write down your Peachtree serial number, customer ID, and registration number s ; and keep them in a safe place in Warning case you ever need to reinstall the product.
Uninstalling Peachtree If you need to remove Peachtree, follow the steps below. Your personal company data will remain on your hard disk. To uninstall Peachtree program files, do the following: 1 Make a backup of any data files you have created. The Setup Status window shows you the progress of the removal process. Once the program has been removed and the process is complete, select the Finish button.
Troubleshooting Installation Below are frequently asked questions that may help you resolve errors when starting Peachtree. This is a Windows message that may appear, especially if you are operating in a network environment. In order to install Peachtree on your computer, you must have full access administrative rights to your local hard drive. This allows Peachtree Setup to install the program files and make the proper entries to the Windows Registry.
Please exit and log into Windows as a user who has full administrative rights and try again. Or, contact your system administrator to change your user rights. Your data will be converted to the new Peachtree format the first time you open your company. Once you convert your company to the new release, you cannot use your data with any prior releases of Peachtree.
For that rea- son, we strongly suggest that you back up your data to diskettes before con- verting your company files. Q: What will happen to my custom reports, forms, and financial statements? They will be converted and available for use in the new Peachtree format. You can no longer use them in prior releases. In most cases, your custom reports, forms, and financial statements will not change. However, you may notice new functionality in design areas.
How should I install Peachtree? Install Peachtree now as a normal stand-alone computer not attached to a network. When you install on the server, you will specify a company data file path on the server machine. Next, copy your company data folder to the server, to the same path you specified in the previous step. Then, install Peachtree on each workstation, pointing each one to the company data folder on the server. Finally, uninstall Peachtree on the original machine and reinstall it so you can point it to the new company data path.
What should I do? Your computer is having difficulties installing one of the files from the Peachtree compact disc. Try installing the program on another computer. Turning off screen savers and virus checkers may also help. If you suspect that the compact disc is damaged, please contact Peachtree Customer Sup- port for a replacement.
Peachtree either does not have enough memory to load these files or it can- not find the files to load. If Peachtree is on a network, check your network connections. You may have to restart your computer to establish the connec- tion to remote network drives. Restarting your computer will also reset your memory. Peachtree does not support large system fonts in your Windows display set- tings.
To use Peachtree, please switch your system fonts to the small font typically used in Windows. First, check your network connections. You may have to restart your computer to establish the connection to remote network drives.
Check to see if these files are actually installed to your data path. If not, reinstall Peacht- ree. You should also check the system requirements for your Peachtree prod- uct to make sure you are using supported network software.
If you have First Accounting , you can convert to First Accounting Before you launch the wizard, there are some precautionary tasks you may want to perform. This will speed up the conversion process and avoid errors. The conversion may require up to three times the size of your company data to convert successfully, depending on the version you are converting. For example, if your com- pany is 6 MB, make sure 18 MB of hard disk space is free.
Peachtree uses the extra space temporarily while converting. If there is a lot of company data, we recommend performing conversion at the end of the workday. Also, while the wizard requires that you back up your company data during the conversion process, you can do so beforehand too. In either case, back- ing up company data is highly recommended. Never overwrite an existing conversion backup.
If your company is in a prior Peachtree format, the Data Conversion wizard appears. If it does not, data conversion is not necessary. The Data Conversion wizard walks you through converting your Peachtree company data to an updated format. At every point in the process, the wiz- ard makes your options clear and tells you the consequences of every action you might take. Data Conversion Wizard - Introduction window informs you that your company data needs to be converted.
If you need additional information or instructions, click Help on any wizard window. Peachtree will convert most QuickBooks and DacEasy lists such as accounts, customers, vendors, employees, items, and jobs and current balances. PDF is available. To view or print the DacEasy Conversion Guide, follow these steps: 1 Open the folder on your hard drive where Peachtree is located. The PDF is located there.
It keeps track of the money you earn through selling products and services to customers and the money you spend buying what you need from other companies vendors. It keeps track of the inventory that you sell, reordering items as they are sold. It makes it easier to pay your employees and track their benefits and taxes. Through reports, it also provides you with data for making important deci- sions about your business.
Because we are doing a walkthrough in a Peachtree sample company, you can open Peachtree and follow along by actually entering information in Peachtree as you read this chapter. Customers can be individuals or other businesses who pay you money.
In accounting and in Peachtree, tasks and reports that pertain to customers are categorized as Accounts Receivable AR. Because Thompson is a new customer, the salesperson will need to create a new customer record in Peachtree. Once the customer record is created, the salesperson will create a Sales Order.
Creating a Sales Order A Sales Order tracks the items that a customer has ordered from your com- pany. Usually, you use a sales order if there is going to be a delay between the time a customer orders the goods or services and the time you actually deliver them. Select the customer and. Sales orders are optional. If your business sells items over the counter or you ship items and create a bill for the customer an Note invoice immediately, you may not need to use sales orders.
At this point, the employee from Thompson has placed the order. The following illustration shows you this process. To notify them that their goods have been shipped and that they owe you money, a bill, or invoice, is created and sent, sometimes with the goods or sometimes separately. Sales Invoices show the goods that were shipped and how much the cus- tomer is being billed for them.
They are usually used for customers who are given a certain number of days to pay, that is, customers who buy on credit.
Invoices show the customer name, shipping address, invoice number, pay- ment terms, and items that were shipped, including a total and any sales tax. Peachtree also has a library of service business forms, such as a service invoice form, that you can use to print your invoices just the way you want.
It is time to bill Thompson for the goods that were sold. For this, the billing department will create a Sales Invoice. The Apply to Sales Order No. In Peachtree, you can print a hard copy of an invoice to mail to the customer or send with the goods; or you can e-mail the invoice in Note PDF format if you send invoices separately.
Just click Print or E- mail on the Sales Invoicing toolbar. Peachtree helps you to record payments from your customers and cre- ate bank deposit slips. In Peachtree, these customer payments are called Receipts. Receipts are records that track any sorts of money received from customers. If you are entering over the counter sales, you can use the Apply to Revenues tab to select the items that were shipped.
When you print the Receipt, it will show the items and If the customer is paying invoices, amounts. Creating Deposit Slips Once payments made in cash or by check have been entered into the system, they can be taken to the bank for deposit. A bellwether employee creates a deposit slip to take checks and cash to the bank. Select the items you are depositing. Purchasing Goods and Services Every business needs to make purchases and spend money, whether it is buying items for inventory, purchasing equipment and supplies for internal use, or just paying utility bills and taxes.
These purchases are made from other businesses and individuals who are called vendors in Peachtree. Each vendor has its own record that tracks addresses, phone numbers, payment terms, and so on. The following example shows a business using the main Accounts Payable tasks. A business may not need or want to use all tasks. Entering a Purchase Order Purchase Orders are a way to track items that have been ordered from ven- dors. They include the vendor name and address, date, a unique number, payment terms, and a list of the items being ordered.
Also, they can protect both the purchaser and the vendor in the case of a dis- pute over price or items shipped. In many businesses, only certain individu- als are authorized to issue purchase orders and they must initial or sign an order before it is sent out. Bellwether needs to order several items that are low in quantity on hand.
The agent calls Akerson to verify the prices of the items she wants to purchase and creates a Purchase Order in Peachtree. This invoice could be for items on Purchase Orders or other types of bills, such as utility bills. The bill will show what items were received, how much they cost, and the total amount that the company now owes the vendor.
Bellwether has received the items it ordered from Akerson and the bill arrived with the package. To track this bill its amount and due date and to update the quantity-on- hand of the inventory items that were received, a Bill, or Purchase Invoice, will be entered in Peachtree.
If this purchase invoice records If any of this bill was paid for at items received from a Purchase the time of purchase, you can Order, use the Apply to Purchase enter it here.
Order tab. In this way, Peachtree knows how much of a Purchase order has been filled. Plus, you can compare the actual quantities and prices against what you ordered. Several days have passed since Bellwether received the bill from Akerson. To cut a check, the clerk will use Payments. Making a Payment In Peachtree, payments you make to vendors are recorded using Payments. A Payment is any amount of money sent to a vendor for goods or services purchased.
It could be made in cash, by check, or with a credit card. If you are paying any other type If an invoice is being paid, use of bill, for instance, a utility bill the Apply to Invoices tab and or another bill that did not have specify the invoices being paid. You can also enter deposits sent to vendors here. Managing Inventory Different types of businesses buy and sell different types of things that can be managed as inventory.
Retail businesses, such as clothing stores, maintain stock items that are purchased and sold, and whose cost and quantity are tracked. Service-oriented businesses, such as day care centers, sell services that have fixed costs and prices, such as fees per hour or per day.
Bellwether has decided to stock several additional gardening handbooks. These need to be added to inventory so they can be bought and sold. These are items that can be bought or sold and whose cost and quantity-on-hand are tracked. Peachtree keeps track of the cost of these items as you purchase them. These are items that can be sold but have a fixed cost, entered by you. Some ser- vice businesses will also use Stock items because they also sell merchan- dise.
A beauty salon, for instance, sells various services but sells supplies as well. Activity items are different types of time, phone calls, meetings, etc.
Once the item has been created using Maintain Inventory, you can select it. Peachtree will automatically display the Description and Unit Price of the item. Paying Employees Peachtree offers a full-service payroll management feature that allows you to maintain employee records, set up deductions and taxes, pay employees, and generate tax documents for quarterly and year-end reporting.
Once you have set up payroll by creating deductions and taxes and employee records, you can use Payroll Entry to print checks for employees for either paper distribution or direct deposit.
See www. Note The payroll clerk needs to cut a bonus check for a Bellwether salesperson. This check will include deductions for income taxes. Otherwise, leave the field blank. Peachtree will assign a check number when you print the check. Using Reports to Make Decisions Being able to see how your business is doing--who owes you money, who you need to pay, what items need reordering, and so on--is integral to run- ning your business. Peachtree includes a wide variety of standard reports that show you what you need to know about your business to make key business decisions and keep the cash flowing properly.
Click Print to print the report to If you want to attach the report to an e-mail, paper, or click Display to view the generate a Microsoft Excel spreadsheet with report on the screen. On the left, you see the general On the right, you see the list of reports areas of the program, with the and a description of each. Double-click current selection highlighted. The AR clerk wants to see who owes the customer money.
She will print the Aged Receivables report. You can modify these reports to suit your needs. Depending on the report, the fields or data that you can filter will vary.
The Aged Receivables report will be filtered to show only customers who have balances over 90 days overdue. You can change the date range, change the order of the report Sort by , or choose to summarize omit the details and show only high-level totals. When you select a Filter here You can also change which columns of data appear on each report.
If certain columns that appear on a report are not pertinent for your company, you can choose to remove them from the report. In addition, you can add col- umns for information that is not normally shown on the report. Now, the Aged Receivables report will be modified so that it no longer shows the tele- phone number. To move a column, select it, then use these buttons. You can also save these changes to filtering and columns by clicking Save in the toolbar. This will include the basic information about your company, such as name, address, accounting method, and accounting peri- ods.
This is discussed in this book in the next chapter. To get more training on how to use Peachtree, look up www. Peachtree walks you through the process of creating a new company. This makes it easier to get your new company started. You need only enter a minimum of information to initially set up your com- pany.
This information includes the chart of accounts, your accounting method, your posting method, and your accounting period structure. Accounting Methods One up-front decision is the type of accounting method used. The two dif- ferent accounting methods reflect the way you record income and expenses. In cash-basis accounting, you recognize income and expenses only when you receive or spend cash. You will enter transactions for the cash receipts or disbursements when you get money from your customers or when you pay your bills.
In cash-basis accounting, you recognize revenue only when the money actually comes in. In accrual accounting, you recognize revenue as soon as you invoice the customer, even though the customer has not paid you yet. You should use Accrual Accounting when. This includes any merchandise you sell. The IRS requires this. For example, publicly traded companies are required to follow GAAP and issue their financial statements using accrual based account- ing.
Otherwise, you are largely free to choose which method you use. We highly recommend that you consult your accountant, if you have one, before making a choice. Benefits of Cash-Basis Accounting Many small, service-type businesses accountants, lawyers, consultants like cash-basis accounting. There are three main benefits to this method. Since most small service companies have more receivables than payables, cash basis may be the best bet. Benefits of Accrual Accounting Businesses with inventory or that work on credit should use Accrual accounting.
Income and expenses are recognized when they are earned or incurred, regardless of when they are received or paid. There are two Posting: Posting is the options: batch and real-time posting. In batch process of updating the posting, the transactions you enter are saved to a General Ledger's chart of temporary holding area, where you can review accounts to reflect all journal entries that have them before posting the batch to the General been entered into the Ledger.
In real-time posting, the transactions system. Posting also you enter are both posted and saved when you updates all GL and other click the Save button. In batch posting, transac- accounting reports.
Check with your accountant, if you have one, to see which method you should use. While you need to make a choice between posting methods whenever you create a new company, you can always change this option at any time.
When you change from batch to real-time, all unposted batches are posted before the switch is made. Dates and Accounting Periods A really important thing to think about is the starting date for converting to Peachtree.
It must be a date on which you know all your account balances, customer balances, vendor balances, and so on. If possible, the start date should be the end of the previous fiscal year. If you want reports comparing this year to last year, the starting date could be the end of the previous year. A special feature of Peachtree is that you can have two years open at once up to twenty-six periods. It also gives you flexibility as to when you convert. For example, you can set the first accounting period to the first period of your fiscal year, mak- ing it easier to close your next accounting year.
You also get to decide how often you want to run financial statements. Peachtree lets you have from one to thirteen periods in your fiscal year; a twelve-period fiscal year based on the calendar year is standard. But some companies start their fiscal year with some month other than January and end it with some month other than December. Account Aging Finally, you should know something about account aging before you create your Peachtree company.
Peachtree can age vendor and customer invoices by due date or invoice date. If you age by invoice date, the aging reports show how old each invoice and each balance is. If you age by due date, the aging reports show how overdue each invoice is. For this reason, many busi- nesses choose to age accounts payable by due date and accounts receivable by invoice date. The way you age invoices is established in Vendor and Customer Defaults.
The leftmost column on the aging reports shows balances for the most recent or least overdue invoices, while the rightmost column shows balances for the oldest or most overdue. The range is either the number of days beyond the invoice date or beyond the due date, depending on how you choose to age your invoices. This wizard walks you through creating a new company and prompts you for each piece of information you enter; you need to enter all information the wizard asks for.
The buttons at the bottom of each window let you go back, move forward, or cancel the setup process. The Help button gives you immediate assistance for the current setup window. Click here to move Click here to stop forward one step. This is the toolbar that appears on the Click here to save your last setup page.
The Create a New Company - Introduction window appears. Company Information Window The next window lets you enter general information about your company. The business type defines the kind of business you run and determines the makeup of the Equity section of your chart of accounts. You can change the business type at any time.
Accounts are used to classify transactions for reporting purposes. Using a Sample Business Type Selecting this option will allow you to choose a sample business type from many that Peachtree has on file.
Each account you set up in your chart of accounts contains an identifier known as an account ID ; a description for each account; and a type code.
As you add accounts, Peachtree recommends you number accounts in a way similar to that for other accounts of the same account type. This helps you locate accounts more easily. Even if you choose to create a brand new account structure, Peachtree still recommends that you identify accounts within a given account type in a similar way. For example, you might number all asset accounts The simplified chart of accounts contains the basic accounts you need to get started.
Later, you can modify these elements to suit your new company. Convert a Company If you choose to convert a company, you will not make any other Chart of Accounts selections. You will go directly to the window where you choose your accounting method. You have the ability to cre- ate and define up to five segments for your account ID.
Seg- ments are useful if you departmentalize your chart of accounts or use any other parts of your account ID to define different parts of your company. A consolidated company is one that combines the charts of accounts of a number of existing Peachtree companies to create a new con- solidated chart of accounts.
The new consolidated company created in this way will let you see consolidated financial statements for a number of sub- sidiary companies operating under an umbrella organization. To add an available Click Add Peachtree company to the new consolidated company, select it here. It will appear in the Selected subsidiary companies list box.
So be sure to choose the right one. Choose either Real Time or Batch. Accounting Periods The first window you see lets you choose one of two options: 12 monthly accounting periods or Accounting periods that do not match the calendar months.
When you complete Create a New Company, your system date for Peacht- ree will be the date of your computer. When you are ready to begin entering data, you will need to change the accounting period. Make sure you have these set Warning correctly before you select the Finish button. Just click the Finish button, and Peachtree will create your new company.
Of course, if you want to make any changes beforehand, you can always click the Back button to return to the appropriate Create a New Company wizard window. We recommend that you follow the order laid out in this book for setting up your company, beginning with your chart of accounts.
Generally, you should set up defaults for a section of your company before you enter records. Ideally, you would enter all your records and their beginning balances prior to entering transactions but this is not practical, so Peachtree provides the Fast Add feature that helps you enter customer records at the same time as you enter transactions.
You can re-open it at any time by selecting the Company option on the Navigation Bar, and then clicking the Setup Guide button under Company Tasks. Or you can re-open it by simply selecting File, then Setup Guide. This guide is designed to walk you through the process of completing new company setup. Click one of the links to begin setting up the parts of that area of Peachtree.
Each link will open a window with several easy to follow steps for setting up that area of the program. When you select one of the links to an area of the program, a second win- dow opens. Follow the steps to set up that part of your company. To proceed to the next step, click Next. Each time you save or post a transaction, an entry is made to at least two accounts—a debit and a credit. In this time-honored way, you ensure that your books are always in balance.
We recommend that you copy one of the many Peachtree charts of accounts. Because account names are often standardized in accounting, you will surely be able to save time by tweaking the Peachtree chart of accounts versus entering one from scratch. Peachtree checks to make sure your beginning-balance entries balance—that the sum of assets and expenses equals the sum of liabilities, equity, and income.
The net difference is added to the retained earnings account. You can only create one account using the Equity Retained Earnings account type.
In all tasks except the General Journal, Peachtree performs some of the accounting dis- tribution for you, based on accounts you establish in the default information accessed through the Maintain menu or the setup checklist. However, you should establish a consistent, logical system that everyone who uses Peachtree can easily understand.
Spaces in the middle are allowed. There is no rigid scheme for departments and sub-accounts. Most of Accounting, you can the time account numbers containing these spe- use a feature named cial codes will not require any special treatment. Two other important points about coding your See page Entering or Modifying Accounts The Maintain Chart of Accounts window is used to add new accounts, including your bank accounts.
You can modify the description of an existing account, delete an existing account, make an account inactive, or change the account type for an account. Select the Account account ID here. Beginning Balances button to adjust balances. Bank accounts are set up just like other Cash-type asset accounts. They should follow the numbering scheme of your chart of accounts.
These adjustments result from an error in recording revenues or expenses for a previously closed fiscal year. If you enter a new account, Peachtree assumes that this account has a zero balance. Policy instruments that are presented in the report Pearl- och Emeraldkvalificering. Diamond- och Founders Diamond-pins.
Founders Diamond-. In , Steven Lobel, the Company president, began questioning discrepancies between his own estimates of the Company's.
Welcome to Peachtree Road United Methodist Church At Peachtree Road, all are welcome to join in the worship of God, the fellowship of this community of faith, and the ministry of outreach with ot.
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