Maintenance of charts of accounts

Maintenance of charts of accounts

Maintenance of Charts of Accounts:

è Open Peachtree from your desktop icons.

è A window will appear that will be having different options as you are now going to maintain the charts of accounts of the existing company so you will select the first option that is “Open an existing company”.

è After clicking on the first option one more window will appear which will ask you to browse the Peachtree account whose charts you want to maintain.

è Click on the “Browse” option on that window a window will appear displayed by the name “Open Company”. There will be an option “Drives” select the drive in which you have saved your company’s data. After selecting the drive you will see that drive and the company you had saved will appear directories. Now you have to make that in directories only the drive folder should appear as a open folder. Select the Company from the “Companies” option on the left. And than press “Ok”. 

è You can see that your company is now open.

è Now, for the maintenance of the accounts you have to click on the “Maintain” button on the top bar or you can say tool bar.

è The forth option after clicking on will be “Charts of Account…” click on that option. A window will appear displayed by the name “Maintain Chart of Accounts”. Now here you can maintain your accounts.

è “Account ID” is the ID given to different accounts by Peachtree itself after entering that click on the “Tab” button from your keyboard. “Description: requires the name of the account and after entering that click on the “Tab” button from your keyboard. “Account Type” will require the type of the account it belongs and for entering the type press the key that its type starts from like for “Equity” you will press “E” from the keyboard, Press it twice or thrice until the equity appears in the “Account Type” after entering that click on the “Tab” button from your keyboard. In this window we have to provide just these three things for every account. And for saving the account information we will press “Alt+S” key from our keyboard than the Account ID you have already entered will be highlighted which means your account is saved and than you can enter other accounts id. 

è After adding all the accounts, you can search any account by clicking on the “Magnifying glass” option that is present in front of “Account ID”.

Note: The difference in ID’s is due to the reason that maybe you have to add further accounts that are sub-headings of the previous accounts like Cash’s Id is 100 than Cash in hand i.e. is the sub-head of cash will be given 101.

è After saving all the accounts if you think that you have added the wrong Id of an account than click on “Change ID” option on the menu bar of that screen. Enter new “Account Id” and press “Ok”.

è Or you think that you have entered the wrong “Account Type” than “Double Click” on the account change the Type and than click on the “Save” button on tool bar of that window.  

è If you want to see all your accounts that are saved click on the “Reports” button on the tool bar.

è Click on the forth option the forth option that is “General Ledger”. A window will appear displayed by the name “Select a Report”. Double click on “Charts of Accounts”.

è A window will appear that will show all your accounts that you are going to maintain for your company and this will also provide to see your companies information. 

How to Maintain Beginning Balances:

è After saving all the charts of accounts. Open Maintain and than Click on forth option “Charts of Accounts”.

è A window will appear displayed by the name “Maintain Charts of Accounts”. Click on “Beginning Balances” option on that window.

è A window will appear displayed by the name “Select Period”. In this you have to select the period whose entries you want to enter. If I am entering data on the date 1^st January, 2010 than I wouldn’t select the period “1/1/2010 through 1/31/2010” because otherwise it will become the Closing Balance of that month and here we are entering the beginning balances and the beginning balances for 1^st January, 2010 will be the accounts maintained on 31^st December, 2009. So we will select the period “12/1/2009 through 12/31/2009. And click “Ok”.

è Now a window will appear displayed by the name “Charts of Accounts Beginning Balances” And before entering data we have to check that whether we have created the Retained Earning account. If there is no Retained Earning account than the software would not accept our Balances. And if there is any difference present in balance sheet than it will be written in “Trial Balance”.