How to maintain chart of accounts

 

From this window press open an existing company. After pressing new window of selecting your company number appears select then press ok.

First step is to open the Peachtree software on which the window of peach tree containing different essentials appears then click the option of open the existing company and then next window of that software appears at the top of that window click the option of maintain in which you have to select the option of chart of accounts. After clicking that option the window of maintain charts of accounts appears .

  

In this window as you see it contains lot of points so in order to make accounts fill each and every point. In column of account id write the account number or id which you want to maintain in the software. Below this option you have to fill the column of description in which you have to write name of each account in each window which comes after saving this window. After description fill the column of account type which should be related to your account description.

Process of filling this window

When this window appears then first column is of account id in which the number which you want to assign to that account should be written while writing keep in mind that you have to give some space to these id numbers so that you can edit them or make additions after some time period. After that press the Tab key from your keyboard and then the cursor will automatically shifts to the description column. In which you write your account or heads name like petty cash or some thing like that.

Again press Tab option your cursor will shift in the account type column here you can select your account type like for petty cash you should select the cash option from the account type. After filling these columns press Alt S keys in order to save your current id window. So that one account is maintained in this way.

In this window as you see there is the option of inactive by clicking to that option you can easily inactivate any account for some time period and whenever you want to active it again click in this block. You can open your all accounts which are maintained by just clicking to that magnifier option which is opposite to the account id column. From these accounts if you want to make any changes in its description or in its id just double click it then that required account opens and now you can easily change whatever you want to. In this same row two errors are also mentioned in it by clicking them you can see all accounts one by one. In this window you can also edit the account id by clicking the change id option which is at the top of this window

 

This is the window from where you can change it by entering the new id in second option. And then press ok

In the company’s welcome page at the top of this window you can see the option of reports by pressing that option fourth option of general ledger appears press it.

 

Now that maintain option is for the input which we are providing and this above window of report is for the output so all that accounts which you have prepared in maintain the accounts display in the report option so in order to check them press option of chart of account from that general ledger option and then all accounts maintained would be shown by the software.

 

In this window as you can see all account ids are given which we have entered in the software their account description accounts which are active or not and then next is for account type which shows the account info that in which account we are treating each head.

This is the sample of chart of account in which there are some mistakes soabove window shows you the right position.

 How to enter beginning balances

After adding the account id, description and account type click the option of beginning balances which you can see in this window at the right side of this screen.

 

By clicking the button of beginning balances the window of select period appears in which you have to select the time period for which you are entering the amounts. For example if your year starts from 1 January then enter the date of 31 December.  Below is the window of beginning balances.

So from the above given window select the date, year, month and then press ok

When you will press ok then the window of charts of beginning balances appears in which all the accounts which you have made would display then in last two columns which are of assets, expense and liabilities, equity, income would be filled. Write the amount of each account in these columns and after filling them press alt o so that this info will be saved. As both side balances are not equal that is why remaining balances are shown below the total one. If you have not made any retained earnings account then in this window you are not in a condition to make it. At the end of this window net income is given. In these account you can also add new accounts as well by simply pressing the new option in order to make new account below given window appears.

In this window if you missed any account now you can easily made it here in account id write your id then in description write your account name in account type mention your type then press ok.