How to maintain a chart of accounts

First we open the Peachtree software which is shown on the desktop. When we open the Peachtree this window will open on the window.

Then we go on the  top of the window and click on the maintain  option. When we click this option several option will open but we select the chart of account option.

                                                                                                                                        

When we click on the chart of account option this page will open.

Chart of account required three things:

·        Account ID

·        Description

·        Account type

To fulfill the requirement of chart of accounts we open the sample charts of account on the Microsoft word. 1^st we see the account id and then write this on the account id space which is given in the peachtree.

Sample Charts of Accounts

100	Current Assets			Account Type
105	Cash in bank			Cash
109	Petty cash			Cash
110	Accounts receivable			Accounts Receivable
118	Allowance for doubtful accts			Accounts Receivable
120	Inventory			Inventory
130	Prepaid expenses			Other Current Assets
140	Property and Equipment
141	Land			Fixed Assets
142	Building			Fixed Assets
143	Leasehold improvements			Fixed Assets
144	Furniture and fixtures			Fixed Assets
145	Equipment			Fixed Assets
146	Automotive equipment			Fixed Assets

Then we fill the description space to see the sample charts of account.

Then we fill the space to see the sample charts of account.

When we done this process we see this entry to click on the search option.

                                                                     

                      How to correct the entry

There may be a chance to record wrong account id, description, or select wrong account. To correct this entry this process will do.

           How to add a beginning balances

Click on the beginning balance option this window will open on your screen. When we click the beginning balance they will required the period of the account. And we will select the month.

 When we select the month this window will open on your screen this window required the amount of different account