maintaine chart of account

What is chart of account?

Chart of account is used to maintained the accounts in the new company .which is not made

How to maintain chart of account

We maintain our chart of account in peach tree software, so first we open peach tree software then we click on toolbar maintain option

This toolbar is open when we click on maintain option this window will open and show you that what option do you want to select

We will choose the option of chart of account

After the clicking the chart of account option the new window is open

Name as maintain chart of account which helps to maintain chart of account of your new company

In which there is account I.D which helps to reach quickly and easily on the     accounts what you want

In the maintain chart of account There is another important that’s is description that’s tells the name of the account like cash etc                              

              

Now there is another things which is important to write that’s the account type That’s shows which type of account is that , either cash , account receivable etc

If there is an error in account I’d then there is an option which helps to change the

Wrong I’d then you use look up button to change the account id which is correct

If you want to delete the any account i.d then you click on delete button on the top .After the clicking delete button the system ask that you want to delete ‘yes’ or ‘no’

Before clicking beginnings balance:

Before you click beginning balance first you want to check the retained earning          account is made or not properly.

The software made the chart of account of retained earning if you don’t made.This is very important because this software did not save your any data.

            

When all chart of account is entered and saved then you can click on the beginning balance option which is mentioned in the picture.

After that it ask the period what is your beginning balance and you select your           beginning balance and then click ‘ok’ button

                        

If there is an chart of account which is missing then it is made easily. But the retained earning account is not made .

When you click ok button then this window is open , and this window is used to enter the amount of all chart of account.

                        

If there is any error in total then, there is something wrong in the amount you enter. which is not matched then the difference is showed in the trial balance .

setup a new company

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Set up of a new company

We will open peachtree software and we will find the followimg window

Then we will go to a setup.Here there are four options.

This is the introductory window which tells us about the company setup phase.here we will provide information about company name, address, email address telephone etc

Now there ere charts of accounts and we will will select one of the options.chart of accounts is the list of general accounts which are used to classify the information for specific purposes, you can seslect chart  of accout according to your busuness needs. Now we will select  first option. And if we want to make chart ofaccounts of anyother company then we will make on anyyher software.

Now we will salect accrual accounting method. In this method we will record cash when we receive biils from vendors and when we receipt to customers. So many companies use this method.

There are two options real time and batch method and we will select real time method.

There are two accounting periods if we want to select accounting period of 12 months then select one other wise second option.

Here we have to chosen monthly accounting periods.if we want to start our business from January then ending period will be 31 december.and second option is thatin which date we will enret our  transacting data and third option is that in which date we will enter our payroll.