How to maintain charts of accounts:

First open the Peachtree window and click on the open a new company link and then go to your company which you already save then the following page will appear 

In this page click on the maintain option on the upper left corner of the page

When we click the maintain option the chart of accounts option will appear click on this option the following page will appear

o   In this window you will find some rows and columns with blank spaces.

Main points in this window are,

·                Account ID

·                Description

·                Account type

o   In account ID space give a valid account ID.

o   You must select this ID by giving a margin of future accounts of same type.

o   In description type the name or title of that account.

o   And in account type choose the type of that specific account.

o   Peachtree define some types of accounts and you must choose one of these account types.

o   By default it will be cash.

o   After defining these three things press [Alt+ S].

o   Your account will be saved and courser will transfer to account ID column now you can add another account here.

List of charts of accounts

o   In the same window in front of Account ID there is a small magnify glass. Click on this glass and a drop down menu will appear in which all the accounts are written that you have just save.

o   Click at each account to check about its detail.

Deleting an account

o   Double click on a specific account. It will open again in previous window.

o   And there is delete buttons in menu press this button and confirm the warning.

o   Account will be deleted.

Changing ID of a account

o   In magnify glass list double click on that account you want to change ID.

o   This will open in charts of accounts window.

o   At top there is button with key, this is change id button. Click it

o   In this window enter new ID for that account and press ok.

Brief charts of account statement

o   To view brief charts of account statement, go to the main page and from the top menu find “Reports” option and click it, a drop down menu will appear.

o   Click on General Ledger’s option. A new window will appear.

o   In report list there is an option of charts of accounts.  Click on this option and all of charts of accounts will be in front of you.

o   This is the list of all charts of accounts that you maintain earlier.

o   In this window you will find a column of Active.

o   Its mean that this account is available to add transactions.

o   You can inactivate this account by clicking on inactivate check box that is in charts of accounts maintain window.

o   You can also take a print out of this window for your use.

HOW TO ENTER THE BEGINNING BALANCES

o   Beginning balances can only be enter in the charts of accounts with the help of following procedure

In the following shown window go to the maintain option and on the right side of the window the option of beginning balances is present

o   Simply click on the beginning balances option the following window will appear.

o   On this window you have to choose the best suitable time period for entering your transactions. there is a problem which you normally face with this window like if you want to record the transaction of January then the transaction of January will be recorded in February to remove this error you simply have to choose the previous month for the transaction.

o   After you will select the appropriate month and year following window will appear.

o   Now you will add the values in the individual accounts. The software will automatically arrange them in there debit and credit side.

o   After entering all the data a trial balance will be created.

o   After your trial balance will be created you can see the net income along with your trial balance balances.

o   In case there is a difference present between your two sides it will be shown in the head of the difference balances.

o   You can also create the accounts when you are entering the values in the trial balance.

o   In this way you will enter the account and then you will click the OK option.

o   In this way your account will be added.

o   The most important thing while entering the values in the trial balances the retained earning account must be formed. If you will try to made the account while entering in the trial balances then it won’t be added.