Final Project (complete)

Setup of a company

To setup a company in peechtree start the software,you will find the following screen.

On this screen click on “setup of a company”. Following window will appear that will guide you in the setup of a company process.
 
In this window press the next button





Your company name and address

Your charts of account

Your accounting method

The posting method

The accounting periods

Provide the following information and press next button








Select the method for your company and then press the next button



In this page you will select the company type according to its work
than click on view charts of account to see the accounts chart so the following window appear after
it










After it press the next button and select the accounting method under which you are working
After pressing next button select the posting method
accounting period's starting and ending dates match those of the 12 calendar months.
it may starts from january or any other month or ends the according to it but its start from when you are entering data on your computer. After selecting month and year press next button

After pressing next button your company will built and the following window appear after when you again open peachtree In this following window select open an existing company”

In this following window we wil select the browse to open our company file





After from drive we select Z drive and select the company file







Select the drive and name of your company will be visible at the left side double click the company screen will visible

Maintaining Chart of Accounts

After this press mentain option and select chart of account



After pressing chart of account this window will appear
After it enter account id and its description and type and after press alt+s or press above save option
If we want to delete any account select account id and its type and then press delete above option and press yes

If we want to enter the beginning balance select an option in front of account type

After selecting beginning balance this window appear and than select the beginning balance


After selecting the period you will get the general ledger enter the balance of accounts in the ledger after enter balance click ok which is on the top of the box



If you forgot to make an account press new button from  the top of box window appear than type account type id and description

Maintain Customer Prospects

In this topic we are going to discuss how to make your customers list.

• In the menu bar, clicks MAINTAIN and then select Customers/Prospects.

• After clicking the Customers/Prospects in maintain bar you will get the window like following:
• Change, and store information about companies and people to whom you sell goods and services.
• You can also enter information about companies and people with whom you would like to do business (prospects).

General:

In this tab, we basically enter the information about the customer such as Name, Address, Country, type of Customer, Telephone, Email and Beginning balances etc.

Sales Defaults:

To set up unique sales transaction defaults for each customer record, you can change this information at the transaction level, if necessary.

 

• In Sales Representative field, user can enter the sales representative that has contact with the customer and for this purpose we must have entered in the Maintain Employees/Sales Reps window.
• In G/L Sales Account, user can select the general ledger sales account for the customer and without selecting this will not affect the sales transaction to general sales ledger account which is an income account.  
• In ship via, user can enter the delivery method. It means through which medium the goods will be delivered.
• In pricing level, user will set the different price level according to which the customer will get the discount will be given to the customer.

Payment Defaults:
If the user to want to set up customized receipt settings for each customer record, he will select the tab of PAYMENT DEFAULTS.

In the cardholder name, if the user want to use the credit card of the payment from the customer then he will enter the name.Enter the information regarding the customer so that at the time of payment user will not have to give the information repeatedly. Address,city,countryetc….

Custom Fields:
User can use Custom fields for the entering alternative contacts of the customer.







The tab is used to check the past transactions of the customer. This record will show that how many sales have been made, pending payments, etc.

Default Information:

Customer Defaults

Open an existing company click on maintain bar click on default information and click on customers as this given bellow screen tell you and after that processes the next window is appear which is the actual

Window that is given below. This is actually tell us about the payment and payment method if we select the prepaid option or C O D the software auto uncheck the 1st three option and last option is remaining which is credit limit

 

And if you click on due in number of days then the all option available for requirement to fill and this same window look like this given bellow window.

 

this given above window tell you about the payment method means 2\10 and n\30 these are the terns that is actually use in business that means net due in how many days and discount allowed on which terms it tell you if you pay the whole amount with in the 10 days you will achieve the discount 2% and if you fail to pay amount in 10 days then you make payment in 30 days but you did not have any discount. Here the net pay in days and terms of discount % of discount and the last and important thing is credit limit and if you click on account aging then the following window will appear in you desktop screen.

Here we select and aging the companies accounts receivable mean if companies receivable holders are good enough and able to pay with in due time then we age then with short period of time. But on other hand company has a receivable who may be change In bad debts if some time this happen then we aging that customers on long period of time and so on.

After that open another tab custom field the following window will appear in your desktop screen.

In given above screen you have an field list with labeling means all extra or other information regarding customers are given their and related information with customers own id. Then you simply click on financing the following given bellow screen will appear.

This above window will tell us about finance charging on customers principal amount means if customer fail to pay his or her amount within due date then extra amount will charge on that amount that is called finance charges and this will be differ from differ if customer cross 20 days limit then the following % charge and if the customer exceed the limit of 40 days the following percentage is charge .

Payment Terms:

In standard terms, there are five options which includeC.O.D, Prepaid, and Due in number of days, due on day of month, due at end of month: Select one of these to tell you the type of payment your customers make.

General ledger  Link Accounts:

The defaults are used to link sales income and sales discount G/L accounts to most of your customers. You change individual customer setup, if necessary.

Account Aging:

To set up how sales invoices are aged and what aging brackets will be used for accounts receivable, select the Account Aging tab in the Customer Defaults window.

In this window, there are two options:

1. Age Invoices by
2. Aging Categories

Age Invoices by:

In this option, there are two methods either to select the invoice date or due date. If you select the invoice date, this will show you how old are the customer invoice and balance. If you select the method Due date, this will shoe you how much overdue is customer invoice.

Aging Categories:

In this option, you can make your own criteria to filter the receivables according to the time period criteria you made.

Custom Fields:

To set up custom field names for your customer records, select the Custom Fields tab in the Customer Defaults window.

Custom fields let you use your imagination. What do I really need to know about my customers? Select the Enabled check box to enter or change the field label. If you decide not to use a field, clear the Enabled check box.

Finance Charges:

In order to apply the finance charges, you have to check the check the box or you can set according to your own choice by applying it on the invoice according to your defined criteria.

Pay Methods:

This field header is used to set up payment methods for thecustomers; you can set up to 10 payment methods to facilitate the customer.

Maintain Vendors

Following are the steps to create a Vendor:

1. First of all go to the Maintain Menu and select the Vendors, you will get window of Maintain Vendor.
2. There are two fields: Header and Tab field.
3. In the Header field type the Vendor id and the name of the Vendor.
4. In the General tab, enter the general information about the vendor such as contact information, address, telephone and website etc.
5. In the Purchase Defaults tab, most important is to select the GL Purchase Acct. to which the purchases will be charged, selection of shipping and delivery method.

6. In the Custom Field tab, you can enter the additional information of the vendor.
7. In the History tab, you can review the past transactions with the vendor.

Vendors Default :

1. Go to Maintain Menu and click the Default Information then select Vendors option, you will get following screen to enter the Vendors default information.

2. There are four tabs such as Payment terms, Account Aging, Custom Fields and 1099 settings.
3. In the payment terms, first you select the standard payment terms and provide the id information for the GL Purchase Acct and Discount GL Acct. in the GL Link Accounts.
4. In the Account Aging tab, you can either use invoice date or due date method to age the Account Payables or you can use aging categories to filter the payables by setting your own range.

5. In the Custom Fields, you can provide additional information of the vendor.

Maintain inventory items:

Maintain inventory items 1st you open your existing company in peach tree and after that go to maintain menu and click on inventory items this given bellow window will tell us how to go in maintain inventory items.

Maintain Inventory:

Before you are able to record transactions relating to inventory, you first need to set up your inventory items in Peachtree. This topic shows you how to add an inventory item into Peachtree, and how to modify or delete an item of inventory should the need arise.

Creating an item inside Peachtree is a very simple process:

Go to Maintain -> Inventory Items. The Maintain Inventory Items window appears.

This displays the Maintain Inventory Items window where you can enter the details of the inventory item into Peachtree. The following screenshot show step-by-step instructions on how to enter an inventory item into the Maintain Inventory Items window in Peachtree.

Item ID:  Enter a short identification code for the item of inventory.

Description: Enter a short description of the item of inventory.

Item Class:

        Select the class of the item from the drop down list provided. For items of inventory to be resold you should select 'Stock item.

General Tab:

        Enter the relevant information about that item. Note that for stock items you do not need to enter information into the Last Unit Cost field. Peachtree will automatically update this field when you enter the beginning balances of inventory items into Peachtree. Notice that there are three general ledger account fields on the MAINTAIN INVENTORY ITEMS window: GL SALES ACCT, GL INVENTORY ACCT, and GL COST OF SALES ACCT. For a STOCK ITEM, none of these fields can be left blank.

Other tabs:

        Enter the required information in the other tabs. Note that if the Item Class selected is Stock item, you are unable to enter any information into the Bill of Materials tab or the Item Attributes tab. This is because the Bill of Materials tab is used only if the Item Class selected is Assembly, while the Item Attributes tab is only used if the Item Class selected is Master Stock item.

Once you have entered the information in the Maintain Inventory Items window, remember to review your entries and save the item of inventory by clicking the Save icon.

Enter the beginning balances of inventory items

After adding the inventory item into Peachtree you will also need to enter the beginning balance of each item of inventory. You can either enter the beginning balance of each item as you create the item using the Maintain Inventory Items window. However, if you are creating several items of inventory at once, you can enter the beginning balances of these items altogether at the same time.

To enter the beginning balance of each inventory item, click the Beginning Balances arrow down the bottom right hand corner of the Maintain Inventory Items window.

This will open the Inventory Beginning Balances window. The following screenshot and description show step-by-step instructions on how to enter the beginning balance of an inventory item into the Inventory Beginning Balances window in Peachtree.

List of Inventory Items: Select the item of inventory from the list by clicking on it.

Item ID and Description: Note that the Item ID and the description of the item selected appear at the top of this screen, Confirm that you have selected the correct item.

Quantity: Enter the number of units of that inventory item on hand in the Quantity field.

Unit Cost: Enter the purchase price (unit cost) of one unit of that item of inventory.

Total Cost: Notice that Peachtree automatically calculates the total cost of that many items of that type of inventory.

Once you have entered the information in the Inventory Beginning Balances window, remember to review your entries and click the OK icon to save the information and update the inventory totals.

Setting Up an Assembly Item

An assembly is made up of other items in your inventory; so when you build an assembly item, you can only build as many as you have components.

There are two steps to creating an assembly item:

1) Define the items (components) the assembly contains.

2) Build the assembly. Additionally, you can purchase prebuilt "assemblies."

From the Maintain menu, select Inventory Items. Peachtree displays the Maintain Inventory Items window. Enter the ID of the assembly, and select Assembly as the item class. An ID can be created from the Description you enter.

After you finish filling out the window, select the Bill of Materials tab. Select item IDs for existing stock items or assemblies only, and enter the quantity. Press ENTER. Do this for each item that makes up the assembly. When you're finished entering the assembly item, select the Save button.

When you are finished entering inventory items, select the Close button.

Next step is to enter the beginning of the stock items that make the assembly item. Select the Assembly item on the Maintain Inventory Items window; click the Beginning Balances arrow down the bottom right hand corner of the Maintain Inventory Items window.

In this way the process of making assembly is finished, now you can check it by going Tasks Menu and select the Assemblies.

Once you click on it, a window Build/Inbuilt Assemblies will be open.

In this window, you have to give Assembly item id and the quantity to build, if you do not have the sufficient stock to build the required assemblies, a warning message will be appear that the assemblies cannot be made due to the insufficient stock.

e:g  Maintain ingredients of computer:

First step is to go in maintain inventory items and create id and description of cake items or ingredients and also select sales a\c .cost of goods sold a\c and inventory accounts after creating al the id and descriptions change your stock item into assembly item. Like this given bello0w window.

if we want to enter beginning balances of all items then we click on beginning balances the following window will appear in front of your desktop screen.

Here in this window you just enter a item id and and quantity produce and unit cost that is incurred In producing per unit the total cost will calculate auto and total balances will show in lower.

by filling all these requirements just click on bills of materials for entering data items particulars in numbers quantity and prices per unit and total price due to this we have an actual result at the end when we check how many we have our closing inventory and if we sale or purchase something we able to know that how many units we have in opening inventory and also check the cost per unit and cost of goods sold this given bellow window is a material window.

Sales order:

For maintaining sales order simply open an existing company and click on navigation aids and after that click on sales order as above  pictures describes and while you click on sales order the given bellow window will appear in you desctop screen .

Here you simply select your customer after that date and invoice number and the terrn regarding discount which you allows to your customers .after that you will your quantity and items after that unit price of that items and total will auto creat by software

Closing Sales Order:

If you want to close the Sales order, click on the “Close SO” check box. Sales Orders are closed when the goods intact have been dispatched or no further goods are expected to be shipped on this SO, if the goods are not fully shipped keep Sales Order open.

Enter the customer id or click the lookup button to see a list of customers.

Once selected, bill to field will be completed automatically and you can enter the ship to detailNext step is to select the date of making sale order.

Now click the calendar icon to select the date by which the goods are required to have shipped.Next and important step is to enter the sale order number, can also enter the customer purchase order number if known but not compulsory.Next step is to enter the quantity required, select the item of the inventory ordered and description appears automatically.Now enter the unit price of the item, once you enter the price Peachtree calculates amount automatically.In the bottom, there are two options such as sales tax and freight charges. You can enter the both.Once you have entered the information click the save icon to record the sales order

Sale Quotations:

Following are the steps for making quotes to the customer:Go to the task menu and from Quotes/Sale order sub menu, select the Quotes tab.First of all type the customer id in the customer id field for the customer.After selecting the customer, bill to field will be filled automatically by the Peachtree software.Next step is to enter the address detail for the delivery of goods.Now select the date of issuing quotation.In the goods through field, select the date till than the quote is valid.The most important is to give the quotation number.You can enter the customer purchase order number if it is provided, otherwise leave it blank.Next step is to choose the shipping method, as far as terms are concerned these will be automatically appears when you select the customer.Next step is to enter the quantity required, select the item for which you are quoting the quote and description appears automatically.Now enter the unit price of the item, once you enter the price Peachtree calculates amount automatically.In the bottom, there are two options such as sales tax and freight charges. You can enter the both.

Once you have entered the information click the save icon.

Conversion of Quotes to Sales Order

Go to the task menu and from Quotes/Sale order sub menu, select the Quotes tab.

Click on the Open button to see a list of created quotes and select the one to be converted.Next step is to change the date of quote.Now click on the convert button, a dialog box will be open with the three radio button options.Select the third radio button and enter the sale order number in the SO # field.Click the save button to record the transactions.

After the conversion, you will not find it in the quote window but from sales order window you can check it.

Sale Invoice

Enter the customer id or click the lookup button to see a list of customers.The Bill To and Ship To field will be automatically filled by Peachtree but however you can change it.If against the customer selected had already issued a sale order, tab will shift to apply to Sales order. After selecting the sale order, change the date, enter the sale invoice no. and enter the quantity on the each line of shipped column and click on the save button to post the transaction.

However you can also record direct sale invoice, for this forget about the step no.3 and follow the remaining steps.Now select the date of making sale invoice and enter the sale invoice no. in the sale invoice field.Enter the number of units of the first inventory item sold.

Type in the Item ID of the item of inventory sold.When you select the item id, Peachtree automatically fills the description field.

Peachtree automatically calculates the GL Account, Unit Price and Amount column with the default information provided however you can change it according to need.

You can enter the Sales tax and freight charges, Peachtree automatically populates the total invoice value.

After making the above adjustments click the save button to post the transaction.

Sales/Invoicing is used to enter the inventory items or finished goods which are being sold to the customers either against the Sales Orders or selling without Sales Orders. All the Sales recorded in this window will be recorded to the General Ledger.

Following are the steps to Sales/Invoice items to the Customer in Peachtree Accounting Software:

1: Go to “Task Menu Bar” and Click on “Sales/Invoicing”, Sales invoicing Window will open

2: First thing to do is to enter the Customer’s ID in the “Customer ID” field; it is the ID of Customer to whom the Sales are being made. After Selecting the Customer’s ID the “Bill to” Field will disclose the details of the Customer whose ID is entered.

3: The “Ship to” field will be filled with the Customer address as default but it can also be changed. “Ship to” address is to where the goods were sent.

4: Enter the date on which the Invoice is issued or the current date in the “Date” field.

5: Enter the Invoice Number in the “Invoice No.” field. Invoice number is used as the reference number for the Invoice; it is usually used to distinguish different Sales/Invoicing transactions.

6: Customer Purchase Order No. is entered in the “Customer PO” field. It is the PO no. of Customer against which the goods are sold, this number also act as reference number for the sales made to the different customers.

7: Select the method of delivery of the goods in the “Ship Via” drop down menu.

8: Enter the date when the goods are shipped or are expected to be shipped to the customer in the “Ship Date” field

9: The “Terms” field will be automatically filled when you will enter the customer ID in the “Customer ID” field. These are the payment terms defined when we created the Customer account in the maintain menu.

10: Sales Rep ID can also be mentioned in “Sales Rep” field. The Sales Rep are the company representatives through which the sales are being made.

When you will enter the Customer’s ID, if there is any Sales Order issued to that Customer than the below given Tab “Apply to Sales Order” will also be enabled. Otherwise only the tab “Apply to Sales” will be enabled.

If you are invoicing against the Sales Order issued to the Customer than following steps will be followed:

11: Select the “Sales Order No.” from the drop down list on

the Apply to Sales Order tab against which goods are being Sold.

12: When you will select the sales order number the “Item” field and “Remaining” field will be automatically filled.

Item field: It represents the item code of goods for which the Sales order was issued.

Remaining field: It shows the number of goods remaining to be shipped to the Customers.

13: Enter the quantity of goods which are shipped in the “Shipped” field

14: The “Description” tab will show the description of the item whose ID is enter in the Item field.

15: “Unit price” is the price of each unit which you enter when you issued Sales order. User can also change the unit price by clicking on this field

16: “Amount” field is calculated by multiplying the Shipped items with the unit price.

Click on “Save” option to save the transaction.

When the goods are sold to the customers without issuing any Sales Order than select the “Apply to Sales” Tab

17: Enter the no. of items being sold in the “Quantity” field.

18: Enter the Item ID in the “Item” field of which you are selling, the “Description” tab will automatically be updated with the description of item Id entered.

19: Enter the unit price of the item in the “Unit price” field. As default, it is the last unit price entered for this particular item whose ID is entered. User can also change the unit price by clicking on the field.

20: “Amount” field is calculated by multiplying the quantity with the unit price field.

21: You can also enter the freight amount you want to charge if the sale will be made in the “Freight” Field.

Receipts:

First of all select the customer id and Peachtree will automatically displays the address of the customer.

Once you selected the customer, Peachtree automatically displays a list of the customer's outstanding invoices.

Next step is to enter the Reference and Receipt No.

Now select the date on which you have received the payment.

Select the method of payment from the drop down list provided and appropriate cash account.

If the customer has paid the full amount of the invoice, then click the Pay box for that invoice to enter a check mark in that column.

If the customer only made a partial payment against a particular invoice, type in the amount of that payment in the amount paid column.

Last step is to click on the save icon to post the transaction.

Purchase Order:

A Purchase order is a written document issued by buyer to seller indicating items, quantities and prices for the products or services the seller will provide to the buyer.Recording Purchase Order:

This topic shows you where and how to record details of a purchase order in Peachtree. To record a purchase order in Peachtree, open the Navigation Aids on the Peachtree today window as shown below: Click on navigation aids and selects the Purchase section and now click on the Purchase order.

Another way to open the Purchase order is:

1-Go to the Task Menu

2-Click on the Purchase order, a Purchase order screen will appear.

Select the vendor id, who will supply the goods.Once you select the vendor id, “Remit To and Ship To” fields will be completed automatically by the Peachtree.Next step is to select the purchase order date.As you select the purchase order date, Peachtree automatically estimates the good through date as 30 days however, you can change it.It is essential to enter the purchase order number, do not leave it blank.Enter the specific quantity required to be ordered.

Select the item that is required and the description field automatically fills as you select the item. Whereas Peachtree automatically estimates the GL Account, Unit Price and amount with the default information specified when that item was created.Once you complete all of the above steps, click the save button to record the purchase order however these entries are not posted to the general ledger until the goods received information is posted.

Purchases/Receive Inventory

Once you have made the purchase order, the next step is to receive the inventory against that purchase order and to record in the Peachtree software.Following are the steps to record received inventory:

1.Choose the task menu and click on Purchases/Receive Inventory.

2.Type the vendor id or click on look up button to see list of vendors and select the one, if you had entered a purchase order against him, Peachtree displays the Apply to Purchase order tab. 3.After you select a vendor, Peachtree automatically fills the Remit to and Ship to fields.

Select the date of receiving inventory.

4.Then type the invoice number, which is very important. If you receive inventory without invoice then check the waiting on bill but if you received both inventory and bill leave the box unchecked.

5.Now on the apply to purchase order no. tab, click the drop-down list and select the Purchase Order against which you have received the inventory.

6.After selecting the Purchase Order, on each line in the received box type the quantity you received. This quantity can be less than, equal to or more than you ordered. If the inventory received is less than you ordered, then the PO remains as open PO. However if you received equal to or more than you ordered then the PO get closed.

If you select a vendor against which no purchased or is issued, you can enter a purchase without any PO in the Apply to Purchases tab. Sometimes you call your vendor for the item that is not mentioned on PO but on the purchase invoice you can add them here.

Click the save button to post the transaction.

Payments:

When you have gave the purchase order and also received the respected items afterward we have to make the payment to our vendor. We will select the option of “TASK” in the menu bar and a drop down list will open and we will select the option of the “PAYMENT”.

To make the payment, we will follow the following steps:

Step 1: Vendor or Customer

Select the option vendor or customer to whom you have to make the payment and according to it select respected vendor or customer.

Step 2: Date

Select the correct date on which you will pay the payment to the customer.

Step 3: Check no.

Provide the check no. which will be contained on the cheque that you will give to the respected payable person.

Step 4: Pay

When you will select the vendor or customer it will automatically show the payment due and which order are to be paid by you. As you receive the payment, ticked the box which is at the last column. As you will click on that box you will see that “AMOUNT PAID” option will fill by the amount which is due. Click the option “SAVE”.

Discount:

The discounted amount in the column will be shown if the payment is done according to the set discounted condition.

Vendor Credit Memos :

Vendors Credit Memo is used to record the returns to the Vendors whether on the direct purchases or on the existing invoices which have not been paid.

Let see how to record “Returns to Vendors” in Peachtree Accounting Software:

Step 1: Go to task menu bar and click on Vendor credit memo, vendor credit memo window will open.

Step 2: Enter the vendor ID in the “Vendor ID” field to whom these Returns are made.

Step 3: Enter the date of returning goods in the “Date” field.

Step 4: Enter the Reference no. for the transaction in the “Credit no.” field; it must be a distinct number to avoid any errors.

Step 5: The “Terms” field will be automatically filled with the payment terms of the vendor whose ID is enter, these are the terms that were selected when the vendor was created.

Step 6: Enter the Account Payable account number in the “A/P Account” field to which this transaction will be charged.

Now, if there are any invoices pending on that vendor then “Apply to Invoice No.” tab will be activated, otherwise user can only enter returns in the “Apply to Purchases” tab.

Select the “Invoice no” from the drop down list on the Apply to Invoices tab to whom you want to charge the returns.The Item field, Quantity field, Unit Price field and Description field will be automatically filled with the details of Invoice no. selected.Enter the no. of items you want to return in the “Returned” field.Select the Inventory Account in the “GL Account” field.The “Amount” field will be calculated by multiplying Returned field with the Unit Price field.Click on “Save” button to save the transaction.

Maintain Global Options

The Global options set defaults that are in effect for all Peachtree companies. Global options allow the user to specify how Peachtree opens companies and displays data. To open the global option, click the OPTIONS on the menu and select the very first option “GLOBAL”.
A new small window will open from which you can set the desired the settings.
There are four tabs of the global options.

1. Accounting:

In accounting tab, there are different options for the setting. For instance, the user can set up the decimal setting while entering the numerical figures while entering the data. Whether hide the general ledger accounts of the account receivable or account payable. It also includes other options. It is set according to the user desire.

2. General:

In general tab, there are general options regarding the software. It includes the performance, smart data entry, color scheme, line item entry display.

3. Peachtree Partners:

In the Peachtree partners tab, the user sets the security level that determines how the applications interface with Peachtree data. There are 3 security level which are offered.

• Low
• Medium
• High

4. Spelling:

In the spelling tab, user can activate the spell check. By activating the spell check feature it checks the spelling in different areas of the software. With addition, it also check the basic grammatical errors, such as incorrect capitalization that are typed together without a space between them or repeated words.