maintain charts of accounts

Chat of accounts:

A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. A company has the flexibility to tailor its chart of accounts to best suit its needs, including adding accounts as needed.

Maintain chart of account in peach tree software

When we start a company we first of all we enter data of our company. We can enter our company data on peach tree software and we can maintain our company accounts. In the peach tree software we can maintain our company accounts by using following information:

First we open the peach tree software we select the maintain option on the top bar some statements will be open the we select the “charts of accounts”

After selecting the chart of accounts option maintain the charts of accounts will be open.

Maintain the chart of accounts sheet will open. This sheet consist of three contents that is

The first content is ACCOUNT ID. In this content we write the ID of our company accounts like 108.

The second content is description. In the description we will select the name of account like “Accounts payable”

The last content is account type. In this content we add the type of our account like “ Long term liabilities”

After filling above three step like this

We will save our account by pressing Alt + S. Our account information will be saving.

We can see our save accounts by pressing “look up button”:

We can also delete unnecessary/incorrect information by using delete button

We can also change and correct our ID by using change button that is on the top bar

By pressing change option the above page will be open and we can change the account ID.

How to enter beginning balances

After maintain chats of accounts we will enter the beginning balances by following:

By pressing the business balances option select period page will opened

In the select page we will select the beginning time period of our accounts. If our company’s trial balance as on 1, January, 2010 then we will enter beginning time period as 31, December, 2009.

After selecting the date, press “OK” then the charts of accounts beginning balances sheet will open.

In the above sheet we will enter our beginning balances of our company.

After entering the data our company’s assets and liabilities should be equal. If our assets and liabilities not equal then the difference will shows in front of trial balances. When you maintain charts of accounts you must check the accounts of ledger because when you enter the accounts on peach tree the system provide you the net income by less the expenses from the income, and post the net income automatically in retained earning ledger so you must check the retained earning accounts first.

We can check retained earning ledger of our company on peach tree by following process:

We can check our company chart of accounts by using”
” look up button.