maintaining chart of accounts

Maintain chart of accounts on Peachtree Accounting

First I will open the Peachtree software where window give multiple options in these I will one of them select which is  open an existing company following are

After select the open an existing company we will chose the company which we already had been build the company. So I will use his own company for maintain the chart of accounts.. After select the company we will see

In this window I will select the maintain on title bar. Where I chose the option of the chart of accounts. A chart of accounts is a created lists of the accounts used by a business entity to define each class of items for which money or the equivalent is spent or received.

After this step we click chart of account we will show the following window

This show about the window of maintain chart of account. Here we have multiple option which we will fill according to the account:

1)The account ID determines how the account is identified and sorted in the chart of accounts list and the General ledger account is displayed as typed in description.

2)Description  which tells about the name of account

3) Account types define how the account will be grouped in reports and financial statements. They also control what happens during fiscal year-end

After this I will fill the account id, description, and account type..we will see as

After this I will press ALT+S this show that the account is save in Peachtree software.

If we want to look up the previous record of account which was save. We will select  the option this place where we can easily change the account. After all account maintain we will go to the beginning balance such as:

How to enter beginning balance:

After maintaining the chart of accounts we will click on beginning balance

Before clicking on beginning balance we check that all accounts of the company specially retained earning was entered in the Peachtree software. If forget to entered the entry of the retained earning and I want to entered the retained earning after press the beginning balances. Then it will be write but not record on Peachtree. When click on beginning balance we will be select period such are showing window

:

We have here time period which we required for maintain chart of accounts ….we have the accounts of company on 1^st Jan 2010 so here we chose the previous closing period of 1^st jan 2010 which will be on window showing 31^st Dec 2009.  If we have balance of 31^st Dec then it will be a closing balance. After this we press the ok will be showing such windows are;

  

Here we all amount of account type which we want to maintain. Here the Dr. and Cr. are same which show the account are correct.

Here trial balance is nil.

The square line show the net income balance such are following

Here we also make new account which we required or forgot for instance petty cash canbe make new of account of company.

These all are steps which are helping and maintain the charts of the company. After all these steps the company maintains the charts of