Maintain Charts of Accounts

If you are a company wants to maintain charts of accounts then you will do the following procedure.

First you will open the Peachtree software and there will be an option “Maintain” we will go for that option so there will be further options and we will click on “Charts of Accounts”. This window will look like the following.

When you will click on the option “Charts of accounts” a window will appear.

In this window you have to fill the all information account id, description and account type. The account IDs for the assets, liabilities, equity, revenue and expenses will be different. This is done so to differentiate the different accounts from each other.  So in case it is easy to differentiate them. And by given the relevant code of the account we can open that account easily.

After full filling all the information in the accounts you will press the ALT+S key to save the accounts. To check your account after it is saved just enters the ID and your account will appear.

You can also see the lists of your accounts by closing the charts of accounts and in the main page in the upper right corner there will be a “REPORT” option. When you will click on the report option further options will be open.

Then you will open the general ledger option. There will be the option of charts of accounts.

So when you will click on the option charts of accounts then all the accounts will open and a window will appear which will look like the following.

To delete any account

If you want to delete any account due to any reason then you will open the account and at the upper left corner there will be an option of delete. You will click on Delete option and your account will be deleted.

To Inactive an account

If you want to inactive your account you will first open that account and here will be an option on the upper right side.

When you will click on that inactive option your account will be inactive. So when you inactive your account, press ALT+S.

How to enter beginning balances?

So now we will maintain charts of accounts for our company. First we set up a company named “ABC” and fill all the columns as these were required and in the time period column we select a time period what was required for our company. So we selected the time period from 12/1/09 through 12/31/09. This window will look like the following.

So we will select that period which is ending on the year like we will maintain the on the ending date. Suppose our trial balance starting period was on 1^st January 2010. But here we will select 31^st December 2009 period because these both are same. From 1^st January 2010 our posting will be start.  

After selecting the time period we will enter the account id and description and account type in charts of accounts. We will enter all this in this window.

So one by one we will enter all the account’s information there and while entering all this information we will click Alt+ S so that we can save our account and its related information.

If we want to see or open the list of all accounts that are saved then we can click on the option “Open the list of accounts to select from” which is on the right side of the account id. So when we will  click on that option following window will appear.

So we can simply open that account on which we will click to open that or we can simply click on the arrows which are on the right side of the account id. From those options we can open our account at any time.

For entering all the amounts in the accounts so we will go to beginning balance option that is on the right side of the account type.

When we will click on this option so a window of beginning balance will appear and we will click on the beginning time period that was selected by us.

When we will enter that time period the following window will appear through which we can add our amounts.

In this window there will be a column of assets or expenses and one column is of liabilities, equity or income. We will enter all the debit balances in the assets column and credit balances in the liabilities column.  In the end of this window at the right side here will be the total of these two columns. And under the total option here will be the difference option our difference should be zero. If our difference is not zero then make sure that you have entered all the amounts correctively. If your amounts are not entered correctively your balance can never be zero.

The under this here is the option of income or expenses and their balances are written there and at the end there is an option of net income.

Enter all the amounts and then press Alt+ S so your amounts can be saved.