Peachtree- General Journal Entry

General Journal Entry

The journal entry is the point of entry of business transactions into the accounting systems. It is chronological record of the transactions, showing an explanation of each transaction, the accounts affected, whether those accounts are increased or decreased, and by what amount.

 Go to the task bar menu and click on the General journal entry.

The following window will appear.

1.First of all enter the date of which period you want to enter the general journal entries in “Date” field

2.Enter the reference number in “Reference” field. This field is used to give a unique or different code to each journal for identification.

3.Enter the “GL Account” for which you want to enter the journal entries, and the general ledger account can be added in chart of accounts.

4.Enter the description of journal entry in “Description” field.

5.Enter the amount from which you want to debit the entry in “Debit” field.

6.Enter the amount from which you want to credit the entry in “Credit” field. Remember that the amount   of debit and credit should be the same.

 At last Click the “Save” button to save the journal entries.

 How to use global option in Peachtree?

at 1^st open peachtree software

than go the options and select Global

After selecting this window will appear

Select option manual, and than add decimals you desire.

Automatic option will add decimals automatically.

Hide general ledger account

By checking the option of account receivable, account payable and payroll entry will hide.

Other options

Checking of this option enable us to.

Warn if a record was changed but not save

Hide inactive records

Recalculate cash balance automatically in receipts, payments and payroll entry.

Use time slips accounting links

Next is general

Improve performance, can be made by making check and uncheck the options which are given.

Line item entry display

Select this option after adding debit and credit data.

Don’t print total page lengths in headers

Don’t show quantity on hand in inventory item lookup lists

smart data entry

Automatic field completion

Drop down lists displays automatically

by checking or un checking

colour scheme

different options are available select whatever you want.

Next is peachtree partners

3 options, low, medium and high

Medium option is recommended

Last is spelling

You can make many options checked and unchecked here

Peachtree spell check

Than spell check options are given tab for dictionary is also available

Than running options

vendor credit memos.

vendor credit memos.

After recording purchases we will now learn how to record purchases returns.

We will select “vendor credit memos” from the task menu.

We will select “vendor credit memos” from the above picture.

After selecting on it the following window will appear:

Mainly this window is used to record the purchases returns.

We will firstly select the vendor ID. Then we will input the date on which we are going to make this purchases return order.

After selecting vendor the following changes will appear in the same window:

In this window we will select the invoice number of which we are going to make purchases return.

After selecting the invoice the following changes will appear:

In this window simply we have to write in the “returned” column the quantity of goods which we are going to return. For example we are going to return 2 items then following changes will appear:

The amounts  of the units will appear.

Payment of Vendors

PAYMENTS

v First we have to go in the task menu and from there we have to select the payments.

v After selecting the payments following window will be displayed.

v We will select the vendor I.D.  Invoice No, Due Date and Amount will be present.

v After that the discount amount will be displayed.

v When we will click on the pay option the payment amount will be present with the discounted amount.

v If we delete the discount option then the amount received will be without the discount.

v The discount account has to be made.

v In case the discount is not avail by the vendor then the discount account has to be selected.

v In case the discount is availed by the vendor, then there is no need to select the discount account.

HOW TO MAINTAIN   INVENTORY ITEMS

STEP 1:

     First setup a new company then maintain chart of accounts of company

Step 2:

Go to maintain then click inventory items then u will shown this

Step 3:

Then give the customer id and make the general ledger accounts then we give description like sale account. We enter stock items record abut inventory

Step 4:

Then  option the general in which first we enter the price level in which is the price level 2^nd item tax in which type of tax payer on this item then the option is last unit cost then cost methods tell u

Step 5:

Then  unit weight then the option is minimum stock that tell us if over stock will go down to minimum stock then go to the denser level and then record

Step 6:

Then customer fields in which we enter about are customer and any special note

Maintainance of Vendors

How to maintain Vendors

·         Open Peachtree from your desktop options.

·         Open the existing company whose “Vendors” you want to maintain. Now go to maintain option click on the 2^nd sub-option i.e. Vendors.

·         A window will appear displayed by the name “Maintain Vendors” and provide some information about the vendors like Vendor’s ID, Name, and some general information on different tabs. And “Alt+S” to save the Information.

·         Before entering the Vendors complete information and without entering the “Purchase Account” in the “Purchase Default” tab than a warning will appear and we will press “ok” and will enter the Purchase Account. 

·         The “General” Tab requires some basic information about the Vendor like Contact, account no., Address, City code and country, vendor type, E-mail and website of our company and than we enter beginning balances of vendor.

·         In “Purchase Default” tab, we enter “Purchase Account” and Tax no. and we can choose company through which shipment should be done.

·         In “Custom Fields” tab we enter the other information about the Vendor and we can change that information.

·         In “History” we check the previous records of the vendor.

·         We can also change the “Custom Fields”. Click on “Maintain” option and click on “Default Information” and than select the Sub-option “Vendor”.

·         A window will appear by the name “Vendor Defaults” with “Payment Terms” tab opened. In this tab, we select and enter the discount according to credit term according to the option selected.

1.      C.O.D: It means Cash on Delivery. We receive the payment at the time we deliver the goods or services to the customer.

2.      Prepaid: In prepaid, we receive the amount of goods before delivering them to the customer.

3.      Due in number of days: In this option we actually have to mention the days the payment is due within and we also need to write the credit term and discount.

4.      Due on day of next month: In this we select any day of the next month to receive the payments we can also give discount in this option.

5.      Due at the end of month: In this case, the payment is due at the end day of the month goods are sold and invoice is issued.

In the payment terms, GL sales account, we mention the account in which we are giving discount. And this should from the accounts we are maintaining.

·         In “Account aging” tab, we select the limit for the payment.

a.      Invoice Date: The due date fro under given categories starting from the date on which invoice is issued.

b.      Due Date: The due date for under categories starts right after the due date.

·         In “Custom Field” tab we can change and add new custom fields and then press “Ok”.