Peachtree Account

Set up a Peachtree Account:

è Firs,t we will open the Peachtree software.

è  Following window will appear on the screen.

è As we have to create a new so, we will click on “Set up a new company”. After clicking, the following window will appear.

è A window will appear, which will display the name “New Company Setup - Introduction”. This window tells you that to create a new company, you have to enter some details. The following are the details required:

·        Your company’s name and address: In this, you have to give the specific name of the company and the address of the company. The name of the company should be short and without spaces; otherwise the Peachtree will create the name itself. Like if you name the company as Pakistan Textiles, Peachtree will make it PAK TEXT or P.TEXTILES.

·        Your chart of accounts: In this, we have to define whether we want to make new heads or we want to copy the existing heads from the existing company that relates to our company.

·        Your accounting method: As we all know that there are two methods of accounting:

1.     Accrual

2.     Cash

So here we will define what accounting method our company is using.

·        Your posting method: There are two methods for posting:

1.     Real Time

2.     Batch

In this, we select one of the methods for our company.

·        Your accounting periods: Usually, the accounting period is 12 months, but you can make fewer or more than 12 accounting so in this step, we will define our accounting period.

And if we want help, then we will click on the “Help” button. Otherwise, we will click on the “Next” option.

è Another Window will appear, which will display the name “New Company Setup – Company Information”.

As we can see that this window requires basic information like the Name of a company, Address line, City, State, Zip, Country, Email, Telephone, and fax. This is the information that we will enter in the window. Business requires telling the type of business the company is doing.

The options “Federal Employer ID”, “State Employer ID”, and “St. Unemployment ID” will be given afterwards by the software itself. So just after providing the information required, click on the “Next” button.

è A window will appear, which will be displayed by the name “New Company Setup- Charts of Accounts”. In this window, you need to mention which heads you want to record.

The first option explains that you can copy the basic information of the existing company whose business is Retail, Service, Construction, Manufacturing, or Distribution Company.

The second option explains that you can copy the basic information from the companies that Peachtree already provides.

The third option explains that you can copy all the settings from the existing company.

The fourth option explains that you can convert your company into an already existing company.

The fifth option explains that you want to make a new company.

Click on the bubble near these options that you want to do, and then click the “Next” button.

è A window will appear, displayed by the name “New Company Setup – Accounting Method”. In this step, you select the method you want to use for your company. There are two types of methods mentioned:

1.     Accrual: In this method, the income is recorded at the time of issuance of the invoice, and expenses are recorded when you receive an invoice from your vendors.

2.     Cash: Income is recorded when you receive cash, and expense is recorded when you pay cash.

After clicking on the bubble of the option you want to select and after that click on the “Next” button.

è A window will appear “New Company Setup – Posting Method” in which you will mention your posting criteria. In Real Time, the Transaction is directly transferred to the financial statement and to the General Ledger, and you can see its effect over there. In Batch, the transaction is saved in the program and then transferred to a group. After selecting the suitable option, click on the “Next” option.

è A window will appear by the name “New Company Setup – Accounting Periods”. Accounting period is the period of 12 months, but if you want to record your transaction for less than 12 months, then you should have to select the bubble of the option “Accounting period that does not match calendar” And then click on the “Next” option.

è In the next window, you will mention the start of your accounting period, and in the next option, you will enter the month of entering the data. In the last you will select the entering year and then click on the “Next” option.

è At the end, the congratulations window will appear, which means that you have successfully created a new company. And at the end, click on the “Finish” button.