Peachtree by Sage Quantum Basic Self-Study Guide

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2009 SELF-STUDY GUIDE

BASIC

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P E A C H T R E E B Y S A G E Q U A N T U M 2 0 0 9 B A S I C S E L F

-S T U D Y G U I D E

Sage Software, Inc. 1715 North Brown Rd. Lawrenceville, GA 30043

C O P Y R I G H T

© 2008 Sage Software, Inc. All rights reserved. The Sage Software logo, Peachtree, Peachtree Premium, Peachtree Complete, Accounting Behind the Screens, Peachtree Today, and the Peachtree logo are registered trademarks or trademarks of Sage Software, Inc. or its affiliated entities. All other trademarks are the property of their respective owners. For more information, call 800-247-3224 or visit us online at

www.peachtree.com.

No part of this book may be reproduced or transmitted in any form; electronic,

photocopying, or by any other means, without prior written permission of Sage Software, Inc. Printed in the United States of America.

F I R S T E D I T I O N , J U N E 2 0 0 8 D I S C L A I M E R

Information in this book is subject to change without notice. Company names and data used as examples herein are fictitious unless otherwise noted. The information in this book is distributed “as is,” without warranty. While every precaution has been taken to assure the quality and accurateness of the information contained herein, Sage Software assumes no liability to any person or entity with respect to any loss or damage caused by or presumed to be caused by the instructions contained in this book or by the software described in it.

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P E A C H T R E E B Y S A G E Q U A N T U M 2 0 0 9 B A S I C S E L F

-S T U D Y G U I D E

D E S C R I P T I O N

This course was developed for Peachtree users who want to master Peachtree Quantum 2009. It offers more than 40 activities to demonstrate how to use Peachtree to help you run your business.

L E V E L B A S I C

S O F T W A R E R E L E A S E 2 0 0 9

O B J E C T I V E S You will learn to:

• Use basic Peachtree features • Set up a new company

• Set up and use General Ledger • Set up and use Accounts Payable • Set up and use Accounts Receivable • Set up and use Payroll

*For a complete list of specific topics covered within each chapter of this guide, please

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TA B L E O F C O N T E N T S

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T

ABLE

OF

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ONTENTS

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A

INTRODUCTION . . . 1

Using This Guide. . . 1

Basic Navigation and Getting Help . . . 2

Help . . . 2

Starting Peachtree . . . 3

Using the Peachtree Icon . . . 3

Using the Start Menu . . . 3

The Start Screen. . . 4

NEW COMPANY SETUP . . . 5

Entering Company Information . . . 6

Select a Method to Create Your Company . . . 7

Selecting a Business Type . . . 8

Copy Company . . . 8

Consolidating Existing Peachtree Accounting Companies . . . 10

Choosing an Accounting Method . . . 12

Choosing a Posting Method. . . 13

Setting Up Accounting Periods . . . 14

Fiscal Year . . . 15

Custom Fiscal Year . . . 16

Setup Guide . . . 17

SETTING UP GENERAL LEDGER. . . 21

Entering General Ledger Defaults . . . 22

Rounding Account Tab . . . 22

Account Segments Tab . . . 23

Modifying the Chart of Accounts . . . 25

Maintain Chart of Accounts Window . . . 25

Header Fields . . . 25

Account Numbering. . . 26

Account Types . . . 27

Masking . . . 30

Entering Account Beginning Balances . . . 32

Chart of Accounts Beginning Balances Window . . . 32

Out-of-Balance Situation . . . 33

Entering Account Budgets . . . 37

Maintain Budgets Window . . . 37

Creating a budget. . . 37

Copying A Row . . . 38

Copying a Column. . . 38

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SETTING UP ACCOUNTS PAYABLE . . . 45

Entering Vendor Defaults . . . 46

Vendor Defaults Window . . . 46

Payment Terms Tab . . . 46

Account Aging Tab . . . 47

Custom Fields Tab. . . 48

1099 Settings Tab . . . 48

Adding Vendors. . . 50

Maintain Vendors Window . . . 50

General Tab . . . 51

Addresses tab . . . 52

History Tab . . . 53

Purchase Info Tab . . . 54

Insurance Tab. . . 55

Entering Vendor Beginning Balances . . . 58

Vendor Beginning Balances Window . . . 58

Vendor Balances Tab. . . 58

Purchases From Tab . . . 58

SETTING UP INVENTORY . . . 61

Entering Inventory Defaults . . . 62

Inventory Item Defaults Window . . . 62

Ordering Tab . . . 63

GL Accts/Costing Tab . . . 64

Taxes/Shipping Tab . . . 66

Price Levels Tab . . . 67

Adding Inventory Items. . . 73

Maintain Inventory Items Window . . . 73

Entering Inventory Beginning Balances . . . 81

Inventory Beginning Balances Window . . . 81

SETTING UP ACCOUNTS RECEIVABLE . . . 83

Entering Customer Defaults . . . 84

Customer Defaults Window . . . 84

Terms and Credit Tab . . . 84

Account Aging Tab . . . 85

Finance Charges Tab . . . 85

Pay Methods Tab . . . 87

Setting Up Sales Taxes . . . 89

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Add Sales Tax Agency . . . 90

Sales Tax Entered . . . 91

Adding Customers . . . 95

Maintain Customers/Prospects Window . . . 95

Addresses Tab . . . 96

Sales Info Tab . . . 98

Payment and Credit Tab . . . 98

Entering Customer Beginning Balances . . . 101

Customer Beginning Balances Window . . . 101

Customer Balances Tab . . . 101

Invoices For Tab . . . 102

Entering Statement and Invoice Defaults . . . 104

Statement/Invoices Defaults Window . . . 104

Statement Print Options Tab . . . 105

Dunning Messages Tab . . . 106

SETTING UP PAYROLL . . . 107

Setting Up Payroll . . . 108

Payroll Setup Wizard. . . 108

Entering Employee Defaults . . . 120

Employee Defaults Window . . . 120

Employee Fields Tab . . . 121

Company Fields Tab . . . 123

Adding Employees. . . 126

Maintain Employees/Sales Reps Window. . . 126

Pay Info Tab . . . 128

Withholding Info Tab . . . 129

Vacation/Sick Time Tab . . . 130

EmployEE Fields Tab . . . 130

Company Fields Tab . . . 132

Entering Employee Beginning Balances . . . 136

Employee Beginning Balances Window . . . 136

LISTS . . . 139

Viewing a List . . . 140

The List Window . . . 140

Adding a new Record or Transaction . . . 140

Editing an Existing Record or Transaction . . . 141

Searching for a Record or Transaction . . . 141

Printing a List . . . 141

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Entering General Journal Entries. . . 146

General Journal Entry Window . . . 146

Recurring Journal Entries . . . 148

General Ledger Reports. . . 151

Report Descriptions . . . 151

Financial Statements . . . 153

USING ACCOUNTS PAYABLE . . . 155

Entering Purchase Orders . . . 156

Purchase Orders Window . . . 157

Editing Transactions . . . 159

Purchasing and Receiving Inventory/Entering Bills . . . 160

Purchases/Receive Inventory Window . . . 160

Apply to Purchases Tab . . . 161

Footer Fields . . . 162

Apply to Purchase Order # Tab . . . 164

About Making Payments . . . 166

Entering Payments/Paying Bills . . . 167

Payments Window . . . 167

Apply to Expenses Tab . . . 169

Apply to Invoices Tab . . . 169

Apply to Customer Account . . . 172

Writing Checks . . . 173

Write Checks Window. . . 173

Handling Specific Types of Payments. . . 175

Entering a Manual Check . . . 175

Processing a Prepayment or Deposit . . . 176

Accounts Payable Reports . . . 178

USING INVENTORY . . . 181

Entering Inventory Adjustments . . . 182

Inventory Adjustments Window . . . 182

Inventory Reports . . . 185

USING ACCOUNTS RECEIVABLE . . . 189

Entering Quotes . . . 190

Quotes Window . . . 191

Converting a Quote . . . 192

Entering Sales Orders . . . 195

Sales Orders Window . . . 196

Entering Sales Invoices . . . 198

Sales/Invoicing Window . . . 198

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Footer Fields . . . 200

Apply to Sales Order # Tab . . . 202

Entering Receipts/Receive Payments . . . 204

Receipts Window. . . 204

Apply to Revenues Tab . . . 206

Apply to Invoices Tab . . . 207

Apply to Vendor Account Tab . . . 208

Handling Specific Types of Receipts . . . 209

Entering a Prepayment or Deposit. . . 209

Accounts Receivable Reports . . . 212

USING PAYROLL . . . 215

Paying an Employee . . . 216

Payroll Entry Window . . . 217

Payroll Reports . . . 220

UTILITIES AND SPECIAL PROCESSING . . . 223

Change a Record ID. . . 224

Change ID Window . . . 224

Adding Records on the Fly . . . 225

Void Transactions . . . 227

Voiding Checks . . . 227

Voiding Sales Invoices . . . 228

Account Reconciliation . . . 229

Account Reconciliation Window. . . 229

Backup and Restore . . . 233

Making a Backup. . . 233

Restoring a Backup . . . 235

Business Status Center. . . 237

The Toolbar . . . 238

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1

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I

NTRODUCTION

eachtree Quantum 2009 Basic Self-Study Guide is a guide

developed for users who want to learn Peachtree Quantum 2009. This book contains more than 40 activities to help you learn how to use Peachtree to manage the accounting needs of your business. After completing the activities in this book, you will be able to manage your accounting procedures effectively and efficiently.

U s i n g T h i s G u i d e

Use this book interactively. It has been designed to teach you the basics of using Peachtree 2009 by introducing you to new material in a section, and then reinforcing that material with activities that you perform using Peachtree. Each activity in this guide centers around a sample sales and service company. The activities are based on everyday accounting transactions and can be applied to your own company regardless of the type of business. The sample company you will create, Abracadabra Web Services, is a sales and services company that provides its customers with a variety of specialty products and services.

To get the most from this guide

• Read each section carefully, opening the windows and screens in Peachtree and studying them yourself. Use the online Help in the program for supplemental information on various fields and functions. You can use one of the sample companies provided in Peachtree for viewing windows and screens. Sample Companies can be opened by starting Peachtree, then selecting Explore a sample company, then selecting the company you want to open. Or you can select Close Company from the File menu and then choose Explore a sample company.

• Perform the activity following each section to reinforce your learning, using the company you create in Chapter 2 of this guide. Use the online Help or the Users Guide supplied with Peachtree for further information or to answer any questions you might have about the window and its function.

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I N T R O D U C T I O N

Basic Navigation and Getting Help

1 . . . . .

B A S I C N A V I G A T I O N A N D G E T T I N G H E L P

. . . .

Like many programs, the features of Peachtree can be accessed using a mouse or the keyboard.

The mouse can be used to access menus, navigation aids, and all other operations that require you to point and click. To use the mouse, place the mouse pointer over the option you want to access and click the left mouse button to select it. In some areas of Peachtree, additional options are available by clicking the right mouse button.

Another way to access menus and menu functions is to use keyboard shortcut keys. A complete list of shortcut keys can be found in the online Help for Peachtree. On each window in Peachtree, you will see underlined letters in field names. To access a field using a shortcut key, press and hold the ALT key, then press the key for the underlined letter. For example, in the General Journal Entry window, the D in the field name Date is underlined. To move to the Date field, press and hold the ALT key, then press the D key. This shortcut can also be represented by the abbreviation ALT+D.

H e l p

Accessing online Help is easy in Peachtree. You can access Help by clicking the Help button, pressing F1, or using the Help menu.

• Help Button: This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the Help button.

• F1: Displays Help topics relating to the current window.

• Help Menu: Lists all Help options available in the program. The various topics are categorized in the Contents and Index options. The How To section of the Table of Contents is particularly useful, because it gives a list of step-by-step instructions for nearly every feature of Peachtree.

Peachtree has additional Help related items:

• What’s This?: Displays context-sensitive information for most fields in Peachtree. To access this feature, right-click on a field and select What’s This?, or press SHIFT+F1 and click on a field.

• Peachtree Accounting Guided Tour: Guides you through the basics of navigating through the various menus and options the program offers. To access this feature, select Help, Peachtree Accounting Guided Tour from the menu bar.

• Tooltips: Tooltips appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.

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Starting Peachtree

1 . . . .

S T A R T I N G P E A C H T R E E

Once Peachtree is installed, you can start the program in one of two ways: • Double-click the Peachtree icon

• Use the Start menu

If you have not installed Peachtree, refer to the User Guide.

U s i n g t h e P e a c h t r e e I c o n

When Peachtree is installed, a Peachtree icon will be placed on your desktop. To start the program, double-click the icon.

U s i n g t h e S t a r t M e n u

During installation of Peachtree, a program group is created so you can start the program using the Start menu. Follow these steps to start Peachtree using the Start menu:

• Click Start and select Programs. • Highlight the Peachtree group. • Choose Peachtree 2009.

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Starting Peachtree

1 . . . . .

T h e S t a r t S c r e e n

When you first start Peachtree, the Start Screen opens.

The options available on the Start Screen include: - Open an existing company.

- Create a new company. - Explore a sample company.

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EW

C

OMPANY

S

ETUP

ew company setup is an easy way to enter basic information about your company into Peachtree. To help you with creating a new company, Peachtree provides the Create a New Company Wizard.

When setting up a new company, you enter information such as your company name and address. You will also select a chart of accounts, accounting method, and posting method. Finally, you will establish accounting periods that match your company’s fiscal year.

There are two ways to start the Create a New Company Wizard. The first method is to select File, New Company from the menu bar. The second method is to select Create a new company from the Start Screen. If another company is open, you will receive a message stating, “This will close the current company.” Click OK to continue to the Create a New Company Wizard.

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N E W C O M P A N Y S E T U P

Entering Company Information

2 . . . . .

E N T E R I N G C O M P A N Y I N F O R M A T I O N

. . . .

The Create a New Company Wizard guides you through entering the company address, telephone numbers, tax ID numbers, and business type.

Company information appears on reports, purchase orders, invoices, quotes, checks, and tax forms.

Once the new company has been created, you can select Maintain, Company Information at any time to review or update the information entered on this window.

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Select a Method to Create Your Company

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S E L E C T A M E T H O D T O C R E A T E Y O U R C O M P A N Y

Depending on the version of Peachtree you are using, there can be up to five chart of accounts options when setting up a company:

Select Use a sample business type that closely matches your company to automatically import a chart of accounts for one of these types of companies. You will have a choice of either simplified charts of accounts or detailed charts. If you select this option, you will select the type of company on the next screen. You can later add, edit, or delete accounts and account descriptions.

If you already have a Peachtree company and would like to use a similar chart of accounts for the new company, select Copy settings from an existing Peachtree Accounting company.

If you select Convert a company from another accounting program or Build your own chart of accounts, the chart of accounts selection is skipped, and Peachtree allows you to create your own chart of accounts once the company has been created.

If you select Consolidate existing Peachtree Accounting companies, you will establish this company as a holding company whose financials will consolidate information from companies you specify in the next window.

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S e l e c t i n g a B u s i n e s s T y p e

You can select a chart of accounts from any of the sample companies provided. You can view the chart of accounts for a sample company on the right.

Click the View details about a business type link to see details of the highlighted business type.

C o p y C o m p a n y

To view the accounts in a company, highlight a company name and the accounts will appear to the right. To select a company to copy settings from, highlight the company name and click Next. The next window lists the various components of the company that

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2

you can copy to the new company. Select the check boxes for the components you want to copy and clear the check boxes for the components you do not want to copy.

D e f i n e A c c o u n t S e g m e n t s

If you selected Build your own chart of accounts, Peachtree will display the Define Account Segments window. Here, you will select whether or not you want to divide your General Ledger Account ID into segments. You have the ability to create and define up to five segments for your Account ID. The account descriptions will be used throughout the program, and you will be able to filter reports and financial statements based on a particular segment simply by selecting the appropriate segment from a drop-down list. These are useful if you departmentalize your chart of accounts or use any other parts of your Account ID to define different parts of your company.

• If you want to use segments and masking, select Yes, I would like to use account masking and then enter a description for each segment (up to 10 characters), its length, and the separator between that segment and the one that follows it. The total length of the ID, including separators, can be up to 15 characters, and Peachtree will display the structure of the ID on the right side of the window. When you are done, click Next. If

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2 . . . . .

you want to change the account segmentation later, you can do so in General Ledger Defaults on the Account Segments tab.

• If you do not want to use segments in your Account ID, select No, I do not want to use Account Masking and click Next.

C o n s o l i d a t i n g E x i s t i n g P e a c ht r e e A c c o u n t i n g C o m p a n i e s

To specify the companies that will be consolidated in this company, select each company from the list in the left hand box and click Add. If the company does not appear in the list, you can use the Browse button to search for it.

There are a number of rules for consolidating companies:

• All companies to be consolidated must have the same fiscal year setup, as well as the same accounting method (Accrual or Cash).

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2

If you choose to create a consolidated company, Peachtree will skip the Accounting Method and Accounting Periods windows, since the accounting method and periods are determined by the companies to be consolidated.

• Each General Ledger account must be of the same type (for example, account 10001 must be Petty Cash in all companies).

• General Journal descriptions will include the company name of the subsidiary company in which a transaction was created.

• All transactions created in the consolidated company will have the reference "Consolidated Trans."

Later, you can change which companies are consolidated by opening the consolidated company and selecting File, Reconsolidate Company.

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Choosing an Accounting Method

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C H O O S I N G A N A C C O U N T I N G M E T H O D

. . . .

Peachtree allows you to choose one of two accounting methods, Accrual or Cash. The cash method records income when cash is received and expenses when they are paid. The accrual method records income when it is earned and expenses when they are incurred. If you are not sure which accounting method your company should use, consult your accountant before selecting an accounting method.

You cannot change Accounting Methods once New Company Setup is complete. Ensure that the correct accounting method is selected before continuing.

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Choosing a Posting Method

2 . . . .

C H O O S I N G A P O S T I N G M E T H O D

Peachtree allows you to choose one of two posting methods, Real Time or Batch. When you use real-time posting, transactions update the General Ledger when they are saved. If you choose batch posting, you must post the journals before the General Ledger will be updated.

Real-time posting updates the General Ledger each time a transaction is entered, which means your reports in Peachtree always reflect your current financial standing. For this reason, Peachtree recommends using real-time posting.

The posting method can be changed at any time by selecting Company Information from the Maintain menu.

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Setting Up Accounting Periods

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S E T T I N G U P A C C O U N T I N G P E R I O D S

. . . .

On the Accounting Periods Structure window you can choose to use 12 monthly accounting periods per year, or Accounting periods that do not match the calendar months. An example of the latter would be a business that needs 13 periods with four weeks in each period.

Peachtree allows two fiscal years to be open at a time. Each fiscal year is made up of accounting periods. At the end of the second fiscal year, you close the first fiscal year to make the next fiscal year available.

Your accounting period setup should reflect the beginning of your fiscal year, even if you start entering transactions in the middle of the year. Some examples of common situations are below:

• The fiscal year starts January 2008 and matches the calendar year. Transactions will be entered in Peachtree starting in June 2008. The accounting periods should be set up so that January 2008 is period 1. That means that June 2008 will be period six, and transactions can be entered for any month between January 2008 and December 2009. • The fiscal year starts in July 2008 and ends in June 2009. Transactions will be entered

in Peachtree starting July 2008. The accounting periods should be set up so that July 2008 is the first period. This accounting period setup would allow transactions to be entered in any month between July 2008 and June 2010.

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2 F i s c a l Y e a r

If you chose the option 12 monthly accounting periods, you will next specify when you want your fiscal year to begin.

You cannot change Accounting Periods once New Company Setup is complete. Ensure that the correct accounting periods are selected before continuing.

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2 . . . . .

C u s t o m F i s c a l Y e a r

If you chose Accounting periods that do not match the calendar months, the following questions appear on the Custom Fiscal Year window:

• How many accounting periods do you want in a fiscal year?

- You may enter from 1 to 13 accounting periods per fiscal year. When 13 is chosen, the periods in the list to the right will default to 13 four-week periods.

• What is the start date of your first fiscal year? - Enter the month and year of your first fiscal year.

After the company is created, you can change the current period at any time by selecting Tasks, System, Change Accounting Period from the menu bar.

If the accounting periods shown in the list to the right still do not match your fiscal year setup, you can change each From and To date as needed.

You cannot change Accounting Periods once New Company Setup is complete. Ensure that the correct accounting periods display before continuing.

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Setup Guide

2 . . . .

S E T U P G U I D E

You can use the Setup Guide to walk you through setting up all of your customers, jobs, vendors, inventory items, employees, chart of accounts, and users.

A C T I V I T Y 1 - S E T T I N G U P A N E W C O M P A N Y

Abracadabra Web Services is a sales and service corporation based in Atlanta, Georgia. The company’s fiscal year starts in January and ends in December. Abracadabra is ready to use Peachtree for its daily accounting tasks. The company will start entering new transactions in Peachtree on February 1, 2008. Follow these steps to set up this company in Peachtree:

1 Start Peachtree using the start menus or the icon on the Desktop. Select Create a new company from the Start Screen.

2 A window opens, welcoming you to the Create a New Company Wizard.

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Setup Guide

2 . . . . .

3 Enter the information shown below in the Company Information window:

4 Click Next after you have entered all the information.

5 Abracadabra will use a business type provided with Peachtree. Select Use a

sample business type that closely matches your company and click Next.

6 Scroll through the Select a business type list on the left until you find Sales & Service Company. Highlight the words Sales & Service Company by clicking them; then click Next to select that business type.

7 Abracadabra uses the accrual method of accounting. Select Accrual and click

Next.

8 Select Real Time for the posting method. This will allow each transaction entered to update the General Ledger automatically. Click Next.

9 Abracadabra’s fiscal year runs from January to December each year with one period for each month. Select 12 monthly accounting periods per year and click Next.

10Abracadabra’s fiscal year will begin in January 2008. Enter this value and click

Next.

11You are now ready to finish the Create a New Company Wizard. Select Finish.

12A progress window appears as the company is created. When it is finished,

close the Peachtree Payment Solutions screen.

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Setup Guide

2

14The desktop should appear as shown below:

15To ensure that the remaining activities in this guide work properly, you will

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Setup Guide

2 . . . . .

16On the Accounting tab, ensure that Hide inactive records and each box in the Hide General Ledger Accounts section is clear.

17Select the General tab.

18Ensure that Automatic Field completion and Drop-down list displays

automatically are selected, but Automatically create IDs on maintenance windows is unchecked. Set Line Item Entry Display to 2 line.

19Click OK to return to the Peachtree desktop.

20Finally, Abracadabra will begin entering transactions in February 2008. To

change the Accounting Period to February, select Tasks, System, Change Accounting Period.

21Highlight 02-Feb 01,2008 to Feb 29, 2008.

22Click OK. If you receive a notice asking you to run the Internal Accounting

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3

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S

ETTING

UP

G

ENERAL

L

EDGER

he General Ledger stores information relating to all financial activity for your company. All business transactions are eventually posted to the set of accounts that make up the General Ledger. This set of accounts is called the chart of accounts. You can think of the chart of accounts as holding places for every item you want to keep track of in your business. Information about the chart of accounts is entered through the Maintain Chart of Accounts window.

When transactions are posted in Accounts Receivable, Accounts Payable, Inventory, and Payroll, the journals are updated. The journals in turn update the General Ledger. Entries made to the General Journal also update the General Ledger. The interaction between the General Ledger and the other sections in Peachtree is illustrated below:

T

J o u r n a l s G e n e r a l G e n e r a l A c c o u n ts R e c e i v a b l e A c c o u n ts P a y a b l e I n v e n t o r y P a y r o l l

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S E T T I N G U P G E N E R A L L E D G E R

Entering General Ledger Defaults

3 . . . . .

E N T E R I N G G E N E R A L L E D G E R D E F A U L T S

. . . .

To access the default information window for the General Ledger, select Default Information, General Ledger from the Maintain menu.

R o u n d i n g A c c o u n t T a b

The Rounding Account is an account in your General Ledger used by Peachtree to store rounding differences on Financial Statements. This account can be either a balance sheet account or an income statement account. Typically, the Retained Earnings account is used.

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3 A c c o u n t S e g m e n t s T a b

On the Account Segments tab, you can create or change segments for your chart of accounts ID. This will allow you to take full advantage of the masking and filtering features of Peachtree when you print reports and financial statements. You can use this feature for printing reports that are filtered by department, division, account ID, or any other segment you create. When you initially create your company in New Company Setup, Peachtree gives you the opportunity to divide your Account ID into segments, but you can do it here as well. If your chart of accounts is already set up and you change the segment structure, Peachtree will scan your chart of accounts and inform you if any accounts do not fit the new segment structure. You can then print your Chart of Accounts report to identify those accounts.

You can segment your chart of accounts ID by creating descriptions, lengths, and separators for up to five segments.

A C T I V I T Y 2 - S E T T I N G U P G E N E R A L L E D G E R D E F A U L T S

The only information we will set up in General Ledger defaults is the Rounding Account. This account is used by Financial Statements when they are designed to round dollar amounts to the nearest dollar. Any rounding differences are added to the Rounding Account on the Financial Statement. To verify the rounding account:

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3 . . . . .

1 Select Maintain, Default Information, General Ledger. The General Ledger Defaults window displays the Rounding Account.

2 Verify that the Rounding Account assigned is account 39005, which is

Retained Earnings. If the account is correct, click OK. If the account is incorrect, enter 39005 and click OK.

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Modifying the Chart of Accounts

3 . . . .

M O D I F Y I N G T H E C H A R T O F A C C O U N T S

If you chose to copy a chart of accounts while using the New Company Setup Wizard, you already have a full list of accounts available. This chart contains all the accounts necessary to run a business. However, since all businesses are different, it may be necessary to add, rename, or delete specific accounts in the chart of accounts.

In the Maintain Chart of Accounts window, you can add and edit existing accounts or delete accounts that have no activity. You can also enter beginning balances for the accounts.

The chart of accounts is explained on the following pages. To open the Maintain Chart of Accounts window, select Maintain, Chart of Accounts.

M a i n t a i n C h a r t o f A c c o u n t s Wi n d o w

The Maintain Chart of Accounts window is used to enter new accounts, edit existing accounts, enter account beginning balances. Fields of interest are described below:

H E A D E R F I E L D S

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• Description: Enter a description for the account. This description prints on reports and financial statements. • Inactive: Select this check box to make the ID inactive. Inactive records are deleted

when the purge utility is run, if they have not been used in any transactions in an open fiscal year. Inactive records can be used in transactions, but a message appears, reminding you of the inactive status.

• Account Type: Select a type from the drop-down list. Accounts are grouped by account type on financial statements. Accounts assigned to the account types of Income, Expenses, Cost of Sales, and Equity--Gets Closed will close to the account assigned to the Equity--Retained Earnings account type at the end of the fiscal year.

A c c o u n t N u m b e r i n g

Peachtree allows the use of both numbers and characters in an account numbering system. However, an account numbering system should be established so it can be understood by everyone, from new employees to accountants. In a traditional General Ledger, individual accounts are numbered and placed into ranges similar to those in the following table:

Peachtree’s sample companies use numbering schemes similar to those in the table above. If you choose not to use a sample chart of accounts, there are a few rules and guidelines that should be followed when an account numbering system is established.

• Up to 15 alphanumeric characters can be used in an account ID.

• Asterisks (*), question marks (?), and plus signs (+) cannot be used in an account ID. • Leading or trailing spaces are not permitted in an account ID. However, spaces

between characters are allowed.

• Account numbers are sorted alphabetically, with numbers in the account ID sorted before letters. For example, account ID “2” lists after account ID “1000” and before an Account Range Account Types

10000 Cash, Accounts Receivable, Assets 20000 Accounts Payable, Liabilities 30000 Equity

40000 Income

50000-70000 Cost of Sales, Expenses 80000 Other Income

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3

account ID starting with “AR.” Account numbers are not case sensitive; therefore, CASH and Cash are the same account ID.

• There can only be one account assigned an account type of Equity--Retained Earnings.

A c c o u n t T y p e s

Account types are used to group similar accounts together. They also determine where the accounts will appear on financial statements, and whether the account typically carries a debit or credit balance. Peachtree has a wide variety of account types available:

At the end of the fiscal year, the balances of the Income, Expense, Cost of Sales, and Equity--Gets Closed account types become zero. The net difference of these accounts is added to the Equity--Retained Earnings account.

A C T I V I T Y 3 - M O D I F Y I N G T H E C H A R T O F A C C O U N T S

Most of the accounts in the sample chart of accounts can be used by Abracadabra Web Services. However, there are a few account descriptions that need to be changed to more closely match the needs of the business. Also, a few accounts need to be deleted and a few new accounts need to be added.

CH A N G I N G AC C O U N T DE S C R I P T I O N S

Some account descriptions need to be changed to match the business needs. Follow these steps to change the descriptions of accounts:

1 Select Maintain, Chart of Accounts.

2 Enter or select account 10200 from the Account ID lookup list.

•Accounts Payable •Expenses

•Accounts Receivable •Fixed Assets

•Accumulated Depreciation •Income

•Cash •Inventory

•Cost of Sales •Long Term Liabilities

•Equity - Doesn’t Close •Other Assets

•Equity - Gets Closed •Other Current Assets •Equity - Retained Earnings •Other Current Liabilities •Receivables Retainage •Payables Retainage

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3 Change the Description to National Bank Checking.

4 Click the Save button.

5 Using these steps as a guide, change these account descriptions. Remember to click Save after changing each description:

DE L E T I N G AC C O U N T S

Some accounts are not needed, so they can be deleted. Follow these steps to delete accounts:

1 Enter account 15400 for the Account ID. 2 Click the Delete button.

3 Select Yes to confirm you want to delete the record. 4 Using these steps as a guide, delete these accounts:

AD D I N G AC C O U N T S

Abracadabra needs to track income from Web sites designed for companies separately from those designed for individuals. Web sites designed for companies will use the Commercial accounts, which end in the letter C. Web sites designed for individuals will use the Personal accounts, which end in the letter P. This will allow you to track the income for each category and use department-related features. Follow these steps to add accounts:

1 Click the New button on the toolbar 2 Enter the Account ID 40200-C.

3 Enter the Description Design-Commercial Site.

Account ID New Description

50000 Cost of Services Sold 75500 Photostat Expense

76000 Printing and Copying Expense

Account ID Description

40200 Sales #1 40400 Sales #2 40600 Sales #3

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3

4 Select the Account Type Income.

5 Click Save & New to add the account and clear the fields.

6 Using these steps as a guide, add these accounts. Remember to click Save & New after adding each account:

7 You can view your changes on the Chart of Accounts report. To do so, click the Reports icon in the toolbar and, from the drop-down list, select Chart of Accounts. This will open the report on your screen.

8 Select Close to close the report when you are finished. 9 Select Close to close the window.

Account ID Description Account Type

40200-P Design-Personal Site Income 40400-C Programming-Commercial Site Income 40400-P Programming-Personal Site Income 40500-C Maintenance-Commercial Site Income 40500-P Maintenance-Personal Site Income

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M a s k i n g

The chart of accounts can be divided into departments. When printing certain reports, you can filter or mask the information that appears. In the window below, the “NU” in account 57000-NU is an example of an account mask.

Department masking is a powerful feature in Peachtree. Masking allows you to set up codes that, as part of your account number, represent a division or department for that account.

For example, if your company has two branches and each branch has two departments, you can establish accounts that differentiate the branches and their departments. An example of a seven-character account number is shown. The fifth character represents the location, and the sixth and seventh represent the department.

To view reports containing only data specific to a branch or department, use a department mask. For example, to view the totals for department 01, enter *****01, where asterisks represent any possible character or number. Shown below

4001M01

Account

Location

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3

is an example of masking the General Ledger report to include transactions for department 01.

Quantum offers you the Account Segment feature, which allows you to segment your chart of accounts and filter reports using drop-down selection lists rather than the masking method using the asterisk. For information on setting up your company with Account Segments, see the online Help in Peachtree, or page 23.

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Entering Account Beginning Balances

3 . . . . .

E N T E R I N G A C C O U N T B E G I N N I N G B A L A N C E S

. . . .

Peachtree can record account beginning balances in any period in companies that have no posted transactions. After one or more transactions have been posted, Peachtree records account beginning balances as prior-period adjustments.

To enter account beginning balances, click the Account Beginning Balances arrow button on the Maintain Chart of Accounts window. Select the accounting period to enter or adjust balances from the Select Period window.

When entering beginning balances, entries can be made in previous, current, or future periods. When entering prior period adjustments, entries can be made only in previous periods.

Typically, account beginning balances should be entered in the period previous to the first period in which transactions will be entered. For example, if transactions will be entered in Peachtree starting in June, the account beginning balances should be entered as of the end of May.

C h a r t o f A c c o u n t s B e g i n n i n g B a l a n c e s W i n d o w

The Chart of Accounts Beginning Balances window lists each account ID, description, and account type. Depending on the account, entries are made in the Assets, Expenses column or in the Liabilities, Equity, Income column. Peachtree indicates which column to use by making the other column unavailable. Positive amounts are entered in both columns unless one of the following apply:

• The balances are for contra accounts other than accumulated depreciation.

• Your company is operating “in the red” and has a negative retained earnings account balance.

• You are converting mid-year and are recording dividends paid. The balance of this equity account would be entered as a negative value.

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3

Fields of interest are described below:

• Assets, Expenses: Enter the balance of the account if the account typically carries a debit balance. If the account is a contra account other than accumulated depreciation or currently carries a credit balance, enter a negative amount.

• Liabilities, Equity, Income: Enter the balance of the account if the account typically carries a credit balance. If the account is a contra account or currently carries a debit balance, enter a negative amount.

• Trial Balance: Shows the result of the Assets, Expenses column minus the Liabilities, Equity, Income column. This value should be zero before you click OK. If this value is non-zero, the amount shown will post to a Beginning Balances Equity account.

O u t - o f - B a l a n c e S i t u a t i o n

If the Trial Balance shown at the bottom of the Chart of Accounts Beginning Balances window is not zero, then there is an of-balance situation. If you click OK with an out-of-balance situation, the following message appears:

If you click OK to this message, a Beginning Balance Equity account will be created in the equity section of your chart of accounts. The total out-of-balance amount will post to this account. Your books will be in balance, and you can enter and post transactions. However, this account appears on General Ledger reports and on the Balance Sheet until

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3 . . . . .

Peachtree suggests you click Cancel to return to the Chart of Accounts Beginning Balances window. Then, locate and correct errors made when entering account beginning balances. When the Trial Balance is zero, you can click OK.

A C T I V I T Y 4 - E N T E R I N G B E G I N N I N G B A L A N C E S

Abracadabra has created a list of their ending balances for each account as of January 31, 2008. These balances will be entered in Peachtree as the chart of accounts beginning balances. These balances will update the General Ledger when saved. Follow these steps to enter account beginning balances:

1 Select Maintain, Chart of Accounts.

2 Click the Account Beginning Balances button. Select the period From 1/1/08 through 1/31/08 on the Select Period window and click OK.

This period is selected because the balances for each account are as of January 31, 2008.

3 The Chart of Accounts Beginning Balances window displays the ID,

description, and type for each account. Accounts with a zero balance can remain blank.

4 Enter the account beginning balances listed on the next page. Not every account

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3

5 When finished, click OK to save the balances, then click Close.

6 To view your trial balance, select Reports & Forms from the menu bar, then General Ledger.

Account ID Account Description Account Type

Assets, Expenses

Liabilities, Equity, Income

10000 Petty Cash Cash 500.00 10200 National Bank Checking Cash 27764.45 10300 Payroll Checking Cash 12000.00 10400 Savings Account Cash 16746.00 11000 Accounts Receivable Accounts Receivable 16547.44 12000 Inventory Inventory 508.00 15000 Furniture & Fixtures Fixed Assets 2000.00 15100 Equipment Fixed Assets 8000.00 15200 Automobiles Fixed Assets 12000.00

17000 Accum. Depreciation-Furniture Accumulated Depreciation 200.00 17100 Accum. Depreciation-Equipment Accumulated Depreciation 600.00 17200 Accum. Depreciation-Automobil Accumulated Depreciation 800.00 20000 Accounts Payable Accounts Payable 9007.00 23100 Sales Tax Payable Other Current Liabilities 532.44 23400 Federal Payroll Taxes Payable Other Current Liabilities 1969.24 23500 FUTA Tax Payable Other Current Liabilities 81.60 23600 State Payroll Taxes Payable Other Current Liabilities 328.42 23700 SUTA Payable Other Current Liabilities 306.00 39005 Retained Earnings Equity-Retained Earnings 83814.69 40200-C Design-Commercial Site Income 4890.92 40400-C Programming-Commercial Site Income 2553.68 50000 Cost of Services Sold Cost of Sales 1877.52

65000 Employee Benefit Programs Exp Expenses 30.54 72000 Payroll Tax Expense Expenses 1581.00 77500 Wages Expense Expenses 5529.04

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7 From the Report List section of the Select a Report & Form window, double click General Ledger Trial Balance.

8 When you are done viewing the report, click Close.

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Entering Account Budgets

3 . . . .

E N T E R I N G A C C O U N T B U D G E T S

Budgets can be entered for each account using the Budgets feature under the Maintain menu. These budget amounts appear on Financial Statements that compare actual activity to the budget assigned to the account.

M a i n t a i n B u d g e t s W i n d o w

The Maintain Budgets window is used to enter and update budget information for accounts. You can enter data for up to four fiscal years. In addition, you can print a budget variance report from this window. Peachtree Quantum allows you to track multiple budgets. Fields of interest are described below.

• Account Filters: Use these filters to select ranges of accounts that you want to view. Use the Department Mask field to filter your budget by department mask. You can select to filter by Account Segment, in addition to Type.

• View Fiscal Year: Use this field to select which fiscal year you want to view. You can select from up to four fiscal years.

C R E A T I N G A B U D G E T

You can create a budget by selecting Maintain, then Budgets. On the Maintain Budgets window, enter a Budget Name and Description. Then, select your Account Filter and

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Fiscal Year. Finally, fill in the grid below with your budget amounts for each account and fiscal period. C O P Y I N G A R O W

You can quickly copy a cell on the grid from one cell to another cell or multiple cells. To do so, enter an amount in a cell. When you select a cell, a small toolbar will appear with options for copying, pasting, and adjusting. (If you do not see the small toolbar, select Edit on the menu bar and select Quick Action Buttons to make it appear. You can also select Copy, Paste, and Adjust from the Edit menu if you do not want to use the Quick Action buttons.) After you enter the amount, click another cell to save the amount. Then click the first cell again and click Copy. Then, select the cell that you want to paste the amount into, and select Paste. The amount is copied. If you want to paste the amount into multiple cells, click and drag the cursor over those fields. The cells will be highlighted in blue to indicate they are selected. Then, click Paste. The amount will be pasted into all of the selected cells.

You can also copy an amount into an entire row in the following way: select an amount, and then click Copy on the small toolbar. Next, select Edit from the menu bar at the top of the window. Then, choose Select, and Entire Row. The row will now be highlighted in blue. Click Paste on the small toolbar in the grid.

C O P Y I N G A C O L U M N

You can copy a column of your budget by using the Autofill button. Once you have completed a column for a fiscal period, click the Autofill button.

Select Copy amounts from the open budget, and click Next. Then, complete the fields, indicating that you want to copy from the completed column into another column. Then click Finish.

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A D J U S T I N G A M O U N T S

You can adjust the amount of a single cell or many cells by using the Adjust option. To do so, select the cell or cells that you want to adjust. You can select a single cell by clicking it, or you can select an entire row, column, or even the entire budget by clicking and dragging the cursor over the cells you want to adjust. Once you have highlighted the amounts you want to adjust, click Adjust on the small toolbar. This will open the Adjust Budget Amounts window.

Enter the dollar amount or percentage that you want to adjust the amounts by, and then specify a rounding figure, if necessary. Finally, click OK. The amounts highlighted will be adjusted.

If you want to adjust the amounts up, enter a positive number for the dollar amount or percent; if you want to adjust the amounts down, enter a negative number.

A C T I V I T Y 5 - E N T E R I N G B U D G E T S

Budgets have been determined for the income and expense accounts used by the company. Follow these steps to enter General Ledger account budget amounts:

1 Select Maintain from the menu bar, then Budgets.

2 Enter Budget in the Budget Name field.

3 Enter Abracadabra Budget in the Description field.

4 Find Account ID 40200-C. The budget for this account is the same each month.

You will enter a budget amount for January and copy the amount to the remaining months.

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5 In the column for 1/31/08, enter an amount of 12,000.00. Press TAB to move to

the next field.

6 To copy this amount to the remainder of the fiscal periods for this year, click the

amount again to select it.

7 Click Copy from the small toolbar.

8 Select Edit from the menu bar at the top of the window.

9 Choose Select, then Entire Row. This will highlight the entire row for that account.

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3

10Click Paste on the small toolbar.

11Using these steps as a guide, enter the budget amounts for these accounts. Follow steps 5-10 for each account.

12Click Save to save the budget.

13Click Close when you are finished entering the budget.

Account ID Description Budget

40200-P Design-Personal Site 6250.00 40400-C Programming-Commercial Site 2416.00 40400-P Programming-Personal Site 8000.00 40500-C Maintenance-Commercial Site 3750.00 40500-P Maintenance-Personal Site 1500.00 50000 Cost of Services Sold 6040.00 60100 Advertising Expense 2200.00 72000 Payroll Tax Expense 1200.00 75500 Photostat Expense 1600.00 76000 Printing and Copying Expense 1250.00

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A C T I V I T Y 6 - C O P Y I N G A N D A D J U S T I N G B U D G E T I N F O R M A T I O N

The budget figures entered for fiscal year 2008 will be copied to fiscal year 2009 and increased by 10%. To do this, follow the steps below.

1 Select Maintain, then Budgets. Select Budget in the Budget Name field. 2 To copy the budget figures from 2008 to 2009, select Autofill from the toolbar.

3 On the Edit a Budget window, select Copy amounts from the open budget. 4 Click Next.

5 Under Select the periods to copy, make sure that This Year appears, that the

From period is 1/1/08, and the To period is 12/31/08.

6 Under Select the periods to paste into, select Per Start (1/1/09).

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8 To adjust this budget, click Edit from the menu bar. Then choose Select, and then All cells. This will highlight the entire budget.

9 On the small toolbar, click Adjust. This will open the Adjust Budget Amounts window.

10Enter 10.00 in the Adjust the amount by field, and use the drop-down to

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11Click OK. The budget will be adjusted.

12Click Save to save the changes.

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4

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S

ETTING

U

P

A

CCOUNTS

P

AYABLE

ccounts Payable monitors the products received from vendors and the money paid to vendors. You can set up payment terms, aging guidelines, and more for each vendor. Information about your vendors is entered through the Maintain Vendors window.

Purchases entered in Accounts Payable can update the quantities on hand in Inventory and the costs tracked in Job Cost. Purchase expenses applied to a job are available in Accounts Receivable as reimbursable expenses that can be billed on a sales invoice. When transactions are posted in Accounts Payable, the journals are updated. The journals in turn update the General Ledger. The interaction between Accounts Payable and the other sections in Peachtree is illustrated below:

A

A c c o u n ts P a y a b l e J o u r n a l s G e n e r a l L e d g e r I n v e n t o r y A c c o u n ts R e c e i v a b l e J o b C o s t

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S E T T I N G U P A C C O U N T S P A Y A B L E

Entering Vendor Defaults

4 . . . . .

E N T E R I N G V E N D O R D E F A U L T S

. . . .

To access the default information window for vendors, select Default Information, Vendors from the Maintain menu.

V e n d o r D e f a u l t s W i n d o w

The Vendor Defaults window is used to enter basic information that applies to most of your vendors and purchase transactions. Each tab is described below:

P A Y M E N T T E R M S T A B

When you open the Vendor Defaults window, the Payment Terms tab appears. On this tab are the Standard Terms section and the GL Link Accounts section. You can set up standard payment terms that apply to the majority of the invoices that you receive from your vendors. You also assign the General Ledger purchases discount account number,

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any discount allowances, and a standard credit limit for all vendors. When you change the payment terms on this tab, the default terms for vendors that use standard terms change automatically. Fields of interest are described below:

ST A N D A R D TE R M S

In the Standard Terms section, you select the terms method most often assigned to you by your vendors. You will specify the following: the number of days extended to you for paying your invoices, any discounts, and the amount of your standard credit limit. Standard Terms are the default terms that apply to vendors. You can change standard terms for each vendor when you set up the vendor in the Maintain Vendors window.

A C C O U N T A G I N G T A B

Select the Account Aging tab to enter account aging information. You select whether your purchase invoices/vendor bills should be aged by invoice date or due date, and you can specify the frequency that your payables age. This information is reflected on the Aged Payables report and in the Payment Manager.

AG E IN V O I C E S B Y

Each invoice/bill and vendor balance appears on your aging report with the number of days past due.

AG I N G CA T E G O R I E S

The information in this section determines the aging of your invoices on the Aged Payables report.

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C U S T O M F I E L D S T A BPeachtree allows you to customize up to five additional fields for maintaining information on your vendors. Enter any field labels here.

1 0 9 9 S E T T I N G S T A B

The settings on the 1099 Settings tab allow you to define the way Peachtree tracks and reports payments made to 1099 vendors. For instance, the payments you make to an independent contractor for services rendered should be reported as 1099 earnings. If you make a payment to the same contractor to reimburse for materials, the payment should not be reported as 1099 earnings. Fields of interest are described below:

• 1099 Settings: Choose the appropriate option for each account from the list below. Check with your accountant for the appropriate option, which depends on the type of 1099 you need to produce.

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• Reset Default: Click this button to return all accounts to the default setting of Box 1 or Box 7.

A C T I V I T Y 7 - E N T E R I N G V E N D O R D E F A U L T S

Vendor defaults are used as the initial settings for new vendors. Therefore, these settings should match the most common settings for your vendors. When vendors are set up, you can override the default settings if necessary. Follow these steps to enter vendor defaults:

1 Select Maintain, Default Information, Vendors. 2 Change the Credit Limit to 2500.00.

3 Enter an Expense Acct of 60000.

4 The correct Discount GL Account is assigned. Select the Account Aging tab.

5 In the Age Invoices by section, select the Invoice date option. This will make

invoices age based on the invoice date.

6 In the Aging Categories section, keep the default information.

7 Now, select the Custom Fields tab. You can enter customized labels for custom

fields. On each vendor record, you can enter text next to each custom field label to store additional information about the vendor.

8 Change Field Label 3 to Business Hours.

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Adding Vendors

4 . . . . .

A D D I N G V E N D O R S

. . . .

After entering the vendor default information, the next step is to enter each vendor. As you add vendors, you can use the default

information that was entered or change the information for specific vendors. To add or edit vendors, select Maintain, Vendors.

M a i n t a i n V e n d o r s W i n d o w

The Maintain Vendors window is used to enter, change, and store information about the people and companies from whom you purchase products and services. Each tab is described below:

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Adding Vendors

4

H E A D E R F I E L D S

• Vendor ID: Identifies the vendors in lookup lists, transactions, and reports. Once an ID is saved, you can click Change ID to make changes. This field can be used to select or sort vendors for payment and report processing. Using the first few characters of this field, you can create groups of vendors by using the same characters. In the following example, 01 is used to designate office supply vendors; 02, vendors from whom inventory is purchased, and 03, utility vendors.

• Name: Enter the name as it should appear on transactions and reports.

G E N E R A L T A B

Enter information specific to each vendor--such as the vendor’s name, address, 1099 information, and telephone numbers--on the General tab. Fields of interest are described below:

• Account #: Enter the account number that this vendor has assigned to your company. This information will be entered automatically in the Memo field on payments. • Vendor Type: This case-sensitive field can be used to filter records for reporting

purposes. It will keep track of all values used by the system for this field, so you can select from a drop-down list in addition to simply typing in the value you want. • 1099 Type: If you will be printing a 1099 form at the end of the calendar year for this

vendor, select one of the available 1099 types.

• Current Balance: If the record has a current balance, the amount will display here. To see the list of individual invoices that make up the balance, click the balance amount link.

The Current Balance will not appear until the vendor record is saved.

Vendor ID Vendor Name

01compus Comp USA 01office Office Depot 02amazon Amazon.com 02barnes Barnes & Noble 03south Bell South 03gapower Georgia Power

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Adding Vendors

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A D D R E S S E S T A BUse the Addresses tab to keep track of remit to addresses for this vendor. You can also select addresses to use as defaults for Payments, Purchase Orders, and Shipments.

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Adding Vendors

4

H I S T O R Y T A B

Select the History tab to view purchases, payments, and last payment information. You can also enter beginning balances here.