Chapter 13:
Customers & Sales
In Chapter 12, you learned how to use
Peachtree’s Purchases/Receive Inventory and Payments features.
Now that you have purchased merchandise from vendors, you are ready to sell that merchandise. To do that, you need to use Peachtree’s
Customers & Sales Navigation Center.
Before using the Sales/Invoicing and Receipts windows, you set up customer defaults, sales tax information, and customer maintenance
information. After these defaults are set up,
Peachtree uses that information when a sale is recorded.
Peachtree’s Accounts Receivable
System, p. 504
Record, then print a sales invoice.
The customer sends a check to pay for the credit sale.
The Customers & Sales Navigation Center
On the Customers & Sales Navigation Center, Peachtree illustrates the accounts receivable system.
Peachtree Tips
You must complete Chapter 12 before you start
Chapter 13.
Restore the Chapter 12.ptb file made on pages 481-482.
If the general ledger account (GL account field) is not displayed on the Sales/Invoicing window, check the global options. In the Hide General Ledger Accounts section, all boxes must be
Backing Up and Saving Files
Chapter 13, pp. 427-428
Backup Name (.ptb)
Excel (.xlsx) Kilobytes Page Nos.
Chapter 13 Begin.ptb 1,052 KB 510 Chapter 13.ptb 1,082 KB 538 Chapter 13_SJ_CRJ_CL_GLTB.xlsx 24 KB 539 Exercise 13-1.ptb 967 KB 544 Exercise 13-2.ptb 984 KB 546 Exercise_SJ_CRJ_CL_GLTB.xlsx 23 KB 546
Exercise 13-2.Sales Journal.pdf 6 KB 546
Exercise 13-2_Cash Receipts Journal.pdf 6 KB 546
Exercise 13-2_Customer Ledgers 6 KB 546
Exercise 13-2_General Ledger Trial Balance.pdf
Glossary of Terms
Chapter 13
Accounts receivable, p. 497
Money that is owed by customers to the business.
Accounts Receivable transactions, p. 497
Credit transactions from customers.
When Cynthia's Service Merchandise sells merchandise on account to customers, the transactions are known as accounts
Invoice, p. 498
A bill that shows an itemized list of goods shipped or services rendered, stating
quantities, prices, fees, and shipping charges.
Sales journal, p. 510
Sales on account are recorded in the sales journal.
In Peachtree, all the information about a sale is recorded in the Sales/Invoicing window. Then, Peachtree takes the
necessary information from this window and automatically journalizes the
Sales/Invoicing window, p. 512
Sales Journal
Cash Receipts Journal, p. 510
A journal used to record all inflows of cash.
Peachtree takes the necessary information from the Receipts window and
automatically journalizes the transactions in the cash receipts journal.
Receipts window, p. 523
Cash Receipts Journal
Accounts receivable ledger, p. 511
The accounts receivable ledger shows the account activity for each customer.
In Peachtree, this is called the customer ledger.
Customer Ledgers, p. 536
Accounts Receivable Ledger
Service invoice, p. 518
An alternative to the standard invoice. Use it when you want to create an
invoice without inventory items.
Cynthia's Service Merchandise sells and repairs household items. When repairs are done, a service invoice is used.
Sales/Invoicing window, p. 519
Service Invoice
Going to the Net, pp. 539-540
Access the Business Owner’s Toolkit website at
www.toolkit.com/small_business_guide/sbg. aspx?nid=P06_1430. Read the accounts
receivable page, and then answer the following questions.
What is the common abbreviation for accounts receivable?
Analysis Question, page 546
What is the balance in the Accounts Receivable account, Cynthia’s Service Merchandise? Why?
The balance in the Accounts Receivable account of Cynthia’s Service Merchandise is $381. This balance reflects the customer account balance for Joann Poe. The Customers Ledgers subsidiary account balance is the same as the Accounts Receivable controlling
Assessment Rubric, p. 547
Date Transaction Navigation Center/Module Task Window Journal Dr./Cr.1/6 Sold five tool kits on account to Alan Clark, Invoice 101
Customers & Sales; Sales Invoice, New Sales Invoice
Accounts Receivable
Sales/Invoicing Sales Journal Dr. 50500, Cost of Sales, Tools, $150 Dr. 11000, Accounts Receivable/Alan Clark, $459 Cr. 23100, Sales Tax Payable, $34 Cr. 40200, Sales-Tools, $425 Cr. 12000,
Assessment Rubric (continued), p. 547 Date Transaction Navigation Center/Module Task Window Journal Dr./Cr.
1/10 Alan Clark returned one of the tool kits purchased on 1/6, Invoice No. 101, CM101. Mr. Clark also paid the balance of Invoice 101.
Customers & Sales, Credits and Returns, New Credit Memo Accounts Receivable
Credit Memos Sales Journal
Dr. 23100, Sales Tax Payable, $6.80 Dr. 40200, Sales-Tools, $85 Dr. 12000, Merchandise Inventory, $30 Cr. 50500, Cost of Sales-Tools, $30 Cr. 11000, Accounts Receivable/Alan Clark, $91.80 Continued
Assessment Rubric (concluded), p. 547 Date Transaction Navigation Center/Module Task Window Journal Dr./Cr.
1/10 Mr. Clark paid the balance of Invoice 101.
Customers & Sales; Receive Money from Customer
Accounts Receivable
Receipts window Cash Receipts Journal Dr. 10200, Caliber Bank, $367.20
Cr. 11000, Accounts Receivable/Alan Clark, $367.20
Online Learning Center
Go online to www.mhhe.com/yacht2012 for additional resources. Link to Student Edition, select Chapter 13.
o Interactive Testing
o Glossary of Terms
o Feature Quizzes
o Two Flash Videos: Demonstrations of sales invoice and customer payments.
o PowerPoints
o Assessment Rubrics
o Going to the Net
