How To Maintain Chart Of Accounts?

When we make our company so now it is the time to make our own charts of accounts.

How to maintain charts of accounts?

Open the software peach tree. After clicking on the first option “open an existing company” select your company from the list and click on that. The following window will appear.

 On the top of the window there is a 3^rd option of the maintain click on that. the following window will appear.

At 4th number there is an option of charts of account click on that so the following window will appear.

·         To write the charts of accounts there is account ID write the ID you want to save. after writing press the TAB button so the cursor move to the next.

·         The next is description. Write the account name you want to save e.g. cash in hand. And again press the TAB button and the cursor move next.

·         The next is account type. In account type once you enter the name it will save in it and again by pressing the first alphabet you can find the type. E.g. cash.

·         To save the data click Alt+S. after pressing the button the data you enter is save and the cursor move on to  the first option which is account ID. And so on.

How to delete?

·         If we want to delete any entry from the charts of accounts so we click on the look up button.. That will show all the entries you save. Click on the entry you want to delete the entry will be highlight. And then click on the delete option and it will delete the entry.

How to make correction?

If there is any mistake in entry and you want to correct it then simple click on the look up button in front of account id .there are all the entries click on the entry which you want to correct change the description type or the account type where is the mistake and then press the ALT+S to save the correct entry.

But if there is a mistake in account ID and you want to correct it then there is an option of change ID click on that and the following window will appear.

Current ID number is already written type the new account ID and click on OK.

How to inactivate the account?

Open the software and click on “open an existing company” the window will appear. At the top of the window at 7^th option there is reports click on that. The following window will appear.

Click on 4^th option general ledger. Following window will appear.

Click on the second option charts of accounts. Following window will appear.

In the column active? All are yes it means all the accounts are active. If you want to inactive the account click on the maintain which is at the top of the window. Another window will appear which have the option of inactive. Type the account ID, description of that entry you want to inactive and click on the inactive. And click on the save button so that entry will be inactivate.

How to enter beginning balances?

On window there is an option of beginning balance click on that and the following window will appear

Then select the date. If you want to record the transaction of January 1^st, 2010 so the beginning balance will be December 31 , 2009.if you take beginning balance January 1^st so all these transactions will be recorded at the last of January or the beginning of February . So it is necessary that we take last month as beginning balance.. The ending balance of December will be the opening balance of January so this is same thing. After selecting the beginning balance click on ok. the following window will appear

Then write the balances of the account. If you want to add a new account so click on the new and the following window will appear.

Enter the account type and description and click on ok. After that the following window will appear.

The new account is added. But before choosing the beginning balance you should make retained earning account because if you want to make it on the same window so it will not be made.