HOW TO MAINTAIN CHART OF ACCOUNTS

HOW TO MAKE CHART OF ACCOUNTS

After the setup your company in Peachtree,  we will make charts of account .When we are making a new company on Peachtree  we select the option build your own company  and create your own charts of account and for that you first click on the “maintain option ” which is shown as below.

With the help of cursor we now click the chart of account heading.

Now by clicking on charts of accounts, a window will open as shown below:

Here we have different set of options that includes:

1.   Account ID  

2.   Description

3.     Account Type

For Instance I made cash in bank account so I entered 105 in Account ID, Cash in bank in description and select Account type is cash after filling all three columns you will press “Alt+S” through which your cash account will be saved automatically, to assure that your account is save now you will see that after pressing “Alt+S” your cursor will automatically goes to first column which “account id” so that you can create your next account. One by one we make all accounts which are relevant to the company.

When you enter all of your company accounts and your charts of account complete, then to see the list of those accounts you will click on Magnify Glass Icon, and the list page will be open in front of you which chart of accounts you are made for your company.

If you mistakenly wrote wrong id of any of your account or you want to change your account due to any reason then for this, the process is that when you open the charts of account page you enter on  “Magnify Glass Icon” to open your account list, then you select the account whom you want to change your id, you will see that in this window option for “change id” is shown in light color which means you cannot select it, so for that purpose you firstly select your account so that you will select the option of change id”, Now for example if you want to change the id of petty cash then you select it:

After selecting petty cash to change its id,now you can see that “Change Id” is in dark color and you select it easily.

So press it  

The page which will open after selecting “Change Id” is shown below, in this you will see your previous id of petty cash in “Current Account Id” and the next option is “Enter New Account Id” in which you enter the new id which you want to write for petty cash account and then click on “OK”.

If you want to delete you account then this Delete Key can help you to delete it.

In this step we enter the Beginning Balances of Chart of Accounts in your new company you have to enter the beginning balances of your accounts first you have to click the beginning balance button shown in the picture on the right side.

When we click on the beginning balance this window show on the screen and when we click the beginning balance we must select the ending date of last year.

When we build up a new company we select the date January 2010 so our beginning balance must be of 31 December 2009 as shown on the window below on the picture.

Then enter the all of chart of accounts along their values shown on the picture below we enter the date from the select period double click on the date then chart of accounts beginning balances come on the screen to enter the date.

In this picture we conclude that our assets and expenses must be equal to our liabilities, equity and income and our total of trail balance should be equally same as shown on the picture below.