How to maintain charts of account?

How to maintain charts of account?

First of all we open the peach tree soft ware and open an existing company and then select the option maintain from menu bar then click the maintain option after use this option select the charts of account option.

After selecting charts of account the following window will appear.

When this window will appear then type your Account ID then press the tab button then type your Description and also enter the Account type. The accounts ID determine how the account is identified in the charts of accounts.

Select the Account type this option is very important account types is defined how to account will be located in financial statements.

This window shows the type the account Id Description and Account type.

Enter the account ID 105 then press the tab button then enter the Description cash in bank then enter the tab button and select the Account type option.

If the account ID Description or Account type are wrong enter then enter the Wright thing  then following window will appear.

Click the change ID option then open a list of account and select the ID which are enter wrong then press the Alt and S both then save your account.

If any account deletes then press the delete option then following window will appear.

If we want to delete the account then press the Yes option and if we not delete the account then press the No option.

This window shows the inactive and deactivate.

Select the inactive option and check the accounts.

How to enter beginning balance

After maintain chart of account then enter the beginning balance then make a retained earning account necessary then click the beginning balance option.

 When click the beginning balance option then following window will appear.

This window shows the select period to enter beginning balance options then click the option OK then following window will appear.

This window shows the following heads account ID account description account type assets, expenses and liabilities, equity, income. In this window all the account makes except retained earning. Retained earning account is necessary to enter the beginning balances.

If the total balances of both sides are not equal then difference posts to beginning balance equity account.

Add a new account in beginning balances

When add a new account in beginning balance then click the new option in charts of account beginning balance window then following window will appear.

When click the new option this window will appear this window shows enter new account then enter your account ID description and account type then click the OK option.

Net income

Net income is the difference of income and expense account values. The income and expense values making up Net Income are already included in the total.