Realweblinks Blog

Peachtree is a great basic accounting software that offers several benefits. Let us explore each one and take a closer look.   Easy to Setup: One of the great advantages of using Peachtree is that you can be up and running in under a half hour. You do not have to know much or anything about accounting to set it up. Follow the onscreen guide and it will take you step-by-step through the setup process that includes setting up all of the company information, customers, vendors, inventory or service items, employees, chart of general ledger accounts, and security. For the general ledger accounts, Peachtree offers you the ability to choose from preloaded accounts or you can setup your own. Functionality: Peachtree is a fully functional accounting system. It allows you to issue invoices to your customers, receive payments, enter payables to your vendors, print checks, pay your employees, track   expenses, enter journal entries, and much more. It is packed    ...

Choosing a bussiness type in peachtree accounting is as good as choosing the type of chart of accounts you want to use, the bussiness type you choose actually determines the kind of chart of accounts peachtree will present to you. Below are the details of the bussiness types we have in peachtree. Corporation: This is a business that is owned by a few persons or thousands of persons and is incorporated under the laws of one of the 50 states. It is a body formed and authorized to act as a single entity and is legally endowed with various rights and duties including the capacity of succession. When you select the Corporation business type during New Company Setup, the following equity accounts are automatically set up: Common Stock (Equity – doesn't close) Paid in Capital (Equity doesn't close) Retained Earnings (Equity – Retained Earnings) Dividends Paid (Equity – gets closed) In a corporation, you cannot touch equity except to pay dividends or sell stock. ...

Accounts Payable - This represents balances owed to vendors for goods, supplies, and services purchased on an open account. Accounts payable balances are used in accrual-based accounting, are generally due in 30 or 60 days, and do not bear interest. Select this account type if you are setting up an account to record open vendor accounts or credit card (purchase) accounts. Accounts Receivable - This represents amounts owed by customers for items or services sold to them on credit. Typically, accounts receivable balances are recorded on sales invoices that include terms of payment. Accounts receivable are used in accrual-based accounting. Select this account type if you are setting up an account to record income that you have billed the customer for, but haven't received yet. Accumulated Depreciation - This is a contra asset account to depreciable (fixed) assets such as buildings, machinery, and equipment. Recording depreciation is a way to indicate that assets ...