INVENTORY DEFAULTS IN PEACHTREE ACCOUNTING

When we talk about inventory in Peachtree accounting; these are the products or services that you sell or render in your company. These items are what keeps your company running. Therefore the need for you to make the right decisions regarding them.

The inventory defaults window lets you tell Peachtree if you want to allow duplicate values for a couple of fields, how you want to be warned regarding low stock situations, what default account numbers will be used for different types of inventory items, what default costing method Peachtree will use for items, what shipping methods you use and how you tax items, and what price levels and pricing structures you want to use. Finally, if there are special terms you use to identify your items, you can set them up as custom fields.

Before you set up inventory defaults, there are several aspects of setup that you should determine. First, what costing method do you use for items? Second, which sales, wage, and cost of sales accounts should be used for distributions from items sold and purchased? Finally, what pricing structures do I have for selling items? Do I have multiple prices? Are they fixed or calculated based on last cost?

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ACCOUNT TYPES IN PEACHTREE ACCOUNTING

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 ...

Okowa on herdsmen issues

Special Assistant to Delta State Governor on Security matters, Hon Basil Ishiekwene has said Governor Ifeanyi Okowa’s style of handling issues between farmers and herdsmen in the State was yielding results. Ishiekwene spoke to newsmen on the sideline of the stakeholders meeting organised by the Delta State Government for Farmers, Herdsmen, Community leaders and Heads of security agencies at the Unity Hall, Government House Asaba penultimate week. According to him, the stakeholders meeting was one in the series of meetings convened by Governor Okowa’s administration. He said; “Governor Okowa’s application of dialogue among stakeholders have saved a lot of lives in the state, it has made the herdsmen and the farmers to be cautious and his efforts to check escalation of hostilities as a result of activities of herdsmen deserves commendation “Our Governor has ensured that through constant engagements with the stakeholders, Delta has remained relatively peac...

Study shows that more men die of masturbation every year

A new study has shown that so many men are dying as a result of "risky masturbation practices." In Germany specifically, the study showed that as many as 100 people are dying every year while masturbating. Oxygen deprivation is the most common cause of death in people who are searching for the "ultimate orgasm", according to forensic examiner, Dr Harald Voss. The body of a man was reportedly found in Hamburg covered in sliced cheese with pantyhose pulled up over his upper body while he was wearing a diving suit and a raincoat. He had placed a plastic bag over his head and sat in front of a heater that was switched on. Another man was found just before the new year who had died from auto-asphyxiation when he was wrapped in chains in a room where "pornographic images were present". In one example, a man was discovered by his mother with Christmas tree lights clamped to his nipples, but she removed them before emergency services arrived. They were initiall...

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