PEACHTREE ACCOUNTING STEP BY STEP EDITED BY PATRICIA A CARSON, CQA To use this manual: Please read all sections FIRST to Computer Practice sections Then perform Computer Practice and print all requested forms and reports This manual is not intended to completely cover all aspects of the Peachtree Accounting Program, but to provide an introduction to the software COMPANY BACKUP Manual Backup and Restore Backing up creates one file that includes all company information and customized forms present at the time the backup was made, as well as all transactions To make a backup of your company, select Backup on the Company pane Select the option to include the company name as part of the backup file name The letter BU plus today’s date are the default file name if you not check this box After you click Back Up, the Save Backup window opens Select the computer drive and location where you want to save your backup Click Save to create the backup A message will appear, indicating the amount of space needed for the backup file Click OK to continue The extension for the backup will be PTB To restore a backup in Peachtree, you will want to first create a folder, as there are several files that will be created when you restore Select the Restore option on the Company pane Click Browse to choose the location of your backup In the next window, if you are NOT replacing an existing file, you will choose the option New Company If you are replacing an existing company, click the Browse button to navigate to the location of you’re the company you are replacing Click Next Choose Restore Options – Company Data, and you can also select Customized Forms and Web Transactions Click Next Verify the information is correct, and click on Finish COMPUTER PRACTICE: Create a new folder on your desktop labeled Stone Arbor Open Peachtree Choose to open Stone Arbor Construction Following the instructions above, Backup and Restore Stone Arbor Construction COMPANY SET UP – CREATE A NEW COMPANY Create a New Company - Company Information You use the company information window to enter basic information about your company such as    name and address information telephone and fax numbers Web site address (for example, www.company.com) and primary email address (for example, sales@company.com or service@company.com) Note: Do enter the "http://" prefix in the Web site address field    federal and state employer identification numbers state unemployment ID type of business You can change company information at any time When you're finished entering information, select the Next button Select Method to Create You need to establish how your new company will be set up:  Use a sample business type that closely matches your type of company: Select this option to copy basic setup information, particularly a chart of accounts, from a sample company You can select either a simplified chart of accounts that contains only the basic accounts you need to get started; or you can choose a detailed chart Depending on which version of Peachtree you are using your    selections will vary You can modify the accounts later, according to your needs For more information, click Copy settings from an existing Peachtree company: Select this option if you want to copy setup information from another Peachtree company or you are rebuilding a Peachtree company Convert a company from another accounting program: Select this option if you want to import company data from Peachtree Complete Accounting for DOS or Peachtree Classic (PCA), Quicken, or some other program For more information, click The version you have will not convert the version of QuickBooks on your computer Build your own company: Select this option if you want to create a company from scratch This option is only recommended for experienced users who are comfortable setting up accounting information For users coming from a paper ledger, we recommend that they select a business type (see above) that most closely matches their existing chart of accounts and then modify it as they have need If you select this option, make sure you set up your chart of accounts prior to setting up any other part of the company Do this immediately after finishing the Create a New Company wizard  Consolidate existing Peachtree Accounting companies: (Peachtree Premium Accounting and above only) Select this option to combine the charts of accounts of a number of existing Peachtree companies to create a new consolidated chart of accounts This will let you see consolidated financial statements for multiple businesses operating under an umbrella organization Create a New Company - Business Type Your company's business type is a complete list of all account names that will be used in the general ledger, including a set of Equity accounts tailormade for the business Each account is associated with an account ID to help locate it when recording data Charts of accounts can vary depending on the type of business Peachtree provides sample companies from which you can copy the chart of accounts This is a useful shortcut to set your company Later, you can modify the chart of accounts to meet the specific needs of your business Start Create a New Company and make sure the Use a sample business type that closely matches your company option is selected Select the chart of accounts that matches your type from the list Depending on the version of Peachtree that you are using the list of simplified and detailed business types will vary To the right, you can see the chart of accounts that will be created if you select a particular business type To view more information about an industry, select the View details about a business type link To continue setup of your company, select the Next button Peachtree displays the Create a New Company – Accounting Method window Create a New Company - Posting Method The posting method determines how Peachtree processes transactions to journals and the general ledger Start Create a New Company, and make sure the Posting Method window is displayed Choose the posting method you want to use when processing transactions: Real-Time Posting: Transactions are posted to the journals and the general ledger as they are entered and saved This method can save you time and is best for most business and network environments Most companies use this method Batch Posting: Transactions are saved by the program and then posted in a group When you use batch posting, you can print registers and check the batch of transactions before posting them to the journals You can switch posting methods at any time To continue setting up your company, select the Next button Peachtree displays the Create a New Company - Accounting Periods window Create a New Company - Accounting Method The accounting method determines how Peachtree handles General Ledger, Accounts Receivable, and Accounts Payable transactions Start Create a New Company, and make sure the Accounting Method window is displayed Choose the accounting method to run your business: Accrual Accounting: Income is recorded as you invoice customers, and expenses are recorded when you receive bills from vendors, regardless of when cash is actually exchanged This presents a truer picture of income and expenses Most companies use this method Cash-Basis Accounting: Income is recorded when cash (checks, money orders, or currency) is received, and expenses are recorded when paid However, unpaid credit sales and purchases not show on ledgers, which can present a misleading picture of income and expenses If you use cash-basis accounting, you may discover that the inventory valuation report does not agree with the general ledger account for inventory This is because inventory uses the accrual method, while the general ledger is cash basis This means that the inventory records will be updated to reflect unpaid purchases and sales, while the general ledger will not be updated until actual money changes hands Create a New Company - Accounting Period Structure Accounting periods are units of time that divide your fiscal year for reporting purposes In Peachtree you can set up to 13 accounting periods per fiscal year Start Create a New Company, and make sure the first Accounting Periods window is displayed Choose the accounting period structure you want your company to follow: 12 monthly accounting periods: Each accounting period's starting and ending dates match those of the 12 calendar months You can choose to start your fiscal year in January or any other month of the year Most companies follow this fiscal year structure Accounting periods that not match the calendar months: Choose this option if you want to set up a custom fiscal year structure For example, you may want four accounting periods per year or possibly 13 four-week accounting periods per year To continue setting up your company, select the Next button Peachtree displays the next Create a New Company window corresponding to your setup option Create a New Company - Fiscal Year Starting dates need to be established for setting up your company and entering data Once you establish a starting date, Peachtree will automatically set up monthly accounting periods for your first two fiscal years Start Create a New Company, and make sure the 12 monthly accounting periods setup option is selected Enter the first month of your first fiscal year, or select it from the drop-down list Then, enter the year Usually, a company's fiscal year starts in January and ends in December However, some companies start their fiscal year in July and end in June Note: If you are creating a consolidated company (Peachtree Premium Accounting and above), this field will be disabled (gray) and will display the first month and year of the consolidated company's first fiscal year, based on information taken from the subsidiary companies To continue setting up your company, select the Next button Peachtree displays the Create a New Company - Finish window Create a New Company - Finish Use this procedure to complete the new company setup process Start Create a New Company, and read the information in the window and follow the prompts Complete each window that follows until Peachtree displays the New Company Setup – Finish window Read the information on the window Select the Finish button to save your company settings Set Up Your Chart of Accounts Select the Chart of Accounts option from the Maintain menu Peachtree displays the Maintain Chart of Accounts window Enter an account ID and description for the account The account ID determines how the account is identified and sorted in the chart of accounts list Most charts of accounts are set up with specific account types grouped together Select an account type from the drop-down list Select Save Repeat step to till all chart of accounts are created Select Close Entering of Opening Balances Method One: From the Tasks menu, select General Journal Entry Peachtree displays the General Journal Entry window Enter or select the date of the transactions you want to enter Peachtree defaults this date to the Peachtree system date If you are in an accounting period that is different from the system date, then Peachtree displays the first day of that period Enter a reference for the transaction up to 20 characters If you enter a number reference, Peachtree will increase future General Journal entries by one while this window is open For each line enter or select an account ID To display a list of existing accounts, type ? in the G/L Account ID field, or select the Lookup button For each line enter an amount in either the Debit or Credit columns For each line enter a description for the transaction The description will appear in General Ledger and various reports Once the Out of Balance field is zero (0.00), select Save to record the transaction in the General Journal Method Two: Go to Charts of Accounts, available on the Company Tab, or on the Drop-Down Menu Lists Click on New Account Click on Account Beginning Balances Chose 12/31/10 as the date to enter balances Enter balances for accounts as listed in Computer Practice Be sure that debits and credits balance Set Up a Customer Use this procedure to set up a new customer record From the Maintain menu, select Customers/Prospects Enter a new customer ID, and complete the necessary information click sales default tab click GL sales account button Click New Button from the window that appear at the bottom side of the window Create two chart of accounts for the customer Note: Account Type should be Income and Account Receivable Close the chart of account window Clock GL sales Account button again Select Chart of Account for the Customer just created It is of the account type Income 10 When you're finished filling in the window, select the Save button 11 On the General tab, select the Beginning Balances button Peachtree displays the Customer Beginning Balances window 12 On the Invoices for tab, enter the invoice number, invoice date, purchase order number (if applicable), amount, and the appropriate A/R account (if necessary) for each unpaid invoice for this customer that needs to be recorded when starting Peachtree 13 These transactions can be adjusted at any time unless a receipt has been applied to the invoice If a receipt has been made, the invoice will have a gray background To edit it, you must delete the receipt first If you need to enter more than one line on this tab, press ENTER and continue adding invoices To enter beginning balances for additional customers, select the Customer Balances tab Double-click the customer name, or highlight the name and select the Invoices for tab Set Up a Vendor Use this procedure to set up a new customer record 11 From the Maintain menu, select vendor 12 Enter a new vendor ID, and complete the necessary information 13 click purchase default tab 14 click GL expenses account button 15 Click New Button from the window that appear at the bottom side of the window OK when you're finished to return to the Sales/Invoicing window However, if the invoice has more than one line item that contains serialized inventory, you can select the OK/Next button to save the current entry and move to the next serialized item 13 The default G/L sales account that appears for each line item is based on the customer sales account default or the item ID selected To change the account ID, type ? in this field, or select the Lookup button To add a new account, type + or double-click the field, which displays the Maintain Chart of Accounts window 14 Continue entering line items until you have entered them all 15 If you have received a partial or full payment for this invoice at the time of the sale, select the Amount Paid at Sale button Peachtree displays the Receive Payment window, where you can enter receipt information The Net Amount Due displays what the customer currently owes for the sale 16 At the bottom left corner of the window, the selected customer's balance, credit limit, and credit status is displayed You can click the arrow button to the right of the customer balance to display the current Customer Ledgers report for this customer 17 Select the Print button if you want to print and save the invoice Otherwise, click the Save button Apply a Payment to an Invoice When a customer pays an invoice, enter the amount in the Receipts window To enter customer payment on an invoice From the Tasks menu, select Receipts Peachtree displays the Receipts window 14 Enter a deposit ticket ID that can easily represent the type and source of payment This will make account reconciliation easier to manage Enter or select the customer ID To display a list of existing customers, type ? in this field, or select the Lookup button If there are unpaid invoices for this customer, Peachtree lists them on the Apply to Invoices tab If there are no unpaid invoices, Peachtree displays the Apply to Revenue tab Enter a reference number that will help identify the receipt (for example, the customer's check number) Select a payment method (for example, Cash or Check) Payment methods are set up in Customer Defaults; these are quite useful in reports when managing receipts In the Cash Account list, enter or select the bank account in which the receipt is deposited On the Apply to Invoices tab, select the Pay check box next to each invoice that the customer is paying o If the customer has paid the invoice in full, place the cursor in the Amount column for the invoice, and select the Pay check box Peachtree will fill in the Amount Paid field o If the customer has only paid a partial amount on the invoice, enter that amount Peachtree will automatically select the Pay check box Note: If your customer overpays the amount, a credit is made to the customer's ledger; for underpayments, the payment amount is applied to the invoice balance You will need a reference number in order to post or save the record Select the Print button if you want to print and save the receipt Otherwise, click the Save button 15 Enter Customer Returns From the Tasks menu, select Credit Memos Peachtree displays the Credit Memos window Enter or select the customer ID To display a list of existing customers, type ? in this field, or select the Lookup button In the Credit # field, enter the ID that you want to apply to the credit memo If the transaction date is different from the one displayed, enter or select a new date Do one of the following:  If the credit memo is to be applied to an existing invoice for the customer, on the Apply to Invoice # tab, use the drop-down list to select the appropriate invoice When line-item information for the invoice appears, find the item or items to be returned, and in the Returned column enter the quantity Peachtree will automatically restore this quantity to inventory  If the credit memo is to be applied to a sale for which there is no existing invoice, on the Apply to Sales tab, enter line-item information for the item or items to be returned or credited, including quantity Peachtree will automatically restore this quantity to inventory If you want to print the credit memo, we recommend that you print it at this time and not from Reports To print the credit memo, select the Print button When finished, select Save Enter a Vendor Bill From the Tasks menu, select Purchases/Receive Inventory Peachtree displays the Sales/Invoicing window 11 Enter or select the Vendor ID To display a list of existing vendor, type ? in this field, or select the Lookup button To add a new vendor, type + or double-click the field, which displays the Maintain vendor window 16 When the vendor is selected, Peachtree supplies the vendor default information, including billing and shipping addresses, purchase account, shipping method, payment terms 12 If this vendor has open purchase orders, the Apply to purchase Order tab appears in front To enter new items on the invoice, select the Apply to Purchase tab 13 Leave the Invoice # field blank if you want Peachtree to print an invoice Peachtree will increase the invoice number by one when it is printed Otherwise, enter an invoice number or other reference number (If you print the invoice with an invoice number assigned or print it again later, the invoice will have the word DUPLICATE on it.) 14 Enter the date of the transaction if it is different from the displayed date 15 If you have entered a default shipping address in the vendor's record, the first shipping address will appear on the invoice You can select another shipping address from the choices available in the Ship To drop-down list, or manually enter another address in the Ship To fields 16 If you have entered a default P.O.# in the vendor's record, it will appear on the invoice If not, you can enter the vedor's purchase order number now or change the default to any other piece of information that will identify this invoice to the vendor 17 If you have entered a default shipping method in the vendor's record, it will appear You can select the Ship Via button if you want to select a different shipping method You can also enter a ship date 18 Peachtree uses the default terms you have entered for the vendor, but you may want to select the Terms button to change the default discount dates or amounts for this invoice When a receipt that qualifies for an early-payment discount is applied against the invoice, Peachtree will calculate the discount  If the line item contains serialized inventory, you will need to select serial numbers for the item(s) Select the line item with the serialized inventory item, then select the Serial No button to enter or select serial numbers The Serial Number Selection window appears Select the serial numbers you need and select OK when you're finished to return to purchase/receive inventory window However, if the invoice has more than one line item that contains serialized inventory, you can select the 17 OK/Next button to save the current entry and move to the next serialized item 18 The default G/L sales account that appears for each line item is based on the vendor sales account default or the item ID selected To change the account ID, type ? in this field, or select the Lookup button To add a new account, type + or double-click the field, which displays the Maintain Chart of Accounts window 19 Continue entering line items until you have entered them all 20 Select the Print button if you want to print and save the invoice Otherwise, click the Save button Apply Payment to Vendors To select a range of vendors whose invoices you want to pay: From the Tasks menu, choose Select for Payment Enter the check date This is the date that will be printed on the checks Next, you can filter invoices based on the due date or the discounts lost by date For example, if it is March 18th and you want to see all invoices due before March 31st, enter March 31st in the Invoices Due Before field If, instead, you want to see invoices whose discounts will be lost by March 30th, enter March 30th in the Discounts Lost By field Select which invoices you want to include You can include all invoices or specific ones based on the number of days overdue and the balance amount For example, you may want to view invoices 15 days past the due date that have balances over $25 Enter either a range of vendors, or enter the starting vendor if you want to print a check for a single vendor Select the Always take discounts regardless of due date check box if you want discounts calculated even if the discount date has passed When all selections are correct, click OK 18 Enter Vendor Returns From the Tasks menu, select Vendor Credit Memos Peachtree displays the Credit Memos window Enter or select the Vendor ID To display a list of existing Vendors, type ? in this field, or select the Lookup button In the Credit # field, enter the ID that you want to apply to the credit memo If the transaction date is different from the one displayed, enter or select a new date 10 Do one of the following:  If the credit memo is to be applied to an existing invoice for the Vendor, on the Apply to Invoice # tab, use the drop-down list to select the appropriate invoice When line-item information for the invoice appears, find the item or items to be returned, and in the Returned column enter the quantity Peachtree will automatically restore this quantity to inventory  If the Vendor credit memo is to be applied to a Purchase for which there is no existing invoice, on the Apply to Sales tab, enter line-item information for the item or items to be returned or credited, including quantity Peachtree will automatically restore this quantity to inventory If you want to print the Vendor credit memo, we recommend that you print it at this time and not from Reports To print the Vendor credit memo, select the Print button When finished, select Save Write Checks From the Tasks menu, select Write Checks Enter or select the ID of the vendor you want to pay o To display a list of existing vendors, type ? in this field, or select the Lookup button To add a new vendor, type + or double-click the field, which displays the Maintain Vendors window If you are entering a handwritten check, enter the check number in the Check Number field If you want Peachtree to print the check, 19 leave this field blank If this is an electronic payment, the Check Number field will read "Electronic." Enter or select the date of the disbursement, not necessarily today's date Enter the total amount of the check If desired, enter a memo up to 30 characters long Enter or select the cash account from which you will be writing the check Enter or select the expense account you want to use to distribute the payment If you want to distribute this payment to multiple individual line items, select the Split button The Split Transaction window appears, allowing you to make additional distributions For more information, click In the Description field, Peachtree offers a default description for the distribution If needed, change it COMPUTER PRACTICE: Enter the following transactions: Sales Invoice #DBS102 to: Dash Business Systems on 3/10/2011 a EQFF-13110 b EQWT-15120 Sales Invoice to: Golden Gardens GG103 on 3/11/2011 a AVRY-10050-SM-HTL b 12 AVRY-10140 Receive a payment on 3/15/2011 from Archer Scapes and Ponds for $7,374.69, Reference 17850 Issue a Credit Memo to Armstrong Landscaping for EQLW-1411 returned on 3/18/2011 Enter Bill from Southern Garden Wholesale for PO Number 10201, all remaining items on PO Add Freight, GL account 57500-00 of $25.00 on 3/19/2011 Pay Vendors Caldwell Tools Company Bill #C1280 and C1450, and Akerson Distribution Bill #A-7811 3/25/2011 Enter Vendor Return to Clooney Chemical Supply for EQFF-13100 for damaged Fertilizer Pump Sprayer on 3/26/2011 Write check for balance of rent ($600.00) on 3/26/2011 to Mills Leasing Corp 20 Create the following reports: Income Statement, Balance Sheet, Aged Accounts Receivable and Aged Accounts Payable for March, 2011 General Journal Entry The General Journal is used to enter those types of transactions that are not readily categorized in the Tasks menu Typical General Journal entries include chart of account beginning balances, depreciation, and account transfers Here, you also enter adjustments you need to make during Account Reconciliation Such adjustments are necessary to account for errors, service charges, check charges, or unrecorded withdrawals or deposits When you select Adjust in Account Reconciliation, the General Journal Entry window opens Unlike other screens in Peachtree, you provide all the accounting distributions in the General Journal At other times, Peachtree automatically distributes certain amounts, based on guidelines you set in Maintain menus From the Tasks menu, select General Journal Entry Peachtree displays the General Journal Entry window Enter or select the date of the transactions you want to enter Peachtree defaults this date to the Peachtree system date If you are in an accounting period that is different from the system date, then Peachtree displays the first day of that period Select the Reverse check box to have the transaction automatically reversed the first day of the next accounting period Reversing means that debits become credits and credits become debits Enter a reference for the transaction up to 20 characters If you enter a number reference, Peachtree will increase future General Journal entries by one while this window is open 21 For each line enter or select an account ID To display a list of existing accounts, type ? in the G/L Account ID field, or select the Lookup button For each line enter a description for the transaction The description will appear in General Ledger and various reports If the transaction is associated with a job, enter or select a job ID You can later apply the General Journal entry to a customer invoice, if needed Once the Out of Balance field is zero (0.00), select Save to record the transaction in the General Journal To record an inventory adjustment From the Tasks menu, select Inventory Adjustments Peachtree displays the Inventory Adjustment window Enter or select the item ID you want to adjust To display a list of existing items, type ? in this field, or select the Lookup button To add a new item, type + or double-click the field, which displays the Maintain Inventory Items window This can only be an item classified as a stock item, serialized stock item, assembly item, or serialized assembly item If the item is serialized, the Serial No button will become available when you select the item ID You will need to enter or select serial numbers after you have entered an adjustment quantity in Step Enter anything you like in the Reference field up to 20 alphanumeric characters For example, you could enter your initials or the date in this field Enter or select the date the change in inventory occurred or the date of the physical inventory count The date is automatically filled in as the current system date If you are tracking jobs, enter or select a job to attach this adjustment to 22 Enter or select a G/L account to take this adjustment out of, and enter a unit cost for the inventory item (for positive adjustments only) The default G/L source account is the Cost of Goods Sold Account The other account affected by adjustments is the inventory account To change the account ID, type ? in this field, or select the Lookup button The Unit Cost default is the current cost of the item and must be positive Enter the amount to adjust the quantity by The Quantity on Hand is already filled in, and Peachtree calculates the New Quantity after you enter the adjustment If this adjustment is being made to a serialized inventory item, select the Serial No button Depending upon whether you enter a positive or negative quantity, either the Serial Number Entry or the Serial Number Selection window will appear To find out which window will appear, click here After you have entered or selected serial numbers, click OK to return to the Inventory Adjustments window If you know the reason for the adjustment, enter it For example, Found in warehouse or Theft Save the adjustment The Cost of Goods Sold, Inventory Total Value, and Inventory G/L accounts are all updated COMPUTER PRACTICE: Enter Journal Entry for Depreciation of Equipment for $442.31 dated March 31, 2011 Accounts: 64000-00 Depreciation Expense, 17100-00 Accum Depreciation-Equipment One Stone Bird Bath Broken, Adjust Inventory for one less AVRY-10150 on March 31, 2011 Print General Journal Report and Inventory Adjustment Journal for Period March 1-31, 2011 23 ACCOUNT RECONCILIATION From the Tasks menu, select Account Reconciliation Peachtree displays the Account Reconciliation window Enter or select the account you want to reconcile To display a list of existing accounts, type ? in the Account to Reconcile field, or select the Lookup button Enter the closing date from the bank or credit card statement as the Statement Date The statement date you select must be within the current accounting period Enter the Statement Ending Balance (the ending balance amount included on the bank statement) in the lower-right section of the window Transactions that are available to be cleared are listed at the center of the window; you can use the Show drop-down arrow button to select which transactions you would like to appear For each transaction, reference information such as check numbers, amounts, dates, and vendor/payees or descriptions are listed By default, checks are sorted by check number You can change the sort order by clicking the heading of the column you want to sort by Check to see if these amounts are correct Select the arrow button next to the field; the Imported Interest / Charges window will list information about the imported item(s) If any items represent duplicate entries or bank errors, you can delete them in this window Select the Clear check box next to each item that is included on the bank statement You can also use the right-click menu buttons that appear when you select a row; both give you additional options In addition, you can select the All button to select all transactions as cleared Or you can select the Range button to choose a range of checks or deposits to clear Peachtree keeps track of how many transactions recorded in the general ledger are cleared, how many are not, and the associated totals 24 When all transactions listed on the bank statement are entered and cleared in Peachtree and outstanding transactions have been accounted for, the unreconciled difference should be zero (0.00) If not, check the bank statement to make sure that each transaction listed is also entered in Peachtree For example, a service charge listed on the statement may need to be entered in Peachtree Peachtree Complete Accounting and higher only: If the list of transactions includes bank records imported electronically, some may not have been autocleared by Peachtree These transactions will need to be manually matched to existing Peachtree records and cleared For information, click If any unmatched bank records represent duplicate entries or bank errors, delete them using the Banking toolbar button, right-click menu, buttons If this is the first reconciliation for the selected account, you might have outstanding transactions not listed on the bank statement that also not appear in the Account Reconciliation window because these amounts were entered as a lump-sum beginning balance in the general ledger This may cause you to have an unreconciled difference Select the Beginning Transactions button to enter these outstanding transactions so that they can be reconciled Select the Adjust button to enter adjusting journal entries the bank statement included but which are not included in Peachtree's general ledger For example, you may have a small discrepancy between the amount noted on a customer check and what the bank reports to you as credit on this transaction; say the bank rounds off to $10 a check for $10.10 Rather than contact the bank to make the change, losing more time and money than the discrepancy is worth, you'll probably want to make the adjustment manually instead Adjustments are made in the General Journal Entry window Once the adjustment is entered and saved, you can close the General Journal Entry window and return to Account Reconciliation 10 If you entered adjusting entries, select the Clear check box next to each of these items 11 When you have successfully reconciled the account (the unreconciled difference is zero), select OK to close the window COMPUTER PRACTICE: 25 Reconcile the Payroll Checking Account, with the following information: Statement Ending Balance: $12,868.14 Checks not in Bank Statement: a 1275 for $1101.61 b 1277 for $985.43 c 1278 for $985.43 d 1281 for $681.40 e 1283 for $787.54 f 1284 for $740.47 g 1285 for $770.44 h 1290 for $1380.01 i 1292 for $965.72 j 1293 for $759.00 Payroll Payroll will not be covered in this basic course Appendix A CREATING REPORTS Balance Sheet Click the report menu click the Financial Statement from Report Area List Double Click Balance Sheet From Report List Income Statement or P&L Statement Click the report menu 26 click the Financial Statement from Report Area List Double Click Income Statement From Report List General Ledger Click the Report menu click the General Ledger from Report Area List Double Click General Ledger From Report List Trial Balance Click the Report menu click the General Ledger from Report Area List Double Click General Ledger Trial Balance From Report List Other Reports Click the Report menu Follow the same procedure as above for other reports Appendix B Keyboard Shortcuts CTRL X Cut CTRL C Copy CTRL V Paste CTRL E Delete Record CTRL F Find CTRL D Find Next 27 CTRL N New Company CTRL O Open Company CTRL B Back Up Company CTRL R Restore Company CTRL P Print Displayed Report 28 ... Consolidate existing Peachtree Accounting companies: (Peachtree Premium Accounting and above only) Select this option to combine the charts of accounts of a number of existing Peachtree companies... entered and saved This method can save you time and is best for most business and network environments Most companies use this method Batch Posting: Transactions are saved by the program and then... The accounting method determines how Peachtree handles General Ledger, Accounts Receivable, and Accounts Payable transactions Start Create a New Company, and make sure the Accounting Method window