You can choose to start your fiscal year in January or any other month of the year. You can find in the above window, there are two options either to select the 12 month accounting period or the period that do not match with the calendar months.ġ2 monthly accounting periods: Each accounting period's starting and ending dates match those of the 12 calendar months. Accounting period is the twelve month duration. After you have chosen the posting method, you will have to set an accounting period. Batch Posting: Transactions are saved by the program and then posted in a group. There are two methods to process the transactions: Real-Time Posting: Transactions are posted to the journals and the general ledger as they are entered and saved. The posting method determines how Peachtree processes transactions to journals and the general ledger. However, unpaid credit sales and purchases do not show on ledgers, which can present a misleading picture of income and expenses.Īfter choosing the accounting method, you will have the option of choosing the posting method like the following one. Cash-Basis Accounting: Income is recorded when cash (checks, money orders, or currency) is received, and expenses are recorded when paid. This presents a truer picture of income and expenses. 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. The accounting method determines how Peachtree handles General Ledger, Accounts Receivable, and Accounts Payable transactions.
For example: If you want to develop your own chart of accounts then choose it and click next. This option is only recommended for experienced users who are comfortable setting up accounting information. Build your own company: Select this option if you want to create a company from scratch. 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. 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. Later, you can change certain settings to meet your company's specific business needs. If you are new to Peachtree, this is a useful shortcut to set up your company. Set up a new company using an extensive chart of accounts from one of many sample companies: Select this option to copy basic setup information from one of over 75 sample businesses that Peachtree provides. You can modify the accounts later, according to your needs.
The sample chart of accounts provided for each of these five business types contains only the basic accounts you need to get started. Set up a new Retail, Service, Construction, Manufacturing, or Distribution company, using a simplified chart of accounts: Select this option to copy basic setup information from a sample retail, service, construction, manufacturing, or distribution company. You use the company information window to enter basic information about your company such as mentioned in the following picture.Īfter putting the information in the above window, click next and you will get the window for choosing or creating your own charts of accounts. In addition, you select your chart of accounts, choose your accounting and posting methods, and specify how your accounting periods are set up. When you set up your company, you provide Peachtree with basic information such as name and address. Peachtree Accounting Setting up a new company: After running the Peachtree program, we will get a new small window mentioning you few options like the following picture.Īfter having the above options we can find the option of set up a new company, click on it and you will get a new window giving you the instructions for creating a new company.
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