charts of accounts

       Maintain Charts Of Accounts

After building new company the first thing is to maintain charts of accounts. Charts of accounts Shows Company’s financial position which helps us in making decisions. Chart of accounts will be made up of all the individual account that makes up the overall company’s accounts. It is the most important part through which we do all accounting. To make charts of accounts follow the steps given below.

Open peach tree and select open an existing company which you have made.  Following screen appears.

To create charts of accounts click on the “MAINTAIN” option in the TOOL BAR

After clicking maintain option select “CHART OF ACCOUNTS”  option to continue.

 Following wizard will be appeared on the screen. Here you have to provide account id , description and account type.In account Id we will give specific code to our account. The Account id determines how account is sorted in charts of account list. In description field we give description about the account it’s how your account is displayed. Account type tells how the accounts will be grouped in financial statements, select account type from the drop down list.  Account should be selected carefully. After providing required information press ALT + S OR click “SAVE” to proceed.

After you have added all the accounts in the charts of accounts you can see all the entered accounts just by clicking the “look up button” which is right next to the account ID column.

         Correction in charts of accounts

When setting up charts of accounts there may be a wrong entry in charts of accounts either in account id description or account type. Instead of deleting the account and adding a new one  you can modified the account by providing correct information that is required by the business. 

To modify an account click on the “LOOK UP” button shown below.

By clicking on this button following wizard will be appeared on the screen. From this window you will choose the account you want to alter. You can alter the name of the account by changing the Description field, or by changing  the account classification using the drop down menu of the Account Type field

You can change the Account ID by clicking the “CHANGE ID” icon .By clicking change id icon change id screen appears .here you can alter account id by entering new account id.