How We Made a Chart of Account on Peachtree

Chart of account is an account in which assets, liabilities, equity, revenue and expenses explain in detail. Every company made its own chart of accounts according to its requirement. Now will learn how to made chart of accounts on Peachtree.

We click on maintain and select chart of account option. The following window will open.

By clicking chart of account the following window will open.

In first option we write Account ID. We use it because it is an easy access to reach on any description. It is created by the company and it is different company to company. It is the ID that a company used.

The second option is “Description”. Than we will write description about the account. The description can be cash in bank, account receivable, inventory, equipment, land, building, depreciation, and any kind of expense like rent, insurance.

Through tab button we will move to account type. There are different account types like cash, fixed assets, liabilities, expenses etc.

If we will not make retained earning account in chart of account the profits of the company have to go some where and for that purpose it is important to make retained earnings chart of account.

If we want to correct or delete description or account type than we click on magnified glass

The following window will open:

We select any description or account type which we want to delete or correct. If we want to change the ID than we will select any description and then there will be a option of “Change ID”. And from there we can change the ID.

Than we will click on Beginning Balances button and following window will open:

We will choose a required year. Like if our balance starts from 1-1-2010 than we will take option of “from 12-1-09 through 12-31-09”.

After selecting required year we will enter the amounts in chart of accounts. In the end, trial balance will show that we entered correct amount. Like following window.

After putting all amounts than we will click the “OK” button and all data will save.

After saving if we want to see the save data than we will enter beginning balance and required data will open.