Peachtree- Maintain Vendor Default Information

Maintaining Vendor Default Information

After maintaining vendor we maintain vendor default information. In which we set payment terms, discount period, credit limit of particular customer etc.

For maintaining the vendor default information user has to follow the following procedure.

Step no1. Go to the maintain menu and click on the default information sub menu will appear and click on the vendor.

The following window will appear.

  

1.     Payment Term Tab:

  There are five radio buttons on in payment term tab which are:

·        C.O.D. means cash on delivery it means we will receive the cash on the delivery of the goods.

·        Prepaid: Its means that customer have made advance payment before receiving the goods.

·        Due in number of days: Its means that you delivered the goods to the customer but he will make payment after some days. You can mention there that how many days you are allowing to him or if you want to give discount on the payment of minimum period you can also mention. I.e. 2% 10, net 30 days. Its means if the customer makes payment within 10 days he will get the discount of 2% maximum limit of payment is 30 days.

·        Due on day of next month: Its means the payment will due on the someday of next month which can be selected.

·        Due at the end of month: Its means the amount will be due after the end of the ongoing month.

GL link Accounts:

o   First one is GL sales account, in this field you have to give the sales account number to be used as the sales account.

o   Discount GL account is the account to which all the discounts are charged.

2. Account Aging Tab:

                             User can age the receivables either from the invoice date or from due date.

Age Invoices by:

 If age invoices by “Invoice date” then aging calculation will be made from the invoice issuing date and if age is invoiced by “Due date” then aging calculation will be made from the due date of the payment from customers.

     Aging categories:

         Fields are used to set different set of ranges to categorize the receivable’s ages in calculations.

3.     Custom Fields Tab:

  Custom fields are used to enter the extra information about the customers. In this field user can change the heading names and can enable or disable the additional fields, these fields will be displayed in customers prospects screen under custom fields header.

4.      1099 Settings.     

1099 setting tab is used to determine how the software will calculate each account created in the chart of accounts of company.

Peachtree- Maintain Default Inventory Items

MAINTAIN DEFAULT INVENTORY ITEMS

STEP NO 1. If the user want to maintain default inventory items then he have to click on maintain menu and default    

                          

Step no 2. The following window will appear with five different tabs in general tab user can set different options for inventory. I.e. inventory item is out of stock, sale order is out of stock etc.

Step no 3.  GL account / costing tab is used to give the GL sales, GL inventory/ wage, GL cost of sales account to the different “Item class” available when creating new inventory.

Step no 4. Custom fields are used to enter the extra information about the customers. In this field user can change the heading names and can enable or disable the additional fields, these fields will be displayed in customers prospects screen under custom fields header.

  

Step no 5. This tab is used to set up different price levels for inventory items, user can create ten different price level and these levels will be selected when creating new inventory items.

 Step no 6. Click on OK to save the settings.

Peachtree- Reports

Reports

Report is final form through which we can see the end result by just going through it in a few seconds. All the reports can be seen all types of accounts and receivables reports can be seen by just going on reports.

The process of how we can see reports is given below.

Step no1. Click on the “Reports” bar types of reports can be seen in menu click on any report which you want to see.

As you click on any type of report the following window will appear.

In first column there is “Report area” and in second column “Report list” click on area and select the report which you want to see.

Step no2. We click on the “General ledger” in report area and “Chart of accounts” in report list. The following window will appear with a complete list of chart6 of accounts.

The user can convert the report in excel sheet by click on “Excel”.

User can also take print out of it by click on “Print”.

If user want to make any changes than he can do it by click on “Setup”

Click on “save” button to save the report.

Peachtree- General Journal Entry

General Journal Entry

The journal entry is the point of entry of business transactions into the accounting systems. It is chronological record of the transactions, showing an explanation of each transaction, the accounts affected, whether those accounts are increased or decreased, and by what amount.

Step no1. Go to the task bar menu and click on the General journal entry.

The following window will appear.

Step no 2. First of all enter the date of which period you want to enter the general journal entries in “Date” field.

Step no 3. Enter the reference number in “Reference” field. This field is used to give a unique or different code to each journal for identification.

Step no 4. Enter the “GL Account” for which you want to enter the journal entries, and the general ledger account can be added in chart of accounts.

Step no 5. Enter the description of journal entry in “Description” field.

Step no 6.  Enter the amount from which you want to debit the entry in “Debit” field.

Step no 7. Enter the amount from which you want to credit the entry in “Credit” field. Remember that the amount of debit and credit should be the same.

Step no 12. Click the “Save” button to save the journal entries.

Peachtree- Credit Memo

Credit Memo

Credit memo is used to record the returns from the customers whether on the direct sales or on the existing invoices whose payment is not received.

The procedure of credit memo is given below.

Step no1. Go to the task bar menu and click on the credit memo.

The following window will appear.

Step no 2. First thing is to enter the “Customer ID” in customer ID field. It is the ID of the customer who has returned goods.

Step no 3. Enter the date of returning goods in “Date” field.

Step no 4. Enter the reference number in “Credit no” field. This field is used to give a unique or different code to each transaction for identification.

Step no 5. Customer purchase order number is entered in the “Customer Po” field.

Step no 6. The “Term” field will be filled automatically when you select the customer. These terms are payment terms and created when customer account are created in maintain menu.

When you will enter the customer’s ID, if there is any invoices pending issued to that customer than the below given tab “Apply to invoices no” will also be enabled. Otherwise only the tab “Apply to sales” remain enabled.

Step no 7. Select the invoice number from drop down list on the Apply to invoice no tab to which you want to charge the returns.

Step no 8. The “Item field, Quantity field, Unit price field, and Description field” will be automatically filled.

Step no 9. Enter the number of items that returned in the “Returned” field.

Step no 10. “Amount field” will be automatically filled.

Step no 11. Click the “Save” button to save the transaction.

Peachtree- Vendor Credit Memo

Vendor Credit Memo

Vendor credit memo is used to record the returns to the vendors whether on the direct purchases or on the existing invoices which have not been paid.

The procedure of vendor credit memo is given below.

Step no1. Go to the task bar menu and click on the vendor credit memo.

The following window will appear.

Step no 2. First thing is to enter the “Vendor ID” in customer ID field. It is the ID of the vendor from the purchases has been made. When you select the vendor the “Remit to” field will show the detail of the vendor.

Step no 3. Enter the date of returning goods in “Date” field.

Step no 4. Enter the reference number in “Credit no” field. This field is used to give a unique or different code to each transaction for identification.

Step no 5. The “Term” field will be filled automatically when you select the vendor. These terms are payment terms and created when vendor account are created in maintain menu.

Step no 6. Enter the account payable ID or select it from the list of chart of accounts in the “A/P Account”. This is the account to which the amount due of the purchases will be charged.

When you will enter the vendor’s ID, if there is any invoices pending issued to that vendor than the below given tab “Apply to invoices no” will also be enabled. Otherwise only the tab “Apply to purchases” remain enabled.

Step no 7. Select the invoice number from drop down list on the Apply to invoice no tab to which you want to charge the returns.

Step no 8. The “Item field, Quantity field, Unit price field, and Description field” will be automatically filled.

Step no 9. Enter the number of items you want to return in the “Returned” field.

Step no 10. Enter the “GL Account” which you want to use for this return.

Step no 11. “Amount field” will be automatically filled.

Step no 12. Click the “Save” button to save the transaction.

Peachtree- Payments

Payments

            Payments window is used to make payments to the vendor or customer against the invoices or without the invoices. This window is also used to make the payments of salaries or utility bills. We can also use this window for issuing checks to the vendor or customer. In order to make receipts user must followed the following steps.

Step no 1. First of all go to task bar menu and click on “Payments”.

The following window will appear.

Step no 2. Select the customer or vendor from the drop down list and enter the “ID” of the customer or vendor, to payments have to made.

Step no 3. When user selects the customer or vendor “Pay to the order of” field will be filled with the name and address of the customer.

Step no 4. Enter the “Check no” in the check number field.

Step no 5. The “Memo” field will be filled with the account number of the vendor or the customer by default; you can also change it by clicking on it.

Step no 6. Enter the check no in “Check no” field. This field is used to give a unique or different code to each check for identification and avoid repetition.

Step no 7. Enter the current date in the “Date” in the date field.

Step no 8. Select the cash account from “Cash account” field to which this transaction will ne charged.

Step no 9. Cash account balance is used to check the balance of cash by clicking on the “$” button.

Step no 10. In case there is any invoice due for payments of customer or vendor, when we enter the ID of that customer or vendor the “Apply to invoices” tab will be enabled.

Step no 11. The first field is “Invoice” field. Invoice shows a number which is issued while issuing a vendor or customer invoice.

Step no 12. The “Date due” and “Amount due” field will be filled automatically with invoice the date due field show for your invoice and the amount due shows the unpaid amount.

Step no 13. Enter the description in “Description field”.

Step no 14. The “Discount” field will calculate the discount automatically according to terms selected for the vendor whose ID is entered.

Step no 15. Enter the amount which you want to pay to the vendors in “Amount paid” field.  

Step no 16. User can also check the box of “Pay” if amount is received.

Step no 17. Click on “Save” button to save the payment.

If you want to make payments to the vendor for which there are no invoices or you want to make payments of certain expenses than you have to follow the following steps.

 Step no 18. Enter the quantity of item in “Quantity” field.

Step no 19. Enter the ID of the item in the “Item” field of which you are purchasing the “Description” field will be filled automatically.

Step no 20. Enter the GL account in the “GL” field which you want to use for this purchase.

Step no 21. Enter the unit price of the item in the “Unit price” field. As default it is the last unit price enter for this particular item whose ID is entered. User can also change the unit price by clicking on the field.

Step no 22. “Amount” field will be calculated by multiplying the quantity with the unit price field.

Step no 23. Click on “Save” button to save the transaction.

In case you want to make payments of utility bills you just have to write salaries or head of utility bill in “Pay to the order of” than write in “Description” and than enter the amount in “Amount” field and Click on “Save” button to save the transaction.

Peachtree- Purchase / Receive Inventory

Purchase / Receive Inventory

Purchase receive inventory is used to receive the inventory from the vendors either against the purchase order or without the purchase order.

Following are the steps to record the purchase / receive inventory from vendor.

Step no 1. First of all go to task menu bar and click on “purchase / receive inventory”.

The following window will appear.

Step no 2. First thing is to enter the “Vendor ID” in vendor ID field. It is the ID of the vendor to whom from purchases have been made. When you select the vendor remit to field will show the detail of the vendor.

Step no 3. When user selects the vendor “Ship to” field will be filled with the address of vendor where from shipment received.

Step no 4. Enter the date of receiving the item in “Date” field.

Step no 5. Enter the invoice number in “Invoice no” field. This field is used to give a unique or different code to each invoice for identification and avoid repetition in issuance to the vendors.

Step no 6. Enter the customer invoice number in “Customer invoice no” field. It is the number of invoice sent by the customer against which the purchase is being made.

Step no 7. The “Term” field will be filled automatically when you select the vendor. These terms are payment terms and created when vendor account are created in maintain menu.

Step no 8. Select the method of delivery that how the goods will be delivered in “Ship via” field.

Step no 10. Enter the account payable ID or select it from the list of chart of accounts in the “A/P Account”. This is the account to which the amount due of the purchases will be charged.

When you will enter the Vendor’s ID, if there is any purchase order issued to that vendor than the below given tab “Apply to purchase order no” will also be enabled. Otherwise only the tab “Apply to purchases” will be enabled.

If you are receiving inventory against the purchase order issued to the vendor than the following steps will be followed.

Step no 11. Select the purchase order number from drop down list on the Apply to purchase order tab against the goods which are being purchased as shown in given below pictures.

Step no 12. When you select the purchase order number the remaining fields will be automatically filled.

Step no 13. Enter the quantity of items for purchase order in “Item” field.

Step no 14. Description of item will automatically fill as default in “Description” field.

Step no 15. Enter the “GL Account” which you want to use for this purchase. As default, the inventory account is selected in this tab.

Step no 16. Enter the per unit price of the item in “Unit price” field.

Step no 17. “Amount field” will automatically fill as you select the unit price.

Step no 24. Click on the “Save” button to save the transaction