Chat with us, powered by LiveChat All work must be done on (( Peachtree )) Please kindly follow all the requirements of the attached file No. (1). – There is an additional file whi | EssayAbode

All work must be done on (( Peachtree )) Please kindly follow all the requirements of the attached file No. (1). – There is an additional file whi

 – All work must be done on (( Peachtree )).

– Please kindly follow all the requirements of the attached file No. (1).

– There is an additional file which is for reference and contains an explanation of how the project works and the way the requirements work, which is No. (2).

– Example: The method of how to open an existing company is explained in file No. (2).

جامعة الامام عبدالرحمن بن فيصل

كلية إدارة الأعمال

قسم المحاسبة

Imam Abdulrahaman Bin Faisal University College of Business Administration Department of Accounting

(Second Semester 2021-2022)

Assignment II- Peachtree Software

10%

Computerized Accounting I

Submission Deadline: 24th April, 2022

*No submissions will be accepted after 24th April, 2022

Guidelines:

1. All exercises are to be done using Peachtree Software based on tasks.

2. Assignment is to be conducted in groups of 3-4 students. Each member of group will be required to explain the assignment at time of submission.

3. Plagiarism or copying the assignment with other group will result in No Marks to be awarded to both of the groups’ members.

4. Please make sure you saved the company in Peachtree for later discussion purposes.

5. You must include a cover page as the first page to your group submission. The cover page should have the following information:

a. CBA Logo

b. Name of Course, Course Code, & Course Instructor

c. Group number & ID numbers of students in group

d. Submission Date

e. Group number as a header & Page numbers as a footer

6. Submission is to be made by one member only as follows:

a. ONE pdf softcopy of company introduction with relevant screenshots and reports generated from Peachtree via blackboard. (naming of the file as follows: ACCT411Assignment2_Section#_Group#)

b. ONE back up file of your Peachtree company via email. Subject line: ACCT411Assignment2_Section#_Group#)

7. No questions regarding the assignment will be entertained by instructor after 14th April, 2022.

Assignment Details:

One-page introduction about your company. Introduction of your imaginary company will also be required such as area of business, main products, pricing of products etc. along with the following tasks on Peachtree Software:

Task One: Company Setup (5 Marks):

A. Create a Company

· Select a Name & Address of Your company

· Select a Business for your company

· Select a Business Area

· Select a Chart of Accounts

· Select accounts information

B. Create sample 5 Employees

· Provide All Required information as per Form in Software

C. Create 5 sample Vendors

· Provide All Required information as per Form in Software

D. Create 5 Sample Customers

· Provide All Required information as per Form in Software

E. Add at least 5 products as your Business Area

· Provide All Required information as per Form in Software

Set up a new company based on one of the several sample companies. Accounting method should be Accrual. Posting method is real time posting. (Reference to Chapter #9 of Peachtree Lectures)

Task 2: Operational Task (5 Marks)

1. Create 5 supposition Sales and Record Sale return in the Software

2. Create 5 supposition Purchases and Record Purchase return in the Software

3. Create 5 supposition Payroll Entries in the software

4. Assign security by creating Password for your account in Peachtree.

5. Show following financial Statements:

A. Inventory records at the moment

B. Chart of Accounts

C. Employee records at the moment

D. Payroll Journal

E. Accounts Payable at the moment

F. Vendor Master File

G. Accounts Receivable at the moment

H. Costumer Master File

*If any of the above report has blank data, fill the sample record in software to provide view of financial data.

2 | Page

,

Zeeshan Muhammad Tariq

Computerized Accounting ACCT-411

Table of Contents SET UP FOR A NEW COMPANY 3 HOW TO OPEN AN EXISTING COMPANY 17 ENTERING CHART OF ACCOUNTS IN THE SOFTWARE 24 ENTERING THE BEGINNING BALANCES OF THE ACCOUNTS IN CHART OF ACCOUNTS 27 HOW TO CREATE CUSTOMER RECORDS IN PEACHTREE ACCOUNTING SOFTWARE 30 HOW TO CREATE VENDOR RECORDS IN PEACHTREE ACCOUNTING SOFTWARE 32 ENTERING BEGINNING BALANCES OF THE CUSTOMERS (IF ANY) 35 ENTERING BEGINNING BALANCES OF THE VENDORS (IF ANY) 36 HOW TO EDIT CUSTOMER WINDOW ITEMS 37 PAYMENT TERMS: 38 ACCOUNT AGING: 41 CUSTOM FIELDS: 42 FINANCE CHARGES: 42 PAY METHODS: 43 MAINTAINING INVENTORY ACCOUNT IN THE SOFTWARE 43 AN ILLUSTRATION OF MAINTAING INVENTORY ACCOUNT IN THE SOFTWARE: 46 ENTERING BEGINNING BALANCES OF INVENTORY 49 HOW TO MAKE A PURCHASE ORDER 52 HOW TO RECORD RECEIVING OF INVENTORY 55 RECEIVING INVENTORY WITHOUT ISSUING PURCHASE ORDER: 58 RECEIVING SOME INVENTORY AFTER ISSUING & WITHOUT ISSUING PURCHASE ORDER: 60 HOW TO MAKE A QUOTATION IN PEACHTREE ACCOUNTING SOFTWARE 63 HOW TO MAKE A SALE ORER IN PEACHTREE ACCOUNTING SOFTWARE 65 HOW TO MAKE A SALE INVOICE IN PEACHTREE ACCOUNTING SOFTWARE 70 HOW TO RECEIVE THE CASH IN THE SOFTWARE 70 HOW TO RECORD SALES RETURN IN THE SOFTWARE 72 HOW TO RECORD SALES RETURN IN THE SOFTWARE 76 HOW TO RECORD A JOURNAL ENTRY IN PEACHTREE SOFTWARE 80 HOW TO USE GLOBAL OPTION IN PEACHTREE SOFTWARE 81 HOW TO SET SECURITY CODE FOR PEACHTREE USERS 84

SET UP FOR A NEW COMPANY

Following are the steps involved in order to create a new company using Peachtree accounting software 2004:

From this screen click on “Set up a new company”. Following is a wizard screen which will be appeared on the screen by clicking on “Set up a new company”.

This wizard scheme will provide us with five options which are required to be entered in the software in order to complete our steps involved in the creation of the company. First we press the “Next” button and the following “company information” wizard scheme appears on the screen.

After filling the above shown wizard, we click the “Next” button in order to continue our steps towards the creation of our company in Peachtree accounting software 2004.

Then this wizard scheme of “Chart of Accounts” will be appeared after filling all the required information in “Company information” wizard Scheme. From this wizard of “Chart of Accounts”, we will click on “Build your own company”. Following wizard scheme of “Accounting Method” will be appeared on the screen.

From this wizard scheme of “Accounting Method”, we select “Accrual” and then click on “Next” button to continue our steps toward creation of a new company in Peachtree accounting software 2004. After following this step, we get the following wizard screen of “Posting Method” on our desktop screen.

From this wizard scheme of “Posting Method”, we select “Real Time” option and click on “Next” button to proceed towards the creation of a new company on Peachtree Accounting Software 2004. We get the Following Screen of “Accounting Periods” on implementing this procedure.

From this wizard scheme of “Accounting Periods”, we select the option of “12 monthly accounting periods” option as per our requirement and then click on “Next” Button to proceed. After following this procedure, we reach to the following “Monthly Accounting Periods” Wizard scheme.

From this Wizard scheme of “Monthly Accounting Periods”, we select “January” as Month and “2012” as year for our requirement, “When do you want your fiscal year to start?”. Then we select “February” as month and “2012” as year for our requirement of “What is the first month you will be entering your data?”. After this we select “2012” in our requirement of “What is the first year you will be entering payroll?”. After filling this we click the “Next” button and get the following screen on our desktop screen.

This is the last wizard scheme involved in the creation of our new company in Peachtree accounting software 2004. In this wizard, we press the “Finish “button after which a new company starts its creation and with in 10 seconds the Peachtree software creates a new company for us.

We have five different options available in wizard scheme “Chart of accounts”. If we want to convert a company data from another software into Peachtree software then we select the second last option which is “Convert a company from another accounting program”, the following wizard scheme of “Accounting Method” appears on the screen. The remaining steps for the conversion of a company from another software will be implemented in the same manner as implemented for “Build your own company”.

From this wizard scheme of “Accounting Method”, we select “Accrual” and then click on “Next” button to continue our steps toward creation of a new company in Peachtree accounting software 2004. After following this step, we get the following wizard screen of “Posting Method” on our desktop screen.

From this wizard scheme of “Posting Method”, we select “Real Time” option and click on “Next” button to proceed towards the creation of a new company on Peachtree Accounting Software 2004. We get the Following Screen of “Accounting Periods” on implementing this procedure.

From this wizard scheme of “Accounting Periods”, we select the option of “12 monthly accounting periods” option as per our requirement and then click on “Next” Button to proceed. After following this procedure, we reach to the following “Monthly Accounting Periods” Wizard scheme.

From this Wizard scheme of “Monthly Accounting Periods”, we select “January” as Month and “2012” as year for our requirement, “When do you want your fiscal year to start?”. Then we select “February” as month and “2012” as year for our requirement of “What is the first month you will be entering your data?”. After this we select “2012” in our requirement of “What is the first year you will be entering payroll?”. After filling this we click the “Next” button and get the following screen on our desktop screen.

This is the last wizard scheme involved in the creation of our new company in Peachtree accounting software 2004. In this wizard, we press the “Finish “button after which a new company starts its creation and with in 10 seconds the Peachtree software creates a new company for us.

As we have five different options available in wizard scheme “Chart of accounts”. If we want to copy settings of an already existed company in Peachtree software then we select the third last option which is “Copy settings from an existing Peachtree Accounting company”, the following wizard scheme of “Accounting Method” appears on the screen. The remaining steps for Copy settings from an existing Peachtree Accounting company will be implemented in the same manner as implemented for “Build your own company”.

From this wizard of “chart of accounts” we first select the available company in “Available Peachtree companies” window and after this we press “View chart of accounts” and get the list of accounts for that company in the window above “View chart of accounts”. From here we select the accounts which we want to add in our new company and press the “Next” Button. After this the rest of the procedure remains the same for creation of our company.

From this new wizard scheme of “Copy Company information”, we can select different options which we require to be copied from the existing available companies in the Peachtree software. We select the options required to be copied and then press the “Next” Button in order to continue the formation of a new company. On pressing “Next” we arrive on to the following wizard scheme.

From this wizard scheme of “Accounting Method”, we select “Accrual” and then click on “Next” button to continue our steps toward creation of a new company in Peachtree accounting software 2004. After following this step, we get the following wizard screen of “Posting Method” on our desktop screen.

From this wizard scheme of “Posting Method”, we select “Real Time” option and click on “Next” button to proceed towards the creation of a new company on Peachtree Accounting Software 2004. We get the Following Screen of “Congratulations” on implementing this procedure.

This is the last wizard scheme involved in the creation of our new company in Peachtree accounting software 2004. In this wizard, we press the “Finish “button after which a new company starts its creation and within 10 seconds the Peachtree software creates a new company for us.

As we have five different options available in wizard scheme “Chart of accounts”. If we want to set up a new company using an extensive chart of accounts from one of many sample companies in Peachtree software then we select the second option from the beginning which is “Set up a new company using an extensive chart of accounts from one of many sample companies”, and click on the “Next” button and the following wizard scheme of “Chart of Accounts” appears on the screen. The remaining steps for settings up a new company using an extensive chart of accounts from one of many sample companies from an existing Peachtree Accounting company will be implemented in the same manner as implemented for “Build your own company”.

From this wizard scheme of “Chart of accounts “we can select the industry or the company related to our company. If we want to form a new store then we will be selecting “Retail Company” from the “Available chart of accounts” option. If we wish to see the list of accounts available in the retail company chart of accounts then we can do this simply by clicking on “retail company” option and then clicking on “View chart of Accounts” option. By doing this the following screen of the list of chart of accounts for a retail company will be displayed on our screen.

From this window we can scroll down and have a look on the accounts listed in the chart of accounts of the retail company. From these accounts we can add the accounts in our new company. Now we will close this window and press the “Next” button in order to get to the next wizard scheme “Accounting Method”.

From this wizard scheme of “Accounting Method”, we select “Accrual” and then click on “Next” button to continue our steps toward creation of a new company in Peachtree accounting software 2004. After following this step, we get the following wizard screen of “Posting Method” on our desktop screen.

From this wizard scheme of “Posting Method”, we select “Real Time” option and click on “Next” button to proceed towards the creation of a new company on Peachtree Accounting Software 2004. We get the Following Screen of “Accounting Periods” on implementing this procedure.

From this wizard scheme of “Accounting Periods”, we select the option of “12 monthly accounting periods” option as per our requirement and then click on “Next” Button to proceed. After following this procedure, we reach to the following “Monthly Accounting Periods” Wizard scheme.

From this Wizard scheme of “Monthly Accounting Periods”, we select “January” as Month and “2012” as year for our requirement, “When do you want your fiscal year to start?”. Then we select “February” as month and “2012” as year for our requirement of “What is the first month you will be entering your data?”. After this we select “2012” in our requirement of “What is the first year you will be entering payroll?”. After filling this we click the “Next” button and get the following screen on our desktop screen.

This “Defaults “wizard scheme displays the default settings made by the Peachtree accounting software for our new company which we can change after creation of the company. From this we press the “Next” button and get to the following screen of “Congratulation”.

This is the last wizard scheme involved in the creation of our new company in Peachtree accounting software 2004. In this wizard, we press the “Finish “button after which a new company starts its creation and within 10 seconds the Peachtree software creates a new company for us.

As we have left only with the procedure of creating a company from the first option so we are going to create a new company in Peachtree accounting software 2004 using this first option of “Set up a new Retail, Service, Construction, Manufacturing, or Distribution company, using a specified chart of accounts”. From this wizard scheme of “chart of accounts”, now we select the first option which is “Set up a new Retail, service, Construction, Manufacturing or Distribution company using a simplified chart of accounts”. By using this option we will be able to get the simplified sample chart of accounts already prepared in the Peachtree software for different companies. Press the “Next” button and arrive to the following wizard scheme on the desktop screen.

In this new wizard we have the “Available Chart of accounts” for a Retail company, Service Company, Construction Company, Manufacturing Company and Distribution Company. We can select any company as per our requirements and can click on “Next” button to complete our process of creation of a company. We can also view the chart of accounts of a specific available company by clicking on that required company and then clicking on “View chart of accounts” option. By doing this we will be arriving on the following wizard scheme.

From this list of chart of accounts we can scroll down and have a look on the available accounts in that list. Now we close this list and press the “next” button after selecting our required company. We get the following screen after following this procedure.

From this wizard scheme of “Accounting Method”, we select “Accrual” and then click on “Next” button to continue our steps toward creation of a new company in Peachtree accounting software 2004. After following this step, we get the following wizard screen of “Posting Method” on our desktop screen.

From this wizard scheme of “Posting Method”, we select “Real Time” option and click on “Next” button to proceed towards the creation of a new company on Peachtree Accounting Software 2004. We get the Following Screen of “Accounting Periods” on implementing this procedure.

From this wizard scheme of “Accounting Periods”, we select the option of “12 monthly accounting periods” option as per our requirement and then click on “Next” Button to proceed. After following this procedure, we reach to the following “Monthly Accounting Periods” Wizard scheme.

From this Wizard scheme of “Monthly Accounting Periods”, we select “January” as Month and “2012” as year for our requirement, “When do you want your fiscal year to start?”. Then we select “February” as month and “2012” as year for our requirement of “What is the first month you will be entering your data?”. After this we select “2012” in our requirement of “What is the first year you will be entering payroll?”. After filling this we click the “Next” button and get the following screen on our desktop screen.

This “Defaults “wizard scheme displays the default settings made by the Peachtree accounting software for our new company which we can change after creation of the company. From this we press the “Next” button and get to the following screen of “Congratulation”.

This is the last wizard scheme involved in the creation of our new company in Peachtree accounting software 2004. In this wizard, we press the “Finish “button after which a new company starts its creation and with in 10 seconds the Peachtree software creates a new company for us.

HOW TO OPEN AN EXISTING COMPANY

We can open an existing company using our Peachtree software which we had already created in the past or had been created by someone else in the past. For this the existing company must be saved in the hard drive of the computer on which the Peachtree software is installed. For this first we open the Peachtree software and arrive on the following wizard scheme on our desktop.

From this wizard scheme we select the first option “Open an existing company”. On clicking “Open an existing company”, following wizard is shown on our desktop screen.

From this wizard scheme we Press the “Browse” button on the left side of the wizard and locate our existing company folder in the hard drive. On clicking “Browse” button we arrive on the following screen.

From here we select our drive in which we have saved the files of the existing company. After selecting that drive we further locate the folder in which we have saved our files of existing company from the “Directories” portion. Drive can be selected by the following method.

After selecting the drive in which we have saved the data folder of our already existed company we finally locate the company folder and select that folder from the screen as follows and click the “Ok” button.

One thing should be kept in mind that on selecting the Company the folder sign with that company should be of closed folder rather than opened folder. The difference between both the folders has been illustrated in the following diagram.

After clicking the “Ok” button the existing company data will be restored in the software and a new screen will be opened on the desktop screen as follows.

This window is the main screen for our company which we were willing to open. At the top of the Peachtree software we will find the name of the company with which we had already created it in the past.

OR

There is another method of opening an existing company using Peachtree software. In this method we directly copy the files of the existing company which was created in the past and paste them in the companies’ directory of Peachtree Accounting Software. For this first of all we select the data folder of the already existed company which we are willing to open using Peachtree. After selecting it we Right click on it and Click on “Copy” as shown in the following screen.

After clicking on “Copy” we open the drive in which the Peachtree software is installed. Mostly this is the Drive “C” where we save our software as well as windows but it may vary Pc to Pc. On opening the Drive “C” we see the following screen on our desktop.

From this window we double click on the folder “Program Files” and get to the following screen.

From this window we open the “Peachtree” folder by double clicking on it. By doing this we arrive on the following screen on our desktop.

From this window we open the “Company” folder by double clicking on it and arrive on the following screen on our desktop.

Here we paste the folder of the existing company which we already copied in the start of the process by using a shortcut key CTRL + V or we can Right click within the window and click on Paste if we have already copied it from the original directory as we did in the start.

After pasting it in this folder we again go back to the Peachtree Software or open it again. After opening it we get the following screen on our desktop.

From this wizard scheme we select the first option “Open an existing company”. On clicking “Open an existing company”, following wizard is shown on our desktop screen.

From this we select our company which we have copied in the company folder and click the “Ok” button. On clicking “Ok” the main screen for our company which we were willing to open appears on the desktop screen. At the top of the Peachtree software we will find the name of the company with which we had already created it in the past.

ENTERING CHART OF ACCOUNTS IN THE SOFTWARE

If we have chosen the “Build your own company” in the beginning from the “Chart of accounts” wizard scheme then we will have to make our own chart of accounts after the formation of the company is completed. For this first we open the company in which we want to enter the chart of the accounts. The first page of the company will be opened in the same manner as described above. Following front page of the company appears on the desktop screen on opening the window.

From this screen we first select the “Maintain” option from the above taskbar and by clicking on the “Maintain” option, following options further appears on the screen.

From these options we select the “Chart of accounts” option in order to enter the chart of accounts in the software. On clicking on “Chart of accounts”, following screen appears on the desktop screen.

This is the window where we enter the accounts related to our company or store whatever is our concern. It contains “Account ID” option in which we enter the Code of the account or the ID of the account. Another option is “Description” in which we add the name of the account. Like Petty cash, cash in hand, cash at bank, account receivable, account payable and so on. The third option is “Account type”. From this option we can select the type or the nature of the account which we are adding in the list of chart of accounts. For instance the type of account for petty cash and cash at bank will be “Cash”, the type of account for account receivable will be “Account receivable” and so on. There is another option of “Inactive”. By selecting this option our account will be inactivated and we will not be able to record any financial entry regarding that account. That account will be closed for recording the transactions and marinating the records. The next option is “Change ID”, from where we can change the ID of the account if we have entered it incorrectly. We can even delete the account using this window. All these are explained in the further pages. We enter the Code of the account in the “Account ID” as follows.

Below this “Account ID” option there is another option “Description”. We enter the name of the account in this portion as illustrated follows.

After this we select the “Account type” by clicking on it. On clicking it, different options for the account type appears on the desktop screen from which we select the appropriate account type for our account. Following options appear on the screen on clicking “Account type”.

If we have made any mistake in our chart of accounts with any of our account then we can also rectify our mistake. If we had written wrong description or ID for the account or selected the wrong account type for the account then these mistakes can be rectified by using the following procedure.

If we want to change the ID of our account then we need to first select that account from the list and after selecting it we press the button of “Change ID” in the top of the “Maintain chart of accounts” wizard scheme. On doing this, following screen appears on the desktop screen.

Here we enter our new correct ID for the account in “Enter New Account ID” and click on “ok”. After this the ID of the account will be changed to our new entered ID. If we want to change the description or the account type of any account then we can also do it. First we will have to select that particular account which requires to be amended and the click on description and change the description or account type click on account type and change the account type to our required account type. After changing the descripti

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