Notice the toolbar at the top of the window. You also use it to enter opening balances for accounts and prepare account budgets. In the “Maintain Chart of Accounts” window you add, rename, and delete accounts. You can open this window by selecting “Maintain| Chart of Accounts…” from the Menu Bar. This can be done using the “Maintain Chart of Accounts” window. You will also need to enter “opening balances” for your accounts, as well. However, you may want to add, delete, or rename specific accounts in the default chart of accounts.
If you selected to create your chart of accounts using one of the business types listed in the “New Company Setup Wizard,” then you likely have a full chart of accounts which will give you all of the accounts necessary to run a business. This can be a helpful guide in establishing account numbers.Ĭheck out this video on the general ledger settings in Peachtree in order to get a better idea of the process: In a traditional General Ledger, individual accounts are numbered and placed into numeric ranges similar to the following table. It should be easy for others to use and understand. You should set up an account numbering system that is systematic and coherent. Peachtree allows the use of both alphabetic and numeric characters in its account numbers. The first thing that you must provide Peachtree with is an account number. Let’s look at the information that we must provide Peachtree in order to add accounts to the chart of accounts. When you go to create new accounts in the Chart of Accounts, you will need to fill in the Account ID that you want to give to the account, the description of the account, and then set the account type. When you are done selecting a rounding account, click “OK” to set it. Typically, the “Retained Earnings” account is used. This account can be either a balance sheet account, or an income statement account. You simply select the rounding account used by Peachtree to store rounding differences on financial statements. When you want to set the defaults for the General Ledger, you select “Maintain| Default Information| General Ledger…” from the Menu Bar to bring up the “General Ledger Defaults” window. Here we will look at setting the defaults for the General Ledger
This set of accounts is called the Chart of Accounts. Every transaction that occurs is eventually posted to the set of accounts that make up the General Ledger. The General Ledger records all financial information for your company.
In this post, we will discuss the general ledge default settings and also how to add accounts. There are many different types of accounting software that businesses can use.