setup of company

Set up of company

We will open Peachtree software and will find the following window

As we want to set up a new company in Peachtree software we will click on a set up a new company when we have done work clicking on that following window will display

This is a introductory window which guide us to the new company set up phase. In which introductory window you mention your company name and address your charts of account , accounting method , accounting periods. We know about these five things then we click the next button.

This is a company information which contain company name address city country start zip telephone number and business type. We fill these things and the others like federal employer id state employer id St Unemployment id  are not related our work because these are American rules not our.

Charts of Accounts copy setting from an existing Peachtree accounting company. We will clicking build your own company.

There are two method of accounting one is accrual method and the second is cash method. Cash method is use when cash receipt and payment and accrual method is used when occurrence of transaction. Here we will use accrual method.

There are two methods Peachtree Accounting can use to process , Real Time or Batch which posting method do you want your company to use?

Real Time

       The transactions are posted to the General Ledger as they are entered and saved. Most companies used this method

Batch

    Transactions are saved by the program and the posted in a group. This method allow you to print registers and analyze a group of transactions before posting the journals.

We use real time method.

Accountings period are units of time that divide your fiscal year for reporting purposes. In Peachtree Accounting  you can divide the fiscal year into as many as 13 periods. Most companies use monthly accounting periods.

Generally most companies used accounting period start from 1^stjanuary to 31^stdecember or 1^stjuly to 30^thjune.

This window shows that your company have setup and your required information is complete at Peachtree.