Maintain Vendor Account

Maintain Vendor Record

Maintain vendor record click maintain and vendor and display the maintain vendors window.

Circle portion is called header fields and in this portion we enter vendor ID and name.

In general tab enters basic information about the vendor such as contact information, address, phone and fax numbers, and beginning balances.

In purchase defaults you can change this information at the transaction level. In purchase rep you can enter or select an employee to act as the purchase rep. In purchase account Enter a Ledger account for the default purchase account for this vendor. Tax Id is not use in Pakistan. In terms you can choose to use the standard vendor payment terms vendor. Select the Terms button to change the payment terms. And then click custom fields display the following window.

In custom field information for the selected vendor record. And then click history tab following window will appear.

Vendor Since: Enter the date you first had a transaction with the vendor.
Last Invoice Date: Enter the date of the last invoice you received from the vendor.
Last Invoice Amt.: Enter the amount of the last invoice.
Last Payment Date: Enter the last date you paid the vendor.
Last Payment Amt.: Enter the last amount you paid the vendor.

Default Information of Vendors

The next step is the default information for this we will be go to the menu of maintain where select the default information and then select the vendors in sub menu such following are.

After this it will be appear a window such as following

Payment term:

Here different option of the vendors default, accounting, custom fields, and 1099 settings. Now I will discussed all steps such are

C.O.D (cash on order):

    Cash an order mean cash received when the goods was sale .which window such as following.

Here the net due, discount in, discount % cannot mention because the cash had already receive.

Prepaid:

Here mean the cash are send to seller for order the goods before collected the goods.

Here also not give discount and net due.

Due in number of days:

When the something is purchase sometimes the goods are purchase on credit base. So in this the time is give discount such as 3/10, n/30. Its mean seller give 3% discount on the sale if the buyer pays the amount in 10 days while total credit time is 30 days.  Here they also enter the ID of the purchase general ledger purchase account.

Due on day of next month:

Its mean the due will be on next month of the day

Due at end of date:

Its mean the due will be the end das of the month.

Account aging:

This tells about the account aging by two methods invoice and due date. Here we also fill the payment days with your choice period.

Custom field:

This tells about the information about the customer which we can blank labels can fill with his choice.

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Maintain Customers/Prospectus

Maintain Customers/Prospectus

After set up company and charts of accounts now we will make subsidiary ledgers for account receivable.

Customers/prospectus maintain menu click on maintain

 

 

Click the maintain button and then click customers/Prospectus

Following window will appear

 

Header Fields

 

Header field provide information about the customer ID name and status

 

 

Click general tab to provide information sales tax code, address, telephone, and beginning balances.

 

 

Sales defaults tab ; sales representative must entered in the maintain employees in sales representative window.

GL sales account; enter general ledger account for the default sales account for this customer.

Open purchase order number can use for this customer.

In sales default ship via resale pricing level payment terms.

 

 

In payment defaults first one is card holders name enter the name of customer appear on the credit card

 

 

Custom field is other information about the customer following second contact, reference, mailing list and multiple sites etc.

 

 

      History tells about the customer history when the customer join with us as customer like as option of customer since. Here also about the history about the cash, sales and period history.

 

Default information:

The next step is the default information for this we will be go to the menu of maintain where select the default information and then select the customer in sub menu such following are

 

 

After this it will be appear a window such as following

Payment term:

 

 

Here different option of the customer default, accounting, custom fields, finance charges and pay methods. Now I will discussed all steps such are

C.O.D (cash on order):

    Cash an order mean cash received when the goods was sale .which window such as following

 

 

Here the net due, discount in, discount % cannot mention because the cash had already receive.

Prepaid:

Here mean the cash are send to seller for order the goods before collected the goods.

 

 

Here also not give discount and net due.

Due in number of day

 

 

When the something are sale some times the goods are sale on credit base. So in this the time is give discount such as 3/10, n/30. Its mean seller give 3% discount on the sale if the buyer pay the amount in 10 days while total credit time is 30 days.  Here the also enter the ID of the sales general ledger sales account.

Due on day of next month:

 

 

Its mean the due will be on next month of the day

Due at end of date:

 

 

Its mean the due will be the end das of the month.

 

 

In account aging this tells about the account aging by two methods invoice and due date. Here we also fill the payment days with your choice period.

 

 

. In custom field provide information about the customer which we can blank labels can fill with his choice.

 

 

This tells about your customer finance charges if the customer late to payment you can also put the rate which you want to charge on customer.

 

 

Pay method tells about what type of payment method but some of these not applied in Pakistan.

Maintain charts of accounts

Sample Charts of Accounts

First we will open the Peachtree software where window gives multiple options in these I will one of them select which is open an existing company

After select the open an existing company we will choose the company which we already had been build the company. So I will use his own company  for maintain the charts of accounts after select the company we will see.

In this window I will select the maintain  on title bar. Where I choose the option of the charts of accounts. A charts of accounts is created lists of accounts used by a business entity to define each class of items for which money or the equivalent is spent or received.

Maintain charts of Accounts

After select the maintain then we will select the charts of accounts.

The following window display.

This show about the window of maintain charts of accounts. Here we have multiple options which we will according to the account.

1)The account ID determines how the account is identified and sorted in the chart of accounts list and the General ledger account is displayed as typed in description

2)Description  which tells about the name of account

3) Account types define how the account will be grouped in reports and financial statements. They also control what happens during fiscal year-end

After this I will fill the account id, description, and account type..we will see as

After this I will press ALT+S this show that the account is save in Peachtree software

If we want to look up the previous record of account which was save. We will select  the option this place where we can easily change the account. After all account maintain we will go to the beginning balance such as:

How to enter beginning balance

After maintaining the charts of accounts we will click on beginning balance

When we are click on beginning balance show window such are

We have here time period which we required for maintain chart of accounts ….we have the accounts of company on 1^{st  Jan 2010}  . so here we chose the previous closing period of 1^stjan 2010 which will be on window showing 31^st Dec 2009.  If we have balance of 31^st Dec then it will be a closing balance. After this we press the ok will be showing such window are;

Here we all amount of account type which we want to maintain. Here the Dr. and Cr. are same which show the account are correct.

Here no trial balance is nil.

The square line show the net income balance such are following

Here we also make new account which we required or forgot for instance petty cash canbe make new of account of company.

These all are steps which are helping and maintain the charts of the company. After all these steps the company maintains the charts of accounts