Who to maintain Chart of Accounts

Chart of Accounts

What is Chart of Account?

          A chart of account is a way of showing a business’s financial information such a way that it is possible to make good financial decisions based on the information that shows.

The COA will be made up of all the individual accounts that make up the overall accounts of a business.  

We build a new company on Peachtree because we make our chart of accounts. When we set up new company this window will appear:

  

From this we will click on option Maintain from the tab than the window display:

We will receive different options and we select option chart of account this window will appear:

By clicking on chart of account we receive this window:

In this window we will put the information: Account id, Description and Account type. By entering the information this window will display:

 

Than we save this by pressing Alt+s to save the account of cash.

Who to enter beginning balances:-

We will build a new company and make chart of accounts in it. Firstly check We will check that we make retain earnings account or not than we enter beginning balances.  Click on maintain and select option Chart of account this window will appear:

 

We make chart of accounts know we put beginning balances of the accounts. We will click on option of Beginning balances that window will display:

After that we select period to Enter Beginning Balances we select this:

 

Than we press Ok and we will receive this window for entering balances of all accounts:

We will enter the balances of cash, account payable, inventory, prepaid rent, machinery and so on. That window will appear:

We will enter all balances and the both sides of trail balance is equal. If there is any difference in total it shows in trial balance. We will net income from this procedure.