HOW TO MAINTAIN CHART OF ACCOUNTS

“CHART OF ACCOUNT”

System of accounting  records developed by every organization to be compatible with its particular financial structure, and in agreement with the amount of detail required in its financial statements. It consist  of a list of ledger account names and numbers showing classification  and sub-classification,a and serves as an index to locate a given account within the ledger.

“HOW TO MAINTAIN A CHART OF ACCOUNTS”

·        To maintain the chart of accounts we open the peachtree software  and select the option “OPEN AN EXISTING COMPANY”

·        Than click the “BROWSE” button to open another existing company.

·        Than open a company  and the Z drive n select your existing company

·        Than show welcome page to Peachtree and then go to the “MAINTAIN” option and from there select the option “CHART OF ACCOUNT” as shown below:

  

·        After clicking on the chart of account following window will be appeared. This window gives us information about to maintain the chart of accounts. Following information are : Account ID, Description, Account type,

Than we click on the search button and a list of accounts is displayed as shown below in the window

·        Now we want to delete the any account id from the list of accounts. Let assume you want to delete the petty cash accounts you will type the account id or search it by pressing the “search” option.

·        After selecting that we will select the delete option from toolbar and delete this account.

·        And if you wants to change the id we will select the option “change id” from tool bar.

·        After selecting that the following screen will appear:

·        The red circled image you can see above would appear. And here you will add your new account id.

        How we add beginning balance?

·        When you open charts of accounts through maintain option it will appear like:

·        At the rite side of charts of accounts there is an option of “BEGINNING BALANCE”. Click it will appear:

·        If giving information of charts of accounts is given like
as on 1^st January 2012, then you must chose the starting and ending month of last year.

·        By choosing the rite option of year, press OK.

·        It will appear you this chart. By adding all values given in charts of account and if the balance is equal then press OK at the left side the top.

·        This is how you entered the beginning balances.