peachtree-software peachtree complete accounting 7.0 Quick Setup Guide
Lesson IV—Accounts Payable
Review of Lesson IV
109
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There are two ways to enter transaction lines in purchases (and
sales):
sales):
•
By Inventory item: With line items set up through Maintain
Inventory Items, you can keep track of items or services
purchased or sold. Setting up these items also allows Peachtree
Accounting to complete distribution entries for you to save you
time.
Inventory Items, you can keep track of items or services
purchased or sold. Setting up these items also allows Peachtree
Accounting to complete distribution entries for you to save you
time.
•
By Account Number: If there is no line item set up for a
particular item you intend to purchase (or sell), or if you do not
intend to use the Inventory module, you can type a description
and distribute it directly to the proper General Ledger account.
particular item you intend to purchase (or sell), or if you do not
intend to use the Inventory module, you can type a description
and distribute it directly to the proper General Ledger account.
•
To examine a transaction’s journal entry, select the Journal button on
the Task window. This action displays the Accounting Behind the
Screens window where you can change account information and
examine debit and credit entries corresponding to the transaction.
the Task window. This action displays the Accounting Behind the
Screens window where you can change account information and
examine debit and credit entries corresponding to the transaction.
•
In accrual-based companies, a typical invoice credits the accounts
payable subsidiary account and debits inventory or expenses.
payable subsidiary account and debits inventory or expenses.
•
When printing a check, leave the check number blank to have
Peachtree Accounting later assign a check number and print the
check.
Peachtree Accounting later assign a check number and print the
check.
•
Once you print a batch of checks and answer Yes to the prompt that
asks you if the checks printed properly, Peachtree updates the check
numbers and flags the checks as printed. To reprint a check, you
must complete the following steps:
asks you if the checks printed properly, Peachtree updates the check
numbers and flags the checks as printed. To reprint a check, you
must complete the following steps:
•
From the Payments window, select the Edit button.
•
Select the Payment check you want to reprint.
•
Delete the check number.
•
Select the Print button. This action prints the check using the
next check number in the sequence.
next check number in the sequence.
•
You have the option to hide General Ledger Account fields on
various task windows. Hiding these fields can make data entry easier,
if desired. When the General Ledger accounts fields are not visible, it
is assumed that the default accounts you have set up will be used
when recording the transaction.
various task windows. Hiding these fields can make data entry easier,
if desired. When the General Ledger accounts fields are not visible, it
is assumed that the default accounts you have set up will be used
when recording the transaction.
Now that you have been introduced to the Accounts Payable module of
Peachtree Accounting, you are ready to proceed to Lesson V—Accounts
Receivable.
Peachtree Accounting, you are ready to proceed to Lesson V—Accounts
Receivable.