peachtree-software peachtree complete accounting 7.0 Quick Setup Guide

Let’s review some of the things we learned in this lesson:

For Stock Type inventory items, Peachtree Accounting tracks costs, 
quantities, descriptions, sales prices, minimum levels and reorder 
quantity. For non-stock, labor items and service items, the program 
tracks descriptions and sales prices. For description-only items, the 
program only tracks the description.

When you purchase inventory stock-type items, you credit accounts 
payable and debit the inventory account. 

When you sell inventory stock-type items, two sets of disbursements 
take place:

Debit accounts receivable, credit revenue

Debit cost of goods sold, credit inventory

When you access a lookup list field, you can display detailed 
information or even edit the record by selecting the Edit button.

Adjustments are used to correct levels of stock inventory. When you 
make an adjustment, the cost of goods sold G/L account, inventory 
G/L account, total inventory value, and quantity on hand are all 
updated.

There are two ways to change the prices of inventory items. You can 
change prices on an individual level through the Maintain Inventory 
Items window. To change prices for a range of inventory items, or all 
inventory items, it is faster to use the Maintain Item Prices window.

Now that you have been introduced to the Inventory module of Peachtree 
Accounting, you are ready to proceed to Lesson VIII—Job Costing.