peachtree-software peachtree complete accounting 7.0 Quick Setup Guide
Lesson III—General Ledger
Working with the Chart of Accounts
79
Peachtree Accounting operates on a forced-balance trial balance. The
trial balance must always balance or equal zero (Ø). This means the sum
of assets and expenses must equal the sum of liabilities, equity, and
income.
trial balance must always balance or equal zero (Ø). This means the sum
of assets and expenses must equal the sum of liabilities, equity, and
income.
First we will decrease the balance of the savings account. Then we will
make up the difference by adding the balance of the new money market
fund.
make up the difference by adding the balance of the new money market
fund.
4
Select Account 10400-Savings Account, and enter 5500.00 in the Assets,
Expenses column and press
Expenses column and press
e.
Notice the Trial Balance is now out of balance (instead of 0.00, it displays
-2000.00).
-2000.00).
5
Enter 2ØØØ.ØØ for Account 10500-Money Market Fund and press
e.
The Trial Balance is now back in balance (displays 0.00).
6
Select OK to save the adjustment.
The beginning balance is posted to the General Ledger and will display
properly in our financial statements. You return to the Maintain Chart
of Accounts window.
properly in our financial statements. You return to the Maintain Chart
of Accounts window.
Before you leave this
window, the Trial
Balance should
equal zero (in
balance).
If the Trial Balance is
out of balance and
you select OK
(not recommended),
Peachtree will make
the correcting entry
for you.