Chap009.peachtree

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Chap009.peachtree

  1. 1. Chapter 9:Chapter 9:New Company SetupNew Company Setupand Beginningand BeginningBalancesBalancesMcGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
  2. 2. New Company Setup andNew Company Setup andBeginning Balances, p. 281Beginning Balances, p. 281 Chapter 9 begins Part 2 of the book—Peachtree CompleteAccounting 2011 for Service Businesses. In this part of thebook, you are the owner of an accounting practice that doesthe monthly record keeping for several service businesses. In Chapter 9, you set up two service businesses—MikeParry Designer and the end-of chapter exercise, Art by YourName. You set up a business using one of PCA’s samplecompanies. Then, you record October 1, 2011 beginningbalances from Mr. Parry’s balance sheet. The chapters in Part 2 work together--the servicebusinesses set up in Chapter 9 are continued in Chapters10 and 11.9-9-22
  3. 3. Peachtree TipsPeachtree TipsIn Chapter 9, beginning balances are entered from the October 1, 2011balance sheet (text page 306). This means that the chart of accountsbeginning balances must be entered for the previous month—September 1 through 30, 2011. See Entering Chart of AccountsBeginning Balances text pages 305 through 311. Review steps 2, 3,and 4 on pages 307-308.The businesses that you set up in Chapter 9 are continued in Chapters10 and 11.Remember to use a unique name for the businesses that you set up inChapter 9. For example, use your first and last name Designer toidentify the businesses.When a company is set up in Peachtree, a shortened named isassigned for that company; for example, the shortened company namefor Mike Parry Designer is mikparde. The Windows 7 default locationfor Mike Parry Designer is C:Sage PeachtreeCompanymikparde. (Ifthe student’s first and last name is used, the shortened company namediffers. Windows Vista and XP default locations also differ. Refer to FileManagement, pages xvii-xviii.)Use Windows Explorer to see the file size, text pages 313-314.9-9-33
  4. 4. Peachtree Tips (concluded)Peachtree Tips (concluded) You can restore to an existing company—one that is previouslyset up—or restore a new company, bypassing the process ofcreating a new company. The Restore Wizard includes twooptions on the Select Company window: An Existing Companyand A New Company. If A New Company is selected, then thecompany will be named the same as the backup file selected. Let’s say you want to restore a backup file for a company that isnot set up in Peachtree; for example, a back up file exists but thecompany is not shown as a Peachtree company. If you start Peachtree and the appropriate company cannot beopened, use the Restore Wizard to select A New Company. Usingthe appropriate backup file, and the selection for A New Company,you can start where you left off the last time Peachtree was used.9-9-44
  5. 5. Backing Up Chapter 9Backing Up Chapter 9Backup Name (.ptb)Excel (.xlsx)Kilobytes Page Nos.Chapter 9 Chart of Accounts.ptb 1,295 KB 298-301Chapter 9 Beginning Balances.ptb 1,337 KB 314Chapter 9_Chart of Accounts BeginningBalances.xlsx16 KB 315-317Exercise 9-1.ptb 1,287 KB 322-323Exercise 9-2.ptb 1,290 KB 325-326Exercise 9-2_Chart of Accounts andBeginning Balances.xlsx18 KB 326 In the textbook, detailed steps are shown for backing up to Peachtree’s default harddrive location: C:SagePeachtreeCompanymikparde [or, your company’s shortenedname]. The chart on pages 279-280 shows the size of the backup files. The Excelfiles saved are also shown. The textbook steps explain how to backup to externalmedia such as CD-Rs, DVD-Rs, and USB media.9-9-55
  6. 6. Business Status – Peachtree’s Dashboard, p. 289Business Status – Peachtree’s Dashboard, p. 289Navigation BarPeriod 10 -10/01/11-10/31/119-9-66
  7. 7. Shortened name for Mike Parry DesignerShortened name for Mike Parry Designer(Read me box, p. 289)(Read me box, p. 289) A folder is set up on the hard drivefor Mike Parry Designer—C:SagePeachtreeCompanymikparde. (If you are using Vista orXP, refer to Company Data Fileslocation, text page xviii.) Peachtree’s shortened name is thefirst three letters from the first word(mik), the second word’s first threeletters (par), the third word’s firsttwo letters (de). If you used your first and last name,the shortened name will differ.9-9-77
  8. 8. Entering Chart of AccountsEntering Chart of AccountsBeginning Balances, pages 305-308Beginning Balances, pages 305-308 Follow steps 1-3 on pp. 306 and 307 to select the beginningbalance period. (The Select Period window is shown belowstep 3 on p. 307). Make sure you have selected From 9/1/11 through 9/30/11.You cannot change this later. Then, click on <OK>.Make sure thatFrom 9/1/11 through9/30/11 is selected9-9-88
  9. 9. Chart of Accounts BeginningChart of Accounts BeginningBalances window, pp. 308-309Balances window, pp. 308-309 Make sure that your beginning balances are as of September30, 2011. If you enter your balances for the wrong month(period), your financial statements will not show the current,month and year-to-date amounts correctly in Chapter 11. Complete steps 7 and 8, pp. 309-310.9-9-99
  10. 10. Glossary of TermsGlossary of TermsChapter 9Chapter 9
  11. 11. Posting, p. 277Posting, p. 277Part 2 openerPart 2 opener One of the best features of a computerized accountingsystem is how quickly posting is done. Once entries arerecorded and checked for accuracy, posting is a click of themouse. All entries are posted to accounts in the generalledger and account balances are calculated—fast, easy, andaccurate. The diagram illustrates this process.9-9-1111
  12. 12. Balance Sheet, p. 305Balance Sheet, p. 305 A Balance Sheet lists the types and amounts ofassets, liabilities, and equity as of a specificdate. The balance sheet is also called astatement of financial position. Mike ParryDesigner’s October 1, 2011 balance sheet isshown on page 306. [Hint: Peachtree datesreports the last day of the month. SeePeachtree’s balance sheet, page 311.]9-9-1212
  13. 13. Statement of FinancialStatement of FinancialPosition, p. 305Position, p. 305 A balance sheet is also called a statement offinancial position.9-9-1313
  14. 14. Internet Activity, p. 317Internet Activity, p. 3171 Go to the book’s website at www.mhhe.com/yacht2011.2 Link to Student Edition.3 In the Choose a Chapter field, select Chapter 9. Observe that the Quizzesand More Resources list includes additional activities. In the Course-wideContent list, link Internet Activities; then link to Part 2 Internet Activities forChapter 9-11. Select Open or Save.4 If necessary, scroll down the window to STARTING A BUSINESS – Chapter9. Read steps 1, 2 and 3.5 Follow the steps shown on the textbook’s website to complete this Internetactivity.6 Use a word processing program to write a summary for each websitevisited. Your summaries should be no more than 75 words.9-9-1414
  15. 15. Going to the Net, pp. 317-318Going to the Net, pp. 317-318Access information about the chart of accounts athttp://en.wikipedia.org/wiki/Chart_of_accounts.Read the information on Wikipedia’s chart ofaccounts website.1. What is the chart of accounts?2. List four asset accounts, two liability accounts, twoequity accounts, one revenue account, and threeexpense accounts.3. What is the trial balance?9-9-1515
  16. 16. Assessment Rubric, pp. 326-327Assessment Rubric, pp. 326-327Task Date Selections WindowShortenedCompanyNameOctober 1,2011BeginningBalances9-9-1616
  17. 17. Analysis Questions, p. 327Analysis Questions, p. 3271. What chart of accounts beginning balancedate is used for entering October 1, 2011account balances in Peachtree?2. How does the account beginning balancedate affect the current month and year-to-date amounts on the financial statements?3. After recording beginning balances, whydoes Peachtree show October 31, 2011 asthe balance sheet date?9-9-1717

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