Chapter 3: Chapter 3: Customer TransactionsCustomer Transactions

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Customer TransactionsCustomer Transactions

In Chapter 3, you learn about Bellwether Garden Supply’s customers. In this chapter, you learn how Peachtree handles accounts receivable transactions with customers.

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Software Objectives, p. 85Software Objectives, p. 85 Restore data from Exercise 2-2. (This back up

was made on p. 82.) Go to the Tasks menu to enter quotes and

sales orders. Enter customer terms in the Maintain menu. Go to the Tasks menu to enter a sales invoice. Print a sales invoice. Post a receipt for the previously invoiced

amount. Make two backups: one blank, formatted disk

for the Chapter 3 backup; one blank, formatted disk for the Exercise 3-2.

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Web Objectives, p. 85Web Objectives, p. 85

Use your Internet browser to go to the book’s website at www.mhhe.com/business/accounting/yacht2002.

Complete the Internet activity for the American Accounting Association.

Use a word processing program to write a summary about the websites(s) that you visited.

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Peachtree TipsPeachtree TipsAll work in Chapters 1 and 2, including the end-of-chapter exercises, must be completed before starting Chapter 3.If the “Sales/Invoicing” window or “Receipts” window does not show the G/L account column, see text pages 53 and 54 for setting global options.You need to enter, post, then print Invoice No. 101 before using the “Receipts” task. (Text pages 99-110)

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Peachtree Tips Peachtree Tips

If the “GL Account” column is not displayed on the “Quotes” or other Tasks windows you need to check your global settings. Refer to the steps on pages 53 and 54 to make sure that the boxes in the “Hide General Ledger Accounts” section are unchecked (see Options/Global).

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Backing Up Chapter 3Backing Up Chapter 3

Disks Backup Name

KB Page Nos.

6 of 18 A:\Chapter 3.ptb 763 119-120

7 of 18 A:\Exercise 3-2.ptb 765 124

Use one blank, formatted disk to make the Chapter 3 backup on pages 119-120. You will need another blank, formatted disk to back up Exercise 3-2 on page 124.

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Chapter 3 TopicsChapter 3 Topics1. Software & web objectives, p. 852. Getting Started, p. 863. Accounts receivable tasks, pp. 87-93

a. Entering a quote, pp. 87-89b. Converting a quote to a sales order, p. 90c. Entering a sales order, p. 91d. Printing a sales order, pp. 92-93

4. The maintain customers/prospects window, pp. 93-95a. Entering a discount for a customer, pp. 95-99b. Entering a sale to a customer, pp. 99-104c. Distributing against a specific account, pp. 105-106d. Discount information, pp. 106-107

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Chapter 3 Topics continuedChapter 3 Topics continued5. Posting the invoice, p. 1076. Printing invoices, pp. 107-11107. Entering receipts, pp. 111-1148. Analyzing customer payments, pp. 114-1169. Displaying the customer ledgers, pp. 116-11810. Backing up chapter 3 data, pp. 118-11911. Internet activity, p. 11912. Summary and review, p. 119

a. Going to the net, p. 120b. Short-answer questions, pp. 120-123c. Exercise 3-1, p. 123d. Exercise 3-2, p. 124e. Chapter 3 index, p. 125

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““Quotes” window, p. 87Quotes” window, p. 87 From the menu bar, click on Tasks, then select

Quotes/Sales Orders. From the submenu, click on Quotes.

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““Quotes” window completed, p. 89Quotes” window completed, p. 89 The completed “Quotes” window on p. 89 is shown.

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Select Quote, p. 90Select Quote, p. 90 Click on Tasks, Quotes/Sales Order, then select

Quotes. Click on the “Abc Edit” icon. On the “Select Quote”

window, highlight Foster Consulting Technologies.

Click on OK.

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Convert Quote, p. 91Convert Quote, p. 91 Click on the radio button next to Sales Order.

Click on Ok.

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““Sales Order” window, p. 91 Sales Order” window, p. 91 Click on Tasks, then Quotes/Sales Order, and then

select Sales Orders.

Follow steps on p. 92 to print a sales order.

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““Maintain Customers/Prospects” window, p. 94Maintain Customers/Prospects” window, p. 94 Click on Maintain, then select Customers/Prospects. In

the “Customer ID” box, click on the magnifying-glass icon. The customer list appear.

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Customer file displayed, p. 95 Customer file displayed, p. 95 From the customer list, select “COLEMAN-01,

Coleman Realty.”

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Customer Terms completed, p. 98Customer Terms completed, p. 98 From the Coleman Realty “Maintain Customers/Prospects”

window, click on the “Sales Defaults” folder tab. Click on the “Terms” arrow. Follow the steps on pages 97-98.

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Completed “Sales/Invoicing” window, p. 106Completed “Sales/Invoicing” window, p. 106 This completed “Sales/Invoicing” screen is shown on page 106.

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““Terms Information,” p. 106Terms Information,” p. 106 This “Terms Information” screen is shown on page 106.

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Invoice Plain Service, p. 107Invoice Plain Service, p. 107 Select Reports, then Accounts Receivable. Scroll

down the report list and double-click on the “Invoices/Credit Memos/Packing Slips” folder. Scroll down the list; highlight “Invoice Plain.”

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Completed “Receipts” window, p. 113Completed “Receipts” window, p. 113

The completed “Receipts” window is shown on page 113.

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““Collection Manager” window, p. 114Collection Manager” window, p. 114 Click on Analysis, then Collection Manager.

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““Total Bracket” window, p. 115Total Bracket” window, p. 115 Click on Analysis, then Collection Manager. Select the

“Bracket” icon.

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3-24““Customer Detail” window, p. 116Customer Detail” window, p. 116 Click on Analysis, then Collection Manager. Select the

“Bracket” icon. Highlight Coleman Realty’s first invoice (-26). Select the “Source” icon.

Click on “Close”.

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Displaying Customer Ledgers, p. 117Displaying Customer Ledgers, p. 117 Click on Reports, then Accounts Receivable. Scroll

down the list, then highlight “Customer Ledgers.”

Click on the “Preview” icon.

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3-26Customer Ledgers, p. 118Customer Ledgers, p. 118 The customer ledger is shown on page 118.

Click on the “Close” icon.

Chapter 3 Glossary of TermsChapter 3 Glossary of Terms

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Sales discount, p. 95Sales discount, p. 95

A cash discount that is offered to customers for early payment of their sales invoices. For example, Bellwether Garden Supply offers Coleman Realty a 5% discount for payments received within 15 days of the invoice date. In Peachtree, the discount period (number of days) and discount percentage can be changed.

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Real-time posting, p. 107Real-time posting, p. 107

The sample company, Bellwether Garden Supply, uses real-time posting. When real-time posting is used, the transactions that you enter are posted as you save them. On the Tasks screens, click on the “Save” icon to post to the general ledger.

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Batch posting, p. 107Batch posting, p. 107There is another type of posting

included in Peachtree. It is called batch posting. When using batch posting, the transactions you enter are saved to a temporary holding area where you can review them before posting to the general ledger. To post to the general ledger when Batch posting is used, click on Tasks, then System, then select Post.

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Chapter 3, Internet Activity, p. 119Chapter 3, Internet Activity, p. 119

1 Go to the book’s website at www.mhhe.com/business/accounting/yacht2002

2 In the “Student Center” list, link to Internet Activities.

3 Link to WEB EXERCISES PART 1.

4 Scroll down the screen to the “AMERICAN ACCOUNTING ASSOCIATION.” Complete steps 1-3.

5 Using a word processing program, write a summary about the sites you selected. Include the website address in your summary (maximum length, 75 words; minimum length, 50 words.

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Going to the Net, p. 120Going to the Net, p. 120 Access the Financial Accounting

Standards Board website athttp://accounting.rutgers.edu/raw/fasbGo to the “FASB Facts” link. Then, link

to Facts About FASB and Board Members/Staff.

1. How many board members serve on the Financial Accounting Standards Board? Do they serve part time or full time?

2. What are the qualifications of the board members?