User's Guide for Peachtree Complete Accounting 2011 By Carol Yacht
The Peachtree files that can be used with College Accounting 13/e by Price/Haddock/Farina are shown below. Refer to this chart for the Problem Template files names. When saving files, refer to the Backup Files Names.
Peachtree 2011 Problem Correlation with College Accounting, 13e
Chapter
Peachtree Problem Templates –
PTB extensions
Backup File Names –
PTB extensions
4 Problem 04.2A.Wilson Adams Problem 04.2A
Problem 04.4A.Farm Supply & Repair Problem 04.4A
5 Problem 05.4A.Palmer Creative Designs Problem 05.4A
6 Problem 06.1A.Economic Research Associates Problem 06.1A
Problem 06.2A.The Warrior Group Problem 06.2A.Adjusted
Problem 06.2A.Closed
Mini Practice Set 1.Wells’ Consulting Services Mini Practice Set 1.January
Mini Practice Set 1.Adjusted
Mini Practice Set 1.Closed
7 Problem 07.1A.Jax Appliances Problem 07.1A
Problem 07.2A.Armik's Furniture Problem 07.2A
Problem 07.4A.Special Occasions Flower Shop Problem 07.4A
8 Problem 08.1A.Qwik Photo Club Problem 08.1A
Problem 08.3A.The English Garden Shop Problem 08.3A
Problem 08.4A.Professional Office Products Center Problem 08.4A
9 Problem 09.1A.Movie Courier Service Problem 09.1A
Problem 09.3A.Unlimited Sounds Problem 09.3A
Problem 09.4A.Hiker and Biker Outlet Center Problem 09.4A
11 Problem 11.2A.Fronke Consulting Company Problem 11.2A
12 Problem 12.2A.Shawn Smith Problem 12.2A
13 Problem 13.1A.Wood Design Company Problem 13.1A
Problem 13.5A.Vaughn Company Problem 13.5A.Adjusted
Problem 13.5A.Reversed
Mini Practice Set 2.The Fashion Rack Mini Practice Set 2.October
Mini Practice Set 2.Adjusted
Mini Practice Set 2.Closed
TOTAL 20 Problem Templates 26 Backups
The problem template files were created with Peachtree Complete Accounting 2011. You can restore
these files with Peachtree Complete Accounting 2011 or higher. Peachtree Complete Accounting 2010
and lower cannot be used to restore the problem template files.
GLOBAL SETTINGS FOR PEACHTREE COMPLETE ACCOUNTING SOFTWARE
Follow these steps to set Peachtree’s Global Options. These options will be in effect for all Peachtree
companies.
1. Start Peachtree. Open Bellwether Garden Supply. From Peachtree’s menu bar, select Options; Global. If necessary, select the Accounting tab. (Hint: In the Decimal Entry area, Manual and 2 decimal places should be selected in each field; the boxes in the Hide General Ledger Accounts area must be unchecked; Warn if a record was changed but not saved and Recalculate cash balance automatically in Receipts, Payments, and Payroll Entry should be checked.)
2. Click the General tab. Make sure your screen matches the one shown below.
3. Click . The selections made in global options are now set for all companies. 4. Click File; Exit to exit Peachtree.
RESTORE (OR OPEN) A PEACHTREE PROBLEM TEMPLATE FILE
Use the following instructions to start Peachtree and restore the appropriate problem file. In this book
the problem data is called the Peachtree Problem Templates. These steps assume that Peachtree
Complete Accounting 2011 is installed on your computer.
1. Double‐click the Peachtree icon. You can also start Peachtree by clicking Start, All Programs, Peachtree Accounting 2011. Then, select Peachtree Accounting 2011. (These instructions are consistent with Windows 7. If you are using Windows Vista or XP, your steps will differ slightly.) The startup window appears.
Note: If a company opens, from the menu bar select File; Close Company.
2. There are four menu bar options: File, Options, Services, and Help— . Click File; Restore. The Restore Wizard ‐ Select Backup File window appears.
3. Click . The Open Backup File window appears. In the Look in field, go to the location of the Peachtree Problem Template file you want to open. Double‐click or click
.
4. The Select Backup File window shows the location of the file you want to open. Click . The Select Company widow appears. Click on the radio button next to A New Company. (These instructions assume you are opening the file for the first time.)
When you select A New Company to restore, a company folder is set up in Peachtree and the
company name is shortened to eight characters or less. The shortened company name is added to
Peachtree’s program and data directory. If the company has never been restored, the shortened
name for Wilson Adams is wiladams.
If Wilson Adams has already been restored, Peachtree changes the shortened name of the company and creates a different company name. For example, the company’s shortened name shows “wiladamt.” Notice that the last letter of the shortened name is changed. This means that Wilson Adams was already restored. If this is the case, select An Existing Company, then click
. Double‐click Wilson Adams. An Existing Company is selected and your Location field shows the shortened company name wiladams. Continue with step 5.
5. Click . The Restore Options window appears. Make sure that the box next to
Company Data is checked. Click .
6. The Confirmation window appears. Verify the From and To fields. Click . When the Restore Company scale is 100% complete, your data is restored and the title bar shows Wilson Adams ‐ Peachtree Accounting.
DISPLAY THE CHART OF ACCOUNTS To review the accounts used for recording journal entries, display the chart of accounts.
1. On Peachtree's navigation bar, select , , View and Edit Accounts. The Account List window appears.
2. After reviewing the information, click . Note: In order to post journal entries to the general ledger, Peachtree's chart of accounts must include a Retained Earnings account.
JOURNALIZE AND POST GENERAL JOURNAL ENTRIES Use these steps to journalize and post entries recorded in Peachtree's general journal.
1. On Peachtree's navigation bar, select , link to General Journal Entry. (Or, from the menu bar, click Tasks, then General Journal Entry.) The General Journal Entry window appears.
2. Type the appropriate date in the Date field. 3. In the GL Account field, select the appropriate account to debit. Type the account name, or a
description, in the Description field. Go to the Debit field. Type the debit amount. 4. In the GL Account field, select the appropriate account to credit. If you typed a description, it is
repeated. Or, type the account name. Go to the Credit field. Type the credit amount. Press the <Enter> key. The illustration below shows Problem 4.2A's October 1, 2013 general journal entry.
5. Click to post each general journal entry. BACKUP (OR SAVE) A FILE
When you complete work, use these steps to back up a file.
1. From the Navigation Bar, click , link to Back up. The Back Up Company window appears. Make sure the Include company name in the backup file name field is unchecked.)\
2. Click . 3. The Save Backup for XXXX XXXX as window appears. (Substitute the Xs for the company name.)
Accept the default for backing up or select another location. 4. Type a backup file name; for example, Problem 04.2A. Refer to the chart on page 1 for suggested
backup file names. Observe that the Save as type field shows that you are making Peachtree Backup (*.ptb).
5. Click . A window appears showing the size of the backup.
6. Click . When the Back Up Company scale is 100% complete, you have backed up to the current point in the data.
PRINTING REPORTS
Use Peachtree's Reports & Forms menu for printing the following reports:
General Ledger: Chart of Accounts, General Journal, General Ledger, General Ledger Trial
Financial Statements: <Standard> Balance Sheet, <Standard> Income Statement.
Select to view the report. If you want to print, select .
INSTRUCTIONS FOR INDIVIDUAL PROBLEMS
These instructions and screen illustrations are provided for journalizing and posting selected College Accounting 13/e transactions. Problem 6.1A The Problem 06.1A.Economic Resource Associates.ptb file includes the adjusting entries. For Problem 6.1A, journalize and post the closing entries. Problem 7.1A: Credit Sales
From the Navigation Bar, select ; , New Sales Invoice. The Sales
Invoicing window appears. If you do not have an A/R account or GL Account field, refer to Global
Settings for Peachtree Complete Accounting Software, page. 2.
The Sales Invoicing window shows Problem 7.1A's July 1, 2013 transaction.
From the Navigation Bar, select , , New Credit Memo. The Credit Memos window appears. The Credit Memos window shows Problem 7.2A's February 11, 2013 sales return.
To journalize and post a purchase return, from the Vendors & Purchases page, select , New Vendor Credit Memo, the Vendor Credit Memos window appears. The Vendor Credit Memos window shows Problem 8.1A's June 18, 2013 transaction.
Click to post. Problem 9.1A: Receive payment from customer on account
To journalize and post a customer payment, select , , Receive Money from Customer. The Receipts window shows window shows Problem 9.1A's February 3, 2013 transaction. Use the transaction date in the Deposit ID field.
Click to post. For the February 3 transaction, in the GL Account field, select Account 129, Supplies. Problem 9.1A: Cash Sales For the February 7 cash sales transaction, refer to the Receipts window.
Problem 9.3A: Promissory Note Refer to the Receipts window for the April 23, 2013 promissory note. Observe that the Cash account field is changed to Account No. 109, Notes Receivable. The distribution of this transaction is:
When the screen prompts "You have selected an account with an account type that s not typically used for the Cash account….", click <Yes>. Remember to change the Cash Account field to Account No. 101, Cash, for the subsequent transactions. Problem 9.4A: Expenses paid
From the Navigation Bar, select , , Pay Bill. The Payments window appears. The June 1, 2013 transaction is shown.
Problem 9.4A: Vendor Payment Use the Payments window, to issue a check for a vendor payment. The Payments window for the June 7, 2013 transaction is shown.
Problem 11.2A Print the General Journal from April 8, 2013 to June 17, 2013. (Reports & Forms, General Ledger,
General Journal, .
Problem 13.1A The textbook income statement is organized into more sections than Peachtree’s <Standard> Income
Stmnt. Observe that Peachtree’s income statement includes categories for Revenues; Cost of Sales; and
Expenses.
Peachtree’s income statement includes Current Month and Year to Date columns as well as percentages
for each item. These results are derived by dividing individual amounts by total revenues; for example,
757,000/1,650,164=45.87 percent (Purchases divided by Total Revenues).
Another difference is the way the textbook computes Cost of Goods Sold. Peachtree’s income statement does not include beginning and ending inventory. Peachtree’s income statement reports revenues and expenses only—Merchandise Inventory is an asset and is reported on the Balance Sheet. For that reason, Peachtree’s income statement reports $176,424 as the Net Income, which is $10,000 more than the textbook. The textbook’s worksheet shows a debit and credit in the Income Summary account. The difference is $10,000, which is also the difference in the Net Income reported by Peachtree.
Income Summary, Account No. 399
234,000 224,000 Difference 10,000
234,000 234,000 $176,424 (Peachtree’s net income) ‐ 10,000 $166,424 (Net income for the Year) The net income reported on Peachtree's Income Statement agrees with the net income on the balance sheet. On the balance sheet, the Capital section shows a balance for Income Summary ($147,559‐10,000=$137,559). The detail on Peachtree's balance sheet can be used for the statement of owner's equity.
Mini Practice Set 2: The Fashion Rack 1. For adjustment f.‐g., journalize and post the entry shown below. Refer to step 3 below for an
explanation.
Account No. Description Debit Credit
399 Income Summary 8,596.00
121 Merchandise Inventory 8,596.00
2. Print the adjusted trial balance. 3. Print the income statement and balance sheet. On Peachtree's income statement, beginning and
ending merchandise inventory is not shown. Merchandise inventory is an asset and is reported on the balance sheet. On Peachtree's income statement, Net Income is $26,324.30. This difference occurs because Merchandise Inventory is not shown on Peachtree's income statement. The textbook or Working Papers reports $17,728.30 as the net income.
Peachtree's net income 26,324.30 Textbook/Working Papers net income 17,728.30 Difference $8,596.00 October 1 Merchandise Inventory 88,996.00 October 31 Merchandise Inventory 80,400.00 Difference $8,596.00
4. Backup. The suggested file name is Mini Practice Set 2.Adjusted. 5. Journalize and post the closing entries. Refer to Peachtree's adjusted trial balance and income
statement to complete closing entries. (Hint: Remember to close the Net Income reported on Peachtree's income statement. Close the balance in Account No. 399, Income Summary, to Account No. 301, Teresa Lojay Capital. This closing entry is shown below.)
