How to open a new company in “Peachtree” software

How to open a new company in “Peachtree” software

When open Peachtree software will find five options in the following window.

A new company can be opened and by clicking on “Set up a new company” you will see the following picture that is an introductory window:

This an introductory window which is guide us that how a new company can be opened.

·         Here you have to write you Company’s name that you are running.

·         Chart of accounts that you are using or preferred to use.

·         You have to choose an Accounting method if you have decided.

·         You’re posting method of Transactions.

And in the Last you have to choose your accounting period.

 When you are done with and click on the Next button you will find the following window.

  Here you have to type the Information regarding your company.

By completing the informational window and clicking on next button you will find the following Window.

But keep in mind that the name of folder where it will be saved, similar to the name of the company you had been selected.

There are five options in first option,

• 1st option, software has already made chart of account for these companies.
• 2nd option says that if there is a retail company in and retail you will run fruit company so software has already made all the chart of accounts regarding the fruit company.
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• 3rd option says that if you have an existing company you can copy the chart of accounts from there.
• 4th option you can convert company from software other than Peachtree.
• 5th option you can build your own chart of accounts.

So we will make our own chart of accounts by clicking on “Build your own company”.

As you will click on the next button you will find the following window.

Here you will find two options, accrual and Cash.

Accrual method refers that the transactions should be recorded when it is occurred and accrual method refers that when the cash will received then that transaction should be recorded.

And usually accrual method is used so we will move on with accrual method and click to next and will find the following window.

Here the “Real Time” means that the transactions will effect on The BALANCE SHEET at same time you are making your accounts.

“Batch” means your transactions will be saved batch by batch or date by date then you can print or review all the transactions twice.

But preferable is “Real Time” because in “Real Time” the data can be edited. So we will select “Real Time” and click next. By clicking on next button you will see the following window.

Here you have to select the Accounting period.

If you are using computer based accounting system already or by start of your company then selects the calendar months which are “monthly accounting period.

But on the contrary of your company using other than the calendar months which starts from January then use what your company is using.

We will move on with 12 month accounting period and click next. By clicking on next you will find the following window.

Now select the first financial year that you want to choose.

Choose first month of accounting period.

Choose the actual accounting year.

This window shows that your company has been created.

Here you must have a knowledge that where you file will be saved. Following is the right address where you company will be saved.