Reports

Reports

Financial Statements is the outcome of all the transactions and give us the overview of the company’s assets and liabilities. These are known as Reports.

Go to the Reports and select the “Financial Statements” as shown in the figure below.

è In the next step a new window will appear that shows the Report list in which there are different options to check the Reports according to the requirement.

è Here we will select the “Income Statement” as shown below in the picture.

è When we select the <Standard> Income Statement a new window will appear with specific options. You just need to click on the OK button for further proceed.

è Now you can see the Income Statement of the company appears.

è You can also modify the financial Statement’s font, color, rows width and columns by selecting the option “Design”. Below is the picture to modify these things.

è To convert the Income Statement in the format of “Excel” you need to click the Excel button which would be on the top of the Income Statement. In the below picture you can easily identify the Excel option.

è By clicking the Excel a new pop window appears, just click the OK button for further proceeds.

è Here you can see the Income Statement appears in the Excel format.

How to Assemble a Inventory

How to Assemble a Inventory

Assemblies are used to record the shortage of the inventory in the stock. For this purpose go to Task Menu and select the Assemblies.

First of all we need to select the Item ID then Date on which we are going to record the new inventory requirement and also mention the Reference which could be any multiple numbers.

Item ID:

Here we select the Item ID which is given to the specific product.

Name:

The ID which we select has a name stored already in the previous posts. That would be shown in this box e.g Sofa, Chair etc

Quantity on hand:

In this box, figure shows the quantity present in the stock.

Quantity to build:

Here we enter the figure that needs to be assembled as per the requirement.

New Quantity:

That shows the new quantity which we have given in the “Quantity to build”

Reason to build:

Here we put some reason why we are assembling more units for example “new sales order receive”

After filling the quantity and other things related to the inventory assemblies, click on the save button.

Credit Memo and Sales Return

Credit Memo and Sales Return

Credit Memo is used for sales return and credits. Go to Task and select the “Credit Memo” as shown below.

è A new window will appear as shown below. Here you need to select the customer ID from which the sales are returned. After selecting the existing customer to whom the sales were made, the tab in the middle shifts to the left side as mentioned in the next picture.

è After shifting to the “Apply to Invoice No” tab, here you have to select the Invoice Number of the specific sales. As we have selected here “0021” you can see in the below Item and Quantity that were sold to that customer appeared.

è Here in the returned column you need to enter the figure for say 4 as below mentioned. This is the Quantity that would be recorded as returned from the customer. Amount will be calculated as per unit price which is now the company’s liability.

è Fill the required values and save it.

Vendor Credit Memo

               Vendor Credit Memo

First we open the Peachtree software, and open an existing company than go to the Task menu and select the option Vendor Credit Memo as shown below in the picture.

After that fill the following information which are given in vendor credit memo page:

·         Vendor ID: Vendor ID must be written in vendor ID option 

·         Date: Write the date on which we have to make this document.

·         Credit no: The credit memo number will be in this option which is issued by the vendor.

·         Quantity: write the number of the item which is going to b return.

·          Item: This options show the item mentioned on the original purchase invoice.

·         Description: This option shows the item description which we entered in the maintain inventory items.

·         Unit price: Write the unit price for the item.

è Ater filling the required data, press the save button to save all the information.

How to Maintain Inventory

Maintain Inventory

Inventory is the most precious Item of any company. To record the inventory and maintain it by hand was not that easy. Here you can easily update your inventory by some simple steps.

è Go to “Maintain” and select “Inventory Items” as shown below.

è This is the preview of “Maintain Inventory Items”. You need to fill the data in the required option.

è First of all we give the ID to the inventory and after that write the description as shown below in the figure we have given the Item ID “2000” and the Description is “Sofa”.

è In the “General Tab” there are three accounts that are compulsory to create the Inventory ID.

·         GL Sales Acct

·         GL Inventory Acct

·         GL Cost of Sales

We have selected the specific accounts in these fields.

è In the end you need to enter the unit/measure to measure the inventory.

è After filling the data you need to save it by clicking on the button which is located on the top left.

How to Maintain Chart of Accounts

      How to Maintain Charts of Accounts

After making the company profile, we need to enter the chart of accounts for further process. Chart of accounts is necessary for the recordings of transaction in a specified account. For this go to Maintain and select the Chart of Accounts.

Account ID:

Here we need to enter a specified Account ID for a specific account. ID can be any number but it should be in sequence. For say 100, 200, 350, 421 etc.

Description:

Here we need to give the description of the Accounts. For example Cash in bank, Land, Building, Common Stock and Retained Earnings etc.

Account Type:

This identifies the category for which the account is used in the financial statements. For example cash, fixed asset, current liability, Accumulated depreciation etc.

è This is how we fill the data and in the end click the save button.

Sales Quotation and Sales Order and Sales Invoice

Sales Quotation

Quotation is printed information about the product in which price, quantity, terms and conditions to sell are mentioned.

 In order to send the quotation to the customer, Click on Task Menu è Quotes/Sales Orders è Quotes

è After completing the 1^st step a new window will open as shown below. This is quote interface.

è First of all we need to select the customer ID whom the quotation would make. Click on the Look Up button and select the customer ID. If the Customer ID is not in the list then you have to make the customer ID first and then select it.

Here you need to mention:

è Quantity

Here you will mention the quantity of the product.

è Item

Here you need to select the item that are shown in the list if the item name is not available in the list then you first have to make the inventory ID by giving it the code.

è Unit Price

A unit price is a figure, which you are going to offer the customer.

è Terms

While looking in the figure you can see (2% 10, Net 30 days) that means if the customer will pay you the amount of credit in 10 days then 2% discount will be allowed to him. And the net credit limit is 30 days.

è Customer PO

Customer purchase order is compulsory to mention.

I have put some figures in the given below picture to understand how it works.

è Here you need to select the date on which quotation is going to made. “Good thru” date represents the limited time offer till you mentioned. And the end you need to enter “Quote No”.

è After filling the data you need to click the save button as it is necessary.

                                           Sales Order

After sending the Quotation to the specific customer, if he accepts the quotation we then record the sales order. By recording the transaction, we reduce the inventory in the stock and charge the customer a selling price.

For this first go to Task and move your cursor on Quotes/Sales Orders, sub menu will open, select Sales Order by clicking on it as shown below.

è This is how sales order window look like.

è First we need to select the customer by clicking on look button of Customer ID. A drop down menu will open, select the customer to whom against we are going to record the Sales Order. If the customer ID is not in the list then you have to make customer ID first then follow this procedure.

è Sales Order date is very compulsory. So we need to select the date in priority on which the transaction is going to record. Shipping date is the date on which the good will delivers to the customer. After this we enter a Sales Order Number.

è Here we need to mention the Quantity of the sold item. After that we will select the Item (product) which is going to sell. Unit price is at which we sold the product to the customer.

è After fulfilling the data we click on the save button.

Sales Invoicing

After recording the sales Order the next step is to issue the Invoice against the sales to the customer. Go to Task and select the “Sales/Invoicing” as shown below.

è This is the window displaying after the first step.

è First of all you need to select the customer ID to whom you want to issue the invoice. In the customer ID, click on the look up button and select the customer as we have selected in the picture below. When you select the customer, if the sales order is already created against the selected customer the tab in the middle will shift to the left side.

è Here in the picture, you need to select the sales order number as we have selected here “0048” on which we already created the sales order. Now it is time to issue the invoice to that customer.

è In the given below picture, you need to enter the shipped quantity and also mention the unit price that needs to charged to that customer. Date and Invoice number should be mentined.

è At the end, fill the data and save it and make sure you have covered all the things that are necessary.