How to Enter Beginning Balances of a Company

How to enter beginning balances of the company?

While entering the chart of accounts, on that window we click on the Beginning Balance arrow key which is mentioned next to the Account Type. A new window will pop up asking for Select Period from which data relates.

For example I have trial balance as on 1^st January 2010. That means the data relates to previous year. So I have to select the period from 12/1/09 through 12/31/2009 as shown in the figure.

After selecting the period a new window will pop up asking for filling the amounts of the accounts known as Beginning Balances of the company.

NOTE: Before entering beginning balances make sure Retained Earning Account is already exist otherwise data will not be saved.

Fill the amounts and press ok. 

How to make company profile in Peachtree

We will open the Peachtree Accounting software.  A new window will be open.

There are number of options given in the window. We will select the option “ Set up a new company”

This is an introductory window which will guide us through the new company setup  different phases. We press the “next” button.

This window requires the company data through which company can be recognized. Fill the required filling options. By filling the data and after that pressing the next button the next window will be open as shown below.

This is the chart of accounts giving different options. We will select the option “build your own company” and press the next button.

This window shows the accounting method on which company record its transactions. Select the “Accrual” and press the next button.

This window will show the posting methods. Select “Real time” and press next button.

Now here we will define the accounting period of the company. Select the option “12 months accounting period” and press next button.

This window will show the monthly accounting periods, select the accounting period for the company and press the next button.

This is the final window. Now press “finish” button. The company profile is created.