PEACHTREE COMPLETE 2009 WORKSHOP 1 THE ATLAS COMPANY

Transcription

1 PEACHTREE COMPLETE 2009 WORKSHOP 1 THE ATLAS COMPANY Journalizing, Posting, General Ledger, Trial Balance, and Chart of Accounts In this workshop you learn to post general journal entries in Peachtree Complete 2009 and print reports that document your entries. You will need to download the Atlas Company data file for Peachtree 2009 from the My Accounting Lab website before beginning this workshop. Refer to the Installing Peachtree Complete Accounting and Student Data Files document for instructions on downloading this file. Opening the Company Data File 1. Begin by opening the software. Click the Peachtree icon on your desktop to open the software. If this icon is not present then click the Start button to select Programs, point to the Peachtree Complete Accounting 2009 folder and select Peachtree Complete Accounting Click the File menu and select Open company. Click to highlight The Atlas Company and click OK. 3. Click this button on the left to activate the Business Status center. Click this button on the toolbar and enter 01/01/2008 as the System Date. Click OK and your screen now resembles the next illustration.

2 Peachtree Complete 2009 Workshop 1 The Atlas Company Page 2 Adding Your Name to the Company Name 4. It is important that you personalize the data file by adding your name to the company name. This guarantees that reports and assignments will be identified as yours. To personalize the company name, click Maintain on the main menu option and select Company Information. 5. Place your cursor at the end of the company name and add your name or initials as illustrated next. Click OK to store the changes.

3 Peachtree Complete 2009 Workshop 1 The Atlas Company Page 3 Displaying and Printing the Chart of Accounts 6. We begin by displaying the company s Chart of Accounts because it lists accounts you will use when posting entries. Click Reports & Forms on the main menu and select General Ledger to open the reporting window illustrated next.

4 Peachtree Complete 2009 Workshop 1 The Atlas Company Page 4 7. Double click the report named Chart of Accounts to display the report illustrated next. This report lists general ledger account numbers and names.

5 Peachtree Complete 2009 Workshop 1 The Atlas Company Page 5 8. Click the Print icon on the toolbar, choose a printer, and click OK to send the report to the printer. Refer to this report as you post the following transactions. 9. Click Close on the report to return to reporting window and then click Close to exit the window. Recording a General Journal Entry 10. On January 1, 2008, the owner of The Atlas Company invested $10,000 in the business. You will now record this transaction as a general journal entry. Click Tasks on the main menu and select General Journal Entry to open the General Journal Entry window illustrated next. 11. Verify that the date reads Jan 1, 2008 (i.e., the date the transaction occurred). If not, then click the Date field and type in 1/1/ Press TAB to move to the Reference field and type in "Owner investment to identify this transaction. 13. Place your cursor in the GL Account field. You will now select the account to debit. Click this lookup icon on the field and then click to select 1110 Cash.

6 Peachtree Complete 2009 Workshop 1 The Atlas Company Page Your cursor has now moved to the next field. Enter the Description of Initial investment of cash by owner. 15. Press TAB to move to the Debit field and enter " ". (Hint: You can also enter this amount as or ) 16. You will now enter information for the credit side of the entry. Either press TAB until you reach the GL Account field or use the mouse to select this field. Lookup and select 3110 Owner s Capital. (Hint: You can also begin typing the account number and the lookup list opens for you to select the account.) 17. Peachtree already entered the same description as used on line one so TAB to the Credit field and enter The completed entry is illustrated next. Notice that the entry balances. Review the Journal Entry Prior to Posting Editing a Journal Entry Prior to Posting 19. Always review your transactions before posting. If you find a mistake then use the following editing techniques to correct any errors. Editing a General Journal Entry Use your mouse to select the field containing an error. Type in the correct information and press TAB.

7 Peachtree Complete 2009 Workshop 1 The Atlas Company Page 7 If you selected the wrong GL Account then use the lookup to select a different account. If the Out of Balance field does not read zero then verify your debits and credits. Peachtree will not allow you to post an entry until it balances. To discard an entry and start over, click the Delete icon. You will not be given an opportunity to verify deletion so make sure that you want to delete the transaction before clicking this icon. Posting a Journal Entry 20. After verifying that the journal entry is correct, you must save the transaction to post it. Click the Save icon and the window clears for you to record the next transction. Record Additional Transactions 21. Record the following additional journal entries. Remember to enter the Date listed on each transaction. (Hint: You can use the "+" key to advance the date or use the calendar icon on the field to select a date from the calendar). Enter a short Reference on each transaction to briefly describe it. For instance, you can use Rent for the first transction. Also enter a Description Jan. 1 Paid rent for two months in advance, $ Purchased office supplies on account, $ Billed a customer for fees earned, $1, Paid telephone bill, $ Owner withdrew $500 from the business. 24 Received cash for fees earned, $ Paid salaries expense, $ After saving transactions, you can scroll through posted transactions using these arrows. 23. When finished, click the Close icon to exit the General Journal Entry window. Displaying and Printing the General Journal Report 24. You will now print a report that documents your entries. Click Reports & Forms on the main menu and select General Ledger to return to the reporting window. 25. Double click the report named General Journal to display the report illustrated next. This report lists posted transactions in journal entry form. (Note: Scroll bars at the right and bottom are for

8 Peachtree Complete 2009 Workshop 1 The Atlas Company Page 8 viewing other areas of the report. You can also drag report edges to resize.) 26. Click the Print icon on the report toolbar to send the report to the printer. Choose a printer and click OK. What to Do if You Posted an Incorrect Entry 27. Review your displayed General Journal report. If you find an error, place your cursor over the incorrect entry until it resembles this symbol. Double click to drilldown to the original transction, make your changes, and then click Save to post the changes. Return to the report and review your changes. Displaying and Printing the General Ledger Report 28. Click the Close icon to close the General Journal report. You will next display the General Ledger report. 29. Return to the reporting window and double click General Ledger to open the report illustrated next. (Note: Use the scroll bar to view other portions of the report.) This report lists general ledger accounts and transactions posted to them.

9 Peachtree Complete 2009 Workshop 1 The Atlas Company Page Click the Print icon, select a printer, and click OK. Click the Close icon to close the report.

10 Peachtree Complete 2009 Workshop 1 The Atlas Company Page 10 Displaying and Printing the Trial Balance 31. Return to the reporting window. You will now print a trial balance. Double click General Ledger Trial Balance to display the report illustrated next. 32. Click the Print icon, select a printer, and click OK. Close the report. 33. You have finished reporting so click Close to exit the reporting window. Saving Your Work 34. There is no need to save your work in Peachtree. Your work is automatically saved each time you click Save; however, you should back up your work after each session. 35. To create a backup file, click File on the main menu and select Backup. Select the option that includes the company name as illustrated next.

11 Peachtree Complete 2009 Workshop 1 The Atlas Company Page Click Back Up and note the File name because this is the name you would use if you needed to restore your work. 37. Click Save. (Note: You will also find these instructions in the Backing Up and Restoring Your Work in Peachtree document on the My Accounting lab website.) Exiting the Software 38. You have now completed the workshop. Click File on the main menu and choose Exit.