NEW COMPANY SETUP

2. NEW COMPANY SETUP

New company setup is an easy way to enter basic information about your company into Peachtree. To help you with creating a new company, Peachtree provides the Create a New Company Wizard. When setting up a new company, you enter information such as your company name and address. You will also select a chart of accounts, accounting method, and posting method. Finally, you will establish accounting periods that match your company’s fiscal year.

There are two ways to start the Create a New Company Wizard. The first method is to select File, New Company from the menu bar. The second method is to select Create a new company from the Start Screen. If another company is open, you will receive a message stating, “This will close the current company.” Click OK to continue to the Create a New Company Wizard.

ENTERING COMPANY INFORMATION

The Create a New Company Wizard guides you through entering the company address, telephone numbers, tax ID numbers, and business type.Company information appears on reports, purchase orders, invoices, quotes, checks, and tax forms

SELECT A METHOD TO CREATE YOUR COMPANY

Depending on the version of Peachtree you are using, there can be up to five chart of accounts options when setting up a company:

Select Use a sample business type that closely matches your company to automatically import a chart of accounts for one of these types of companies. You will have a choice of either simplified charts of accounts or detailed charts. If you select this option, you will select the type of company on the next screen. You can later add, edit, or delete accounts and account descriptions.

If you already have a Peachtree company and would like to use a similar chart of accounts for the new company, select Copy settings from an existing Peachtree Accounting company. If you select Convert a company from another accounting program or Build your own chart of accounts, the chart of accounts selection is skipped, and Peachtree allows you to create your own chart of accounts once the company has been created. If you select Consolidate existing Peachtree Accounting companies, you will establish this company as a holding company whose financials will consolidate information from companies you specify in the next window.

Selecting a Business Type

You can select a chart of accounts from any of the sample companies provided. You can view the chart of accounts for a sample company on the right.

Click the View details about a business type link to see details of the highlighted business type.

Copy Company

To view the accounts in a company, highlight a company name and the accounts will appear to the right. To select a company to copy settings from, highlight the company name and click Next. The next window lists the various components of the company that

You can copy to the new company. Select the check boxes for the components you want to copy and clear the check boxes for the components you do not want to copy

.

Define Account Segments

If you selected Build your own chart of accounts, Peachtree will display the Define Account Segments window. Here, you will select whether or not you want to divide your General Ledger Account ID into segments. You have the ability to create and define up to five segments for your Account ID. The account descriptions will be used throughout the program, and you will be able to filter reports and financial statements based on a particular segment simply by selecting the appropriate segment from a drop-down list.

These are useful if you departmentalize your chart of accounts or use any other parts of your Account ID to define different parts of your company.

If you want to use segments and masking, select Yes, I would like to use account masking and then enter a description for each segment (up to 10 characters), its length, and the separator between that segment and the one that follows it. The total length of the ID, including separators, can be up to 15 characters, and Peachtree will display the structure of the ID on the right side of the window. When you are done, click Next. If you want to change the account segmentation later, you can do so in General Ledger Defaults on the Account Segments tab.

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