Chart of Accounts Beginning Balances Window
The Chart of Accounts Beginning Balances window lists each account ID, description, and account type. Depending on the account, entries are made in the Assets, Expenses column or in the Liabilities, Equity, Income column. Peachtree indicates which column to use by making the other column unavailable. Positive amounts are entered in both columns unless one of the following apply:
• The balances are for contra accounts other than accumulated depreciation.
• Your company is operating “in the red” and has a negative retained earnings account balance.
• You are converting mid-year and are recording dividends paid. The balance of this equity account would be entered as a negative value.
• Any time an account has a balance that is the opposite of its normal balance.
• Assets, Expenses: Enter the balance of the account if the account typically carries a debit balance. If the account is a contra account other than accumulated depreciation or currently carries a credit balance, enter a negative amount.
• Liabilities, Equity, Income: Enter the balance of the account if the account typically carries a credit balance. If the account is a contra account or currently carries a debit balance, enter a negative amount.
• Trial Balance: Shows the result of the Assets, Expenses column minus the Liabilities, Equity, Income column. This value should be zero before you click OK. If this value is non-zero, the amount shown will post to a Beginning Balances Equity account.
If the Trial Balance shown at the bottom of the Chart of Accounts Beginning Balances window is not zero, then there is an out-of-balance situation. If you click OK with an out-of-balance situation, the following message appears:
If you click OK to this message, a Beginning Balance Equity account will be created in the equity section of your chart of accounts. The total out-of-balance amount will post to this account. Your books will be in balance, and you can enter and post transactions. However, this account appears on General Ledger reports and on the Balance Sheet until the amount in it is allocated to another account.
Peachtree suggests you click Cancel to return to the Chart of Accounts Beginning Balances window. Then, locate and correct errors made when entering account beginning balances. When the Trial Balance is zero, you can click OK.
ENTERING ACCOUNT BUDGETS
Budgets can be entered for each account using the Budgets feature under the Maintain menu. These budget amounts appear on Financial Statements that compare actual activity to the budget assigned to the account.
Maintain Budgets Window
The Maintain Budgets window is used to enter and update budget information for accounts. You can enter data for up to four fiscal years. In addition, you can print a budget variance report from this window. Peachtree Quantum allows you to track multiple budgets. Fields of interest are described below.
• Account Filters: Use these filters to select ranges of accounts that you want to view. Use the Department Mask field to filter your budget by department mask. You can select to filter by Account Segment, in addition to Type.
• View Fiscal Year: Use this field to select which fiscal year you want to view. You can select from up to four fiscal years.
CREATING A BUDGET
You can create a budget by selecting Maintain, then Budgets. On the Maintain Budgets window, enter a Budget Name and Description. Then, select your Account Filter and Fiscal Year. Finally, fill in the grid below with your budget amounts for each account and fiscal period.
You can adjust the amount of a single cell or many cells by using the Adjust option. To do so, select the cell or cells that you want to adjust. You can select a single cell by clicking it, or you can select an entire row, column, or even the entire budget by clicking and dragging the cursor over the cells you want to adjust. Once you have highlighted the amounts you want to adjust, click Adjust on the small toolbar. This will open the Adjust Budget Amounts window.
Enter the dollar amount or percentage that you want to adjust the amounts by, and then specify a rounding figure, if necessary. Finally, click OK. The amounts highlighted will be adjusted. If you want to adjust the amounts up, enter a positive number for the dollar amount or percent; if you want to adjust the amounts down, enter a negative number.
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