Peachtree Accounting Software (All about it)

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Peachtree Accounting Software

There is a lot of accounting software’s being used in different organizations, such as QuickBooks, Instant Accounting, Dac Easy. All these software’s are used depending on the nature of the business. Here, we will discuss the Peachtree accounting software.

Peachtree Accounting Software is American-made. It is mainly used for financial accounting and cost accounting. In this software, American terminologies are being used. For example, Accounts Receivable is being used instead of Debtors, Accounts Payable is being used instead of Creditors, Inventory is being used instead of Stock, Vendor is being used instead of Supplier, etc. 

Peachtree Accounting Software is very easy to use and covers almost all the aspects of the accounting transactions of business. This software is also very helpful for the management of various natures of organizations, such as NGO’s and Non-profit organizations. Peachtree has two accounting methods; one is Accrual method and the other is Cash method. 

Accrual Method:

Under accrual method, the transactions are posted and accounts are updated only when any economic event takes place and entered.

Cash Method:

This method consists of cash transactions. Under this method, only the actual cash receipts and actual cash paid (Inflow or Outflow) are recorded.

Peachtree Accounting Software can be used for the purpose of Accounts Receivable, Accounts Payable, Inventory, Cost of Production Report, Accounts Reconciliation, Sale Taxes, Job Order Costing, etc. Through Peachtree Accounting Software, we can prepare the reports and analyze it starting from the General Journal, to the General Ledger, Trial Balance, Balance Sheet, Profit and Loss Accounts, etc.

Through this software, we can maintain the following records of different business activities on a daily basis:

1- Customer Record:

We can maintain a complete record of customers The customer records consist of Sale records, Quotes, Sales Order, Sales Invoicing (Actual Sale/Credit Sale), Partial payments of customers, Receipts, and Sales Returns.

2- Vendor Record:

It can maintain a complete and accurate record of all the transactions related to Vendors. Vendor records consist of Purchase Order, Purchases/Receive Inventory (Credit Purchase), Payments (Cash Purchases), Purchases of Non-Inventory items, and Purchase Returns.

3- Payroll Record:

Through Peachtree Accounting Software, we can maintain all the employer records, such as Salaries, Commissions, Bonuses, etc.

4- Inventory Record:

Maintaining the Inventory is very easy and simple with the help of Peachtree Accounting Software.

5- Inventory Adjustments:

Inventory adjustments are connected with the Inventory record. We can adjust the Inventory easily through Peachtree Accounting Software and maintain a complete record of Inventory adjustments.

Conclusion:

Above is just a short introduction to Peachtree Accounting Software. The Peachtree Accounting Software has a lot of other features, such as Memorization of Transactions. Through Peachtree Accounting Software, you can enter and save common transactions for later use. The types of transactions which Peachtree memorizes include, Customer Quotes, Sale Invoices, Purchase Orders, Payments, or General Journal entries. Another one is Users (Security Access), this feature provides security on access.

You can setup a password for the accessibility of other users. You can allow a person to have the right to open the program of Peachtree Accounting. The ID and password entered first is an administrator’s account, which has the full access to the files on Peachtree Accounting Software. Another one is Backup, which preserves the data files of the company. If a data or any file is deleted, lost, or corrupted, you can restore those files through the Backup feature. You can create a folder in any drive for backup of Peachtree and you can send those files to the folder through the backup system. 

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