Create a new company setup in peachtree

Here's a step-by-step guide to creating a new company setup in Peachtree:

Prerequisites:

Step 1: Launch Peachtree and Create a New Company

  1. Launch Peachtree by double-clicking on the Peachtree icon on your desktop or by searching for it in your Start menu.
  2. Click on "Create a New Company" in the Peachtree splash screen.
  3. Enter a company name, address, and other basic information in the "Company Information" window.
  4. Choose a company type (e.g., sole proprietorship, partnership, corporation) and a fiscal year end date.
  5. Click "Next" to proceed.

Step 2: Set Up Company Preferences

  1. In the "Company Preferences" window, set up your company's preferences, such as:
    • Currency: Choose the currency you want to use for your company's transactions.
    • Date Format: Choose the date format you want to use for your company's transactions.
    • Time Zone: Choose the time zone you want to use for your company's transactions.
    • Accounting Method: Choose the accounting method you want to use for your company's transactions (e.g., cash, accrual).
  2. Click "Next" to proceed.

Step 3: Set Up Chart of Accounts

  1. In the "Chart of Accounts" window, set up your company's chart of accounts, which includes:
    • Asset accounts (e.g., cash, accounts receivable, inventory)
    • Liability accounts (e.g., accounts payable, loans payable)
    • Equity accounts (e.g., common stock, retained earnings)
    • Revenue accounts (e.g., sales, services)
    • Expense accounts (e.g., salaries, rent)
  2. You can add or modify accounts as needed.
  3. Click "Next" to proceed.

Step 4: Set Up Payroll

  1. In the "Payroll" window, set up your company's payroll information, including:
    • Payroll frequency (e.g., weekly, bi-weekly, monthly)
    • Payroll tax rates (e.g., federal, state, local)
    • Employee information (e.g., names, addresses, social security numbers)
  2. You can add or modify employees as needed.
  3. Click "Next" to proceed.

Step 5: Set Up Inventory

  1. In the "Inventory" window, set up your company's inventory information, including:
    • Inventory items (e.g., products, services)
    • Inventory valuation methods (e.g., FIFO, LIFO, weighted average)
    • Inventory tracking options (e.g., serial numbers, lot numbers)
  2. You can add or modify inventory items as needed.
  3. Click "Next" to proceed.

Step 6: Set Up Accounts Payable and Accounts Receivable

  1. In the "Accounts Payable" window, set up your company's accounts payable information, including:
    • Vendor information (e.g., names, addresses, contact information)
    • Payment terms (e.g., due dates, payment methods)
  2. In the "Accounts Receivable" window, set up your company's accounts receivable information, including:
    • Customer information (e.g., names, addresses, contact information)
    • Payment terms (e.g., due dates, payment methods)
  3. You can add or modify vendors and customers as needed.
  4. Click "Next" to proceed.

Step 7: Set Up Bank Accounts

  1. In the "Bank Accounts" window, set up your company's bank accounts, including:
    • Bank account numbers
    • Bank account types (e.g., checking, savings)
    • Bank account descriptions
  2. You can add or modify bank accounts as needed.
  3. Click "Next" to proceed.

Step 8: Set Up Company Defaults

  1. In the "Company Defaults" window, set up your company's default settings, including:
    • Default payment terms
    • Default sales tax rate
    • Default expense account
  2. You can add or modify default settings as needed.
  3. Click "Next" to proceed.

Step 9: Review and Save

  1. Review your company setup to ensure everything is accurate and complete.
  2. Click "Save" to save your company setup.

That's it! You have now set up a new company in Peachtree. You can start using the software to manage your company's finances and accounting needs.