Viva_La_Revolution
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Tue Nov-06-07 03:50 PM
Original message |
AAAGGHH!! I need Peachtree (accounting) help PLEASE! |
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Here's the deal. I haven't worked with Peachtree in like 3 years and my brain is failing me. :(
I have been tasked with entering all the receipts and payments for a small business who has not entered anything into Peachtree since 2001. I have bank statements, canceled checks, and check stubs. that's it. I'm starting fresh with 2002, vendor accounts are all set up, but in receivables he has been using one account for all income (General Sales, cash).
My specific question at this moment... One main business account, and one reserve account. How do I input the draws from the reserve account? do I need to do a double entry (one receipt into the cash account, and one payable from the reserve account)?
I can't believe I can't figure this out on my own. Maybe I need more coffee. or a drink! lol.
note to the mods: If we had an Accounting Help Forum, I would have posted there, but we don't. :(
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Fredda Weinberg
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Tue Nov-06-07 03:52 PM
Response to Original message |
1. Bad ... you've been a cash biz and so you shall be |
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Until you make more 'T accounts'. Need more details?
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Viva_La_Revolution
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Tue Nov-06-07 04:05 PM
Response to Reply #1 |
9. Oh, I've already told him that as of now, that will change. |
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The problem is inputing all this stuff from years ago. I'm trying to keep it simple as possible for the old records, but detailed enough that the accountant gets what he needs to get this finished.
I figured if I ran the Journal for 2001, I could use it as a cheat sheet and enter things approximately the same way they always have. I looked at the report and for the first half of that year, debits were entered as credits, and vice versa. omg.
These records are such a mess, I'm now kicking myself for agreeing to sort it out.
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Fredda Weinberg
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Tue Nov-06-07 04:06 PM
Response to Reply #9 |
11. Been there. My sympathies. The software will work n/t |
angstlessk
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Tue Nov-06-07 03:53 PM
Response to Original message |
2. I have used peachtree for years and years..ps I love it...be more |
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specific reserve account?? reserve for what??
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Viva_La_Revolution
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Tue Nov-06-07 03:56 PM
Response to Reply #2 |
5. Credit account basically |
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to pull from when the cash account runs low.
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angstlessk
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Tue Nov-06-07 04:00 PM
Response to Reply #5 |
6. viva are you talking about the person using the co credit card |
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for personal expenses...it is a draw when the credit card expense is posted..credit A/P (credit card company) debit draws
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Viva_La_Revolution
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Tue Nov-06-07 04:11 PM
Response to Reply #6 |
12. Cash reserve transfer |
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Edited on Tue Nov-06-07 04:13 PM by Viva_La_Revolution
from the credit account to the cash account.
edit: at the same bank, so it's all on the monthly statement.
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Fredda Weinberg
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Tue Nov-06-07 05:14 PM
Response to Reply #12 |
14. I know ... credit/debit makes you nutz, but yeah, that's what it iz |
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You're doing fine under impossible circumstances.
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Fredda Weinberg
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Tue Nov-06-07 03:53 PM
Response to Original message |
3. Draws from the reserve account go against owner's equity |
angstlessk
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Tue Nov-06-07 03:55 PM
Response to Reply #3 |
4. draws go against cash...cause equity is all his capital...not just cash |
Fredda Weinberg
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Tue Nov-06-07 04:02 PM
Response to Reply #4 |
7. Exactly. The transactions affect all those accounts. You got it. |
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Reserve accounts are just owner's equity under another name. Sorry he had to draw from it, but he couldn't from cash.
Get the flow through the T accounts? They are the double entries you need ...
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angstlessk
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Tue Nov-06-07 04:04 PM
Response to Reply #7 |
8. fredda I did accounting when we used only spread sheets...I know all about T accounts |
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and it means nothing when you enter information on a computer...YOU SIMPLY NEED TO KNOW WHICH ACCOUNT TO DEBIT AND WHICH ACCOUNT TO CREDIT...AND THE DIFFERENCE!
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Fredda Weinberg
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Tue Nov-06-07 04:06 PM
Response to Reply #8 |
10. Sorry ... so we both took accounting ... you don't have to yell |
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I thought I told you
Take out of reserve Put into cash
Take out of cash as draw to owner.
I won't bother you again. I didn't mean to make your situation more stressful, honest.
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Viva_La_Revolution
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Tue Nov-06-07 04:15 PM
Response to Reply #10 |
13. Well, I wish I'd taken accounting now... |
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learned basic book-keeping as a kid, but back then we used a ledger and blue and red pens, lol.
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DU
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Tue May 07th 2024, 05:34 PM
Response to Original message |