Sales accounting entries pdf

First National Bank, P. Box , Memphis, TN , , www. ADD the following inventory items i. Balance Sheet for January 31, ii. Customer List iii. Vendor List iv. Enter or select the customer ID. To display a list of existing customers, type? When the customer is selected, Peachtree supplies the customer default information, including billing and shipping addresses, sales account, shipping method, payment terms, and sales tax code.

Page 14 of 29 13 2. If this customer has open sales orders, the Apply to Sales Order tab appears in front. To enter new items on the invoice, select the Apply to Sales tab. Leave the Invoice field blank if you want Peachtree to print an invoice. Peachtree will increase the invoice number by one when it is printed. Enter the date of the transaction if it is different from the displayed date. If you have entered a default shipping address in the customer's record, the first shipping address will appear on the invoice.

You can select another shipping address from the choices available in the Ship To drop-down list, or manually enter another address in the Ship To fields. If you have entered a default P. If not, you can enter the customer's purchase order number now or change the default to any other piece of information that will identify this invoice to the customer.

If you have entered a default shipping method in the customer's record, it will appear. You can select the Ship Via button if you want to select a different shipping method. You can also enter a ship date. Peachtree uses the default terms you have entered for the customer, but you may want to select the Terms button to change the default discount dates or amounts for this invoice.

When a receipt that qualifies for an early-payment discount is applied against the invoice, Peachtree will calculate the discount. If you entered a default Sales Rep in the customer's record, it will appear. Enter the information for each item included on the invoice on a separate line, including the item's quantity, item ID, description, unit price the number of decimal places is selected in Global Options , sales tax status, and job information.

Select the line item with the serialized inventory item, then select the Serial No button to enter or select serial numbers. The Serial Number Selection window appears. To change the account ID, type? Continue entering line items until you have entered them all.

If you have received a partial or full payment for this invoice at the time of the sale, select the Amount Paid at Sale button. Peachtree displays the Receive Payment window, where you can enter receipt information. The Net Amount Due displays what the customer currently owes for the sale. At the bottom left corner of the window, the selected customer's balance, credit limit, and credit status is displayed. You can click the arrow button to the right of the customer balance to display the current Customer Ledgers report for this customer.

Select the Print button if you want to print and save the invoice. Otherwise, click the Save button. Apply a Payment to an Invoice When a customer pays an invoice, enter the amount in the Receipts window. To enter customer payment on an invoice 1. From the Tasks menu, select Receipts. Peachtree displays the Receipts window. Page 16 of 29 15 2. Enter a deposit ticket ID that can easily represent the type and source of payment.

This will make account reconciliation easier to manage. If there are unpaid invoices for this customer, Peachtree lists them on the Apply to Invoices tab. If there are no unpaid invoices, Peachtree displays the Apply to Revenue tab. Enter a reference number that will help identify the receipt for example, the customer's check number.

Select a payment method for example, Cash or Check. Payment methods are set up in Customer Defaults; these are quite useful in reports when managing receipts. In the Cash Account list, enter or select the bank account in which the receipt is deposited. On the Apply to Invoices tab, select the Pay check box next to each invoice that the customer is paying. Peachtree will fill in the Amount Paid field. Peachtree will automatically select the Pay check box.

Note: If your customer overpays the amount, a credit is made to the customer's ledger; for underpayments, the payment amount is applied to the invoice balance. Select the Print button if you want to print and save the receipt. Page 17 of 29 16 Enter Customer Returns 1.

From the Tasks menu, select Credit Memos. Peachtree displays the Credit Memos window. In the Credit field, enter the ID that you want to apply to the credit memo. If the transaction date is different from the one displayed, enter or select a new date. When line-item information for the invoice appears, find the item or items to be returned, and in the Returned column enter the quantity. Peachtree will automatically restore this quantity to inventory. If you want to print the credit memo, we recommend that you print it at this time and not from Reports.

To print the credit memo, select the Print button. When finished, select Save. Enter or select the Vendor ID. To display a list of existing vendor, type? Page 18 of 29 17 When the vendor is selected, Peachtree supplies the vendor default information, including billing and shipping addresses, purchase account, shipping method, payment terms.

If this vendor has open purchase orders, the Apply to purchase Order tab appears in front. Otherwise, enter an invoice number or other reference number. If you have entered a default shipping address in the vendor's record, the first shipping address will appear on the invoice.

If not, you can enter the vedor's purchase order number now or change the default to any other piece of information that will identify this invoice to the vendor. If you have entered a default shipping method in the vendor's record, it will appear. Peachtree uses the default terms you have entered for the vendor, but you may want to select the Terms button to change the default discount dates or amounts for this invoice.

Apply Payment to Vendors. To select a range of vendors whose invoices you want to pay: 1. From the Tasks menu, choose Select for Payment. Enter the check date. This is the date that will be printed on the checks. Next, you can filter invoices based on the due date or the discounts lost by date. For example, if it is March 18th and you want to see all invoices due before March 31st, enter March 31st in the Invoices Due Before field.

If, instead, you want to see invoices whose discounts will be lost by March 30th, enter March 30th in the Discounts Lost By field. Select which invoices you want to include. You can include all invoices or specific ones based on the number of days overdue and the balance amount. Enter either a range of vendors, or enter the starting vendor if you want to print a check for a single vendor. Select the Always take discounts regardless of due date check box if you want discounts calculated even if the discount date has passed.

When all selections are correct, click OK. From the Tasks menu, select Vendor Credit Memos. To display a list of existing Vendors, type?

If you want to print the Vendor credit memo, we recommend that you print it at this time and not from Reports. Write Checks 1. From the Tasks menu, select Write Checks. Enter or select the ID of the vendor you want to pay. If you are entering a handwritten check, enter the check number in the Check Number field. If you want Peachtree to print the check, Page 21 of 29 20 leave this field blank. If this is an electronic payment, the Check Number field will read "Electronic.

Enter or select the date of the disbursement, not necessarily today's date. Enter the total amount of the check. If desired, enter a memo up to 30 characters long. Enter or select the cash account from which you will be writing the check.

If you want to distribute this payment to multiple individual line items, select the Split button. The Split Transaction window appears, allowing you to make additional distributions. In the Description field, Peachtree offers a default description for the distribution.

If needed, change it. Page 22 of 29 21 9. Typical General Journal entries include chart of account beginning balances, depreciation, and account transfers. Here, you also enter adjustments you need to make during Account Reconciliation.

Such adjustments are necessary to account for errors, service charges, check charges, or unrecorded withdrawals or deposits. Unlike other screens in Peachtree, you provide all the accounting distributions in the General Journal. At other times, Peachtree automatically distributes certain amounts, based on guidelines you set in Maintain menus. Peachtree defaults this date to the Peachtree system date.

Select the Reverse check box to have the transaction automatically reversed the first day of the next accounting period. Reversing means that debits become credits and credits become debits. Page 23 of 29 22 For each line enter or select an account ID. If the transaction is associated with a job, enter or select a job ID. You can later apply the General Journal entry to a customer invoice, if needed.

To record an inventory adjustment 1. From the Tasks menu, select Inventory Adjustments. Peachtree displays the Inventory Adjustment window. Enter or select the item ID you want to adjust. To display a list of existing items, type? This can only be an item classified as a stock item, serialized stock item, assembly item, or serialized assembly item. If the item is serialized, the Serial No button will become available when you select the item ID.

You will need to enter or select serial numbers after you have entered an adjustment quantity in Step 7. Enter anything you like in the Reference field up to 20 alphanumeric characters.

For example, you could enter your initials or the date in this field. Enter or select the date the change in inventory occurred or the date of the physical inventory count. The date is automatically filled in as the current system date. If you are tracking jobs, enter or select a job to attach this adjustment to. Page 24 of 29 23 6. The other account affected by adjustments is the inventory account. The Unit Cost default is the current cost of the item and must be positive.

Enter the amount to adjust the quantity by. The Quantity on Hand is already filled in, and Peachtree calculates the New Quantity after you enter the adjustment. If this adjustment is being made to a serialized inventory item, select the Serial No button. Depending upon whether you enter a positive or negative quantity, either the Serial Number Entry or the Serial Number Selection window will appear.

To find out which window will appear, click here. After you have entered or selected serial numbers, click OK to return to the Inventory Adjustments window. If you know the reason for the adjustment, enter it. For example, Found in warehouse or Theft. Save the adjustment. Accounts: Depreciation Expense, Accum. Depreciation-Equipment 2.

From the Tasks menu, select Account Reconciliation. Peachtree displays the Account Reconciliation window. Enter or select the account you want to reconcile. Enter the Statement Ending Balance the ending balance amount included on the bank statement in the lower-right section of the window. Transactions that are available to be cleared are listed at the center of the window; you can use the Show drop-down arrow button to select which transactions you would like to appear.

By default, checks are sorted by check number. You can change the sort order by clicking the heading of the column you want to sort by. Check to see if these amounts are correct. If any items represent duplicate entries or bank errors, you can delete them in this window. Select the Clear check box next to each item that is included on the bank statement. You can also use the right-click menu buttons that appear when you select a row; both give you additional options.

In addition, you can select the All button to select all transactions as cleared. Or you can select the Range button to choose a range of checks or deposits to clear. Page 26 of 29 25 When all transactions listed on the bank statement are entered and cleared in Peachtree and outstanding transactions have been accounted for, the unreconciled difference should be zero 0.

If not, check the bank statement to make sure that each transaction listed is also entered in Peachtree.

For example, a service charge listed on the statement may need to be entered in Peachtree. Peachtree Complete Accounting and higher only: If the list of transactions includes bank records imported electronically, some may not have been autocleared by Peachtree. These transactions will need to be manually matched to existing Peachtree records and cleared. For information, click. If any unmatched bank records represent duplicate entries or bank errors, delete them using the Banking toolbar button, right-click menu, buttons.

This may cause you to have an unreconciled difference. Select the Beginning Transactions button to enter these outstanding transactions so that they can be reconciled. Select the Adjust button to enter adjusting journal entries the bank statement included but which are not included in Peachtree's general ledger. Rather than contact the bank to make the change, losing more time and money than the discrepancy is worth, you'll probably want to make the adjustment manually instead.

Exampl e Step 1 — Paid 2, as advance rent in Dec for next month. Example Step 2 — Rent for 2, paid in the previous month to be adjusted this month. Entry on Jan 1,. It is the income that is to be earned in the future accounting period but is already received in the current accounting period.

Step 1 — At the time of receiving income in cash. Step 2 — Adjusting entry when the income is actually realized.

Example Part 1 — Received 2, rent advance in Dec for next month. Example Part 2 — 2, rent received in the previous month to be adjusted this month. Income earned during a period of accounting but not received until the end of that period is called accrued income. Step 1 — When Income is earned, but not received. Step 2 — When Accrued income is received in cash.

Example Part 1 — Interest income of 2, related to the current year is due on the balance sheet date. Example Part 2 — Received interest of 2, that belongs to the previous year. Amortization is the same as depreciation but is charged as an expense only on intangible assets.

Related Topic — Where is Amortization shown in financial statements? Generally, interest on capital is an appropriation of profit, which means in case of loss, no interest is to be provided. Related Topic — Is capital an asset or liability? Drawings are goods or cash withdrawn by a proprietor for their personal use from the business. In this case, the proprietor may be charged interest at a fixed rate. Step 1 — At the time of charging interest on drawings from the proprietor.

Example — Goods worth purchased on credit from HM Ltd. Companies may offer managers a fixed percentage of their net profit as a commission in addition to salaries. Net profit for the current period is 10, Tuesday, January 11, Journal Entry Examples. Examples of Journal Entry with PDF The journal book must record every business transaction, which means entries need to be made.

Journal Entry for Business Started in cash When a business commences and capital is introduced in form of cash.