New Company

[gentrys]

I just recently set up a new company within Peachtree and I need some help figuring out beginning balances. Do i re-enter every single transaction from Jan 1 of this year? Or can i do it another way? We just starting entering in new stuff in August and I cant get my account reconciliation to be right. PLEASE HELP.

[Nancy Lee]

You did not mention what version of Peachtree you are using. I am using 2004 and this is how I would handle it.

At the top pulldown menu go to MAINTAIN>CHART OF ACCOUNTS>Then select an active account number. When the window opens, you can enter the balance in the period prior to the one you started entering your activity (July). If you need to enter any prior years you need to select the BEGINNING BALANCES BUTTON.

The only problem with beginning this way is you will only have your financials with the correct ending date. You will not be able to run activity reports for the entire year....only the periods you are entering activity for.

[Hayman]

If you have your 1st month of fiscal year at January, you have to enter the figures of your beginning balances as at 31 December. Of Course, you also have to enter the outstanding items of Account Reconciliation in order to be right!

[pierson]

You can enter beginning balances. You just won't have any detail and will have to rely on your old software or ledgers. Take the reconciled bank statement for July and use that as the beginning balance.

You may need to hire someone to come in and get you going with correct balances or you will never get things in balance.

[LauraG]

If the bank recs in your old system were completed through July in your old system them take the ending Trial balance for that data. Enter this in the chart of accounts beginning balances section. In Maintain Customers & Vendor enter the detail for the outstanding invoices that make up your A/R and A/P accounts. When you are ready to do the August bank Rec, click on the Beginning Transactions button in the account rec screen and enter any outstanding checks & deposits in transit from your July Bank rec done in the old system.