New User

[Stacy Dumlao]

I am brand new to the system and I cannot figure out how to enter my transactional information from my bank statements.

Should I even try to enter the information from my bank statements?

What I have gathered from reading the book so far is that I need to enter all my invoices and post payments to the GL that corresponds with those invoices and then with my types of transactions like Fuel, tools & job supplies would go into another GL. And I would reconcile all those account and that will show my profit right?

This doesn't seem like its new user friendly, I'm having a hard time navigating around and getting the system to do what I want it to do, is there any free training that I can take to help me get the business set up?

[dderolph]

What version of Peachtree are you using? What book are you referring to?

Exactly what info from your bank statements are you referring to? Bank charges? Canceled checks? Debit card transactions? Deposits? Exactly what?

What accounting background, if any, do you have?

[Stacy Dumlao]

I am using the 2006 Complete version, the how to book that it came with.

Bank charges, deposits, fuel expenses, basic job related expenses. I am doing this for a flooring company.

I have done a little accounting but not much, would it be helpful if I bought the reference books for the program?

[dderolph]

Generally, you would enter transactions into Pt (short for Peachtree) from your source documents (receipts, bills, invoices, etc.), not from the bank statement. Of course, bank charges should also be recorded in Pt, and that would come from the bank statement. A monthly bank reconcilation is a good practice.

Frankly, I think you're going to have some difficulty learning to use Pt not only from the standpoint of the software itself but because I'm under the impression you have little or no formal accounting education and, therefore, you just don't know much about accounting.

Sorry to be so blunt, but I do get this impression from your questions and comments. Your response to my question about your accounting background was elusive. I'll ask again. What is your accounting background? Associates degree? Bachelors degree? Any formal training in accounting of any kind?

If I'm right about your lack of accounting training, then I think you need to study both accounting and the software. Yes, a book Pt would help but it's going to be more difficult without some accounting background. A book such as Peachtree For Dummies (http://search.barnesandnoble.com/booksearch/results.asp?WRD=Peachtree+for+Dummies&userid=dK8PwUCBJE&cds2Pid=946) would be helpful.

[Lorin Browning]

Originally posted by Stacy Dumlao
. . . I have done a little accounting but not much, would it be helpful if I bought the reference books for the program?

Since the "reference book" comes with the software, do you even have a legal copy of Peachtree?

From reading your posts, I think that the company either needs to hire an in-house bookkeeper, contract with an external bookkeeper, or you should take a course or two in basic accounting at your local college. At a minimum, get yourself a basic bookkeeping book such as Accounting for Dummies at: http://www.wiley.com/WileyCDA/WileyTitle/productCd-0764598481.html

[glenrob]

I too am a newbie to Pt and this forum. I'm making a test evaluation (since it was <100 with rebates) to compare Pt Complete with Qb Pro (which I am currently using). I took accounting in college (as part of an MBA) but it was a long time ago. The flavor I pick up from the postings is that I ought to write off the 100 bucks for Pt Complete since usage is going to require that I work at a level somewhere between a new college grad and a CPA. The business is not large enough to hire book help and extensive CPA involvement (I do have a CPA I work with, but only about twice a year). Qb Pro is painful at times but I can live with it.

[avdistribution]

Stacy
I started using PT about 2 years ago with NO accounting training whatsoever. Start by reading the Help topics on accounting principles and then start entering data....almost anything you do can be undone. Get comfortable using the available reports to review what you've done to ensure you're on the right track. Experiment freely-but always check your work. Get used to doing regular back ups-so you can restore pre-error work.
Be sure to enter data as soon as you can-when you fall behind it can be a gruelling task to get caught up!
Also, depending on the complexity of your business, I would highly recommend learning to use the import features of PT-they are a little intimidating at first and can take take time to get right-but can save you literally weeks of data entry time and keep you sane!
No accounting program is going to do the work for you-you have to be willing to spend some time learning how to use it. Because PT does a lot-it can seem difficult to use but don't be intimidated by people who overestimate how complicated accounting is. It's really very simple and logical and if you work with PT-it will help you manage and maximize your business. Like me, you may be wondering in the future how you ever lived wthout it!!

[EKnobil]

I would also strongly suggest reading Peachtree for Dummies.

That was a *big* help to me when I started using Peachtree.

-- Erich

[Barbara Elliott]

[i]
Frankly, I think you're going to have some difficulty learning to use Pt not only from the standpoint of the software itself but because I'm under the impression you have little or no formal accounting education and, therefore, you just don't know much about accounting.

Sorry to be so blunt, but I do get this impression from your questions and comments. Your response to my question about your accounting background was elusive. I'll ask again. What is your accounting background? Associates degree? Bachelors degree? Any formal training in accounting of any kind?

If I'm right about your lack of accounting training, then I think you need to study both accounting and the software. Yes, a book Pt would help but it's going to be more difficult without some accounting background. A book such as Peachtree For Dummies (http://search.barnesandnoble.com/booksearch/results.asp?WRD=Peachtree+for+Dummies&userid=dK8PwUCBJE&cds2Pid=946) would be helpful. [/B]

Wow.......... Today is the first time I have been to this site, I too will soon be a brand new user to Pt and have no formal accounting "education" I have, however, been working with QB for several years and have been in offices where I am directly affiliated with accounting procedures. I am starting a new job where they have Pt, so I thought I would come here to get some insight.

I am appalled at the reply the above poster gave. Everyone has to learn somewhere and having "formal education" is not necessarily always the best scenario, due to lack of experience in the work force or finances within the company.

Unfortunately, this forum immediately turned me "off" to Pt and I have not even started working officially with it as yet! If Pt is a program for only the "educated", then I guess I am out of luck and should not have taken the new position.... Hmmm, interesting, very interesting...

[EKnobil]

Barbara,

Don't give up on Peachtree, and especially don't give up on this forum.

I'm sure you'll do fine.

-- Erich

[jriehl]

I'm a long time (15+ years) PT user with no formal education. While it's easy to jump in and get started with most accounting programs, if setup incorrectly you will run into major problems with time.

If you think things thru logically and double check your work you'll be off to a good start.

I think you will see that we have quite a mix of users on this forum, ranging from professionals who make their living with accounting, to beginners forced into it by their jobs or businesses.

Remember, Peachtree is "Accounting For Small Businesses".

In my short time on this forum I've been impressed with the courteous manner used by most posters. If you can overlook the ocasional curt reply you'll find the forum quite useful.

[dderolph]

Originally posted by Barbara Elliott
Wow.......... Today is the first time I have been to this site, I too will soon be a brand new user to Pt and have no formal accounting "education" I have, however, been working with QB for several years and have been in offices where I am directly affiliated with accounting procedures. I am starting a new job where they have Pt, so I thought I would come here to get some insight.

I am appalled at the reply the above poster gave. Everyone has to learn somewhere and having "formal education" is not necessarily always the best scenario, due to lack of experience in the work force or finances within the company.

Unfortunately, this forum immediately turned me "off" to Pt and I have not even started working officially with it as yet! If Pt is a program for only the "educated", then I guess I am out of luck and should not have taken the new position.... Hmmm, interesting, very interesting...

Barbara,
I agree I was rather blunt but, come on, let's be realistic here. Just because a business is a small business doesn't mean the accounting principles are more simple than for large businesses. Now, it quite likely does mean the accounting issues involved in doing the accounting are not as complex, but you still have to know how to classifiy and enter transactions.

And, this is where people with no training in accounting can simply do things wrong. For example, I've seen the results of a small business owner trying to do her own accounting with Quick Books and making a mess of things. In her mind, if you write a check, it must be an expense. So, she would enter the gross amount of loan payments as an expense. Well, that's simply not correct. A loan payment of a business is not an expense to the business; it's a reduction of a liability; only the interest portion of the payment is an expense.

Similarly, she would post the total amount of checks written to a bank for payroll tax deposits as an expense. Again, erroneous accounting. Part of that payroll tax deposit (which includes both withholding from employee payroll and the employer contribution to FICA and Medicare) has, or at least should have been, already expensed by being included in gross employee salaries and wages. And, due to erroneous payroll tax reporting to the IRS, this business owner was getting hit with numerous penalties.

Now, I'm not saying that no one without any formal training in accounting should attempt to maintain their accounting records for a small business. Like every endeavor in life, some people have more aptitude for certain activities than others. By diligent reading of readily available sources, including the Pt user's guide, some people may be able to grasp some understanding of the proper recording of various transactions.

[rosech252]

I have been using PT for about a year and a half now. Having spent ten years previously on Quick Books. Honestly, I have gone from "hating" PT to having an just not liking it. Lots of reasons, mostly my own preconceptions I am sure.

Point I want to make with this poster is that a computer program won't do the work for you. If you don't have a basic understanding of accounting principles, you can make some big messes! I worked for a company once that had tried to do their own books with a computer program (not PT or QB) and it took two full time people six months to figure out what had happened and to reconstruct a years worth of business transactions. (they hadn't balanced their checking account ever! and "retained earnings" has nothing to do with employee advances!) When I say "basic understanding" that is exactly what I mean "basic". An understanding of what an expense is, what is income? For example not all money coming in is income, and not all money going out is expense. The basic concept of double entry bookeeping, the role of the various journals and ledger accounts. One doesn't need a college degree to know this. But, without this knowledge no accounting computer program will work for you.