I'm getting started with Peachtree, and I have a dilemma.
Our company has been in business since 2005. I started handling the company accounting in June 2009, and I have everything I need to enter the data from June 2009 to current into Peachtree. However, prior to that, we have no real accounting records except for a Microsoft Money transaction log which is incomplete. The only way for us to have accurate accounting is for me to start over from scratch.
My problem lies in the fact that I can only have two open fiscal years at a time. I have a pressing need to enter the accounting for 2009 and 2010, and I really need to take care of that before I work on 2005-2008. What is the best way to handle this? I'm thinking I could start a new company for 2009-2010, and set up separate companies for 2005-2006 and 2007-2008. Then, once everything is entered, I could consolidate the companies. Is this a feasible option, or is there a better alternative?
Also, I read that you cannot have duplicate invoice numbers in Peachtree, even among different vendors. Since I assign a three-letter code to each vendor, I could probably set up some kind of naming convention like "Vendor Code-Invoice Number" (e.g. ABC-1001). Are there any other things like this I should keep in mind?
Thanks in advance for your help.
So when was the last tax return done? If it was 2008, then I'd skip the old history and start from 2009 on.
You could create a separate file for the really old stuff if you want. You'd start as early as you want and then when you have finished 2 years, you can close the first year, do the next year, close the next oldest year and so on. Then I'd probably just take the balances at 12/31/08 and enter them in your current live file and go from there.
You could export everything and import it into the current file, but really what's that going to do for you?
And as for the duplicate reference number, I've never heard of an issue with the same invoice number on different vendors.
Thanks for the reply, Lisa.
Our last tax return was filed in 2008, so yes, I'm thinking I should just start a file for 2009 onward. I need to get something in place for this year and last year quickly, since I have been doing it all in Excel and Access and it is very inefficient. My 80 hours a week are precious.
Since I can change beginning balances later, I'll probably just use the opening balance from January 2009's bank statement and then recalculate it later if needed.
As far as the duplicate invoice number issue goes, it's just something I read online - I'm glad it has no merit.
Another tip... when you create the new Peachtree company, I would open it beginning 1/1/08. Then you can enter data for 2009, but enter the final 12/31/08 balances by a journal entry. This way it is easier to correct if there are additional entries required.
I too would not enter the old data from prior to 12/31/08. For the time it will take, it will not give you much benefit. The only advantage to entering the old data in a separate company, is getting the experience working with the program. Call me if I can be of further assistance.
Thanks for the tip.
I am highly frustrated at the moment. I am entering bank transactions into the account register, and have just discovered that I cannot change the vendor on a transaction without deleting the transaction and re-entering it. When I change the vendor and save, it updates correctly in the accounting, but the change does not show on any of the reports. Under "Transaction Detail", it still lists the original vendor, not the modified one. I only have this problem if the company is set up as a Vendor - if I enter the payee manually, everything is fine.
I imagine it's better to set up vendors rather than enter every payee manually, but how can I fix this to where it updates on the reports? If I open the transaction (by double clicking the icon in the account register), and update the mail to address, the correct vendor will show on the reports, but then I cannot make any further revisions to the transaction.
Concerning the manual entry of the payee, as far as I can tell, I can't change any of the formulas for the built-in Peachtree report fields. So, the "Transaction Detail" always pulls in the payee and description. If I have to enter a payee manually, I wish the reports could just pull in the contents of the "Description" field from the Split subsection without including the payee in the same field.
What am I missing here?
One more thing - when is it appropriate to set up a vendor? Approximately 98% of our bank transactions are point of sale. Do I need to set up McDonald's as a vendor if we buy a double cheeseburger? Or, should I just restrict it to companies which invoice us?
After spending hours working on this, I decided to just use the Payments window rather than entering transactions directly into the Account Register. It's a little more time consuming, but it's worth it. For employee expense reimbursements, since I need to track them by code, I'll just create an invoice for each reimbursement and remit it to the employee via the Payments window. This is probably not conventional, but it gets the job done.
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