Peachtree Complete Accounting 2010 P5 – Sample data for Practice

Activity 1: Write Checks and Pay Payroll Taxes:

Vendor ID Check# Date Cash A/C Amount

V010 CHK-200 20/06/20 Checking A/C $ 416.00

Activity 2: Setting up Security (adding Users):

User Name Type Task Access

Admin Administration All Privileges All Access

Yonis Seller Selling & Purchases Restricted

Activity 3: Transfers Funds between accounts

Date References A/C From A/C To Amount

20/06/20 Fund Cash on Hand Saving A/C $ 5,000
Transfer

Activity 4: Recording Owner’s drawings

Date References A/C From Amount

20/06/20 Owner’s Checking A/C $ 1,000
Drawing

Activity 5: Reconciling Accounts (Bank Reconciliation):

As general company do bank reconciliation due to differences between company’s A/C balance
and Bank Statement balances, and the common types of that cause the differences are:

 Deposit in Transit  Collection / Deductions made

 Outstanding checks by the Bank
 NSF Checks  Bank Errors

So to do bank reconciliation on our company first we need to get bank statement and A/C
balances and here the our cash account balances

A/C Date Deposit / Bank Check /Bank Ending Description

CR DR Balance
Cash on Hand 20/06/20 $ 5,000 $ 325 Fund Transfer
Checking A/C 20/06/20 $ 20 38,070.63 Service Charge
$ 1,000 Withdrawal
Saving A/C 20/06/20 5,000 5,049 Fund Transfer

1
Activity 6: Closing Entries

To do closing entries first you need to do internal Accounting review and before you begin the
close process it’s important to print all unprinted check, after that begin the closing process and
Peachtree will close the following temporary accounts

 All Revenue Accounts

 All expenses Accounts
 Net Income is closed to Retained Earning A/C
 R/E is Closed to Owner’s Capital
 Drawing A/C closed To owner’s Capital

Congrats we have successfully finished our Course

Next steps……………..???