<<

. 45
( 47 .)



>>


2 Enter or select the vendor ID.
In the Apply to Invoices tab the $148.00 displays with a BEGBAL
reference. This is a lump sum of all the outstanding invoices due at the
time of the QuickBooks conversion.
3 Enter an amount to pay the vendor in the Amount Paid field.

4 When finished entering the payment, select the Print button to print a
check. If you are not prepared to print the check, leave the check number
field blank. If you manually wrote the check, enter a check number. Then
select Post or Save to record the transaction.
For more information on entering payments, see Pay Vendors. For more
information on entering receipts, see Receive a Payment from a
Customer.

Setting Up a Cash-Basis Company
Peachtree allows you to operate companies using two accounting methods:
Accrual: The accrual method records all entries at the time business

is transacted, whether or not cash has been transferred. In most
cases, companies that carry inventory or resell goods must use this
method of accounting.
Cash: The cash method recognizes transactions at the point you

actually exchange cash. While the cash method is more common in
service industries, some organizations may be restricted from using
this method by the IRS.
QuickBooks sets all its companies up using the accrual accounting method.
However, QuickBooks allows you to display reports that reflect the cash-basis
accounting method.
If, when converting your QuickBooks company, you choose to set up your
new Peachtree Accounting company using the cash-basis accounting method,
Peachtree will not convert chart of account balances. All other balances will
be converted. After the conversion is complete, you will have to enter
beginning balances in Peachtree™s chart of accounts.
For more information on entering account beginning balances, refer to the
“General Ledger” chapter of the User™s Guide.




278
After Converting
Setting Up a Cash-Basis Company


Print the QuickBooks Trail Balance report using the cash-basis method. To
do this, follow the procedure below:
1 From the QuickBooks Reports menu, select Other Reports, then Trial
Balance.

2 When the report displays, select the Customize button and choose Cash as
the Report Basis.

3 Select OK to display the report. Then, print the report.

You can then enter beginning balances for your accounts in Peachtree using
this report as a guide.




279
B Converting QuickBooks Data to Peachtree Accounting
Getting Started Guide


Troubleshooting the Conversion from QuickBooks
Below are key points that may help you resolve errors during the conversion
process.

Common Errors

“No Name” Displays as Company Name after the Conversion
If your company name displays as “No Name” in Peachtree Accounting, it is
possible that your company name in QuickBooks contains a value that
Peachtree cannot read or accept. Peachtree first uses the Company Legal
Name. If this field is blank, Peachtree will use the Company Name field (both
fields display in the QuickBooks Company Information window) as the name
of your company in Peachtree Accounting. If both fields are blank or entirely
numeric, Peachtree will convert the company as “No Name.” After the
conversion you can easily change the company name in Peachtree
Accounting.


Accounts Do Not Have Account Numbers
You must have account numbers established for each account in your
QuickBooks chart of accounts before beginning the conversion. To add
account numbers to your QuickBooks chart of accounts, refer to the
procedure described in. “Preparing for the QuickBooks Conversion” on
page 247.


Retained Earnings Account Not Found
Peachtree requires that you have a retained earnings account in the chart of
accounts. If Peachtree cannot locate the account, you will receive an error.
QuickBooks automatically creates the retained earnings account for you
when setting up your company. It is possible that you removed this account.
To correct the error, you must force QuickBooks to create a new “Retained
Earnings” account.
1 Start QuickBooks and open your company.

2 From the Reports menu, select Balance Sheet, then standard.
Displaying the balance sheet forces QuickBooks to search for a retained
earnings account. If it cannot locate one, it will create a new one for you.
3 Close the report window, then try the conversion once again.




280
Troubleshooting the Conversion from QuickBooks
Troubleshooting Error Messages



Accounts Payable and Accounts Receivable Accounts Not Found
If you have one or more vendors set up in QuickBooks, you must have an
accounts payable account listed in your chart of accounts before beginning
the conversion. If one or more customers, you must have at least one accounts
receivable account set up in your chart of accounts before beginning the
conversion.


Company Already Exists and Cannot be Converted
You can only step through the conversion of a QuickBooks company one
time. If you intend to try the conversion again, you must rename your
QuickBooks company.

Rename a Company in QuickBooks
1 Start QuickBooks and open your company.

2 From the QuickBooks File menu, select Company Info. The Company
Information window displays.

3 In the Legal Name field, enter a different company name for your
QuickBooks company.
Peachtree Accounting first uses the “Legal Company Name,” then the
“Company Name” of your QuickBooks company when converting the
data.
4 When finished, select OK. Close the company and try the conversion once
again.
After your company is converted to Peachtree Accounting format, you
can change the company name in Peachtree to anything you choose.

Troubleshooting Error Messages
If you receive an error message during the conversion process, select the Help
button when the message displays.Peachtree Accounting ˜s online Help
provides information about the message and possible solutions to correct the
error.
® To display an alphabetical list of error messages, open the Peachtree online
Help. (From the Help menu select Contents). In the Help Topics window,
select the Contents tab. Select Reference, then Troubleshooting Error
Messages.




281
B Converting QuickBooks Data to Peachtree Accounting
Getting Started Guide


Comparing QuickBooks to Peachtree
Obviously, Peachtree manages certain aspects of accounting differently from
that of QuickBooks. This section outlines major differences in the tasks and
features of each accounting package to assist you in becoming more familiar
with Peachtree and to make the transition less difficult.

Accounting Methods
The accounting method determines how Peachtree Accounting handles
General Ledger, Accounts Receivable, and Accounts Payable
transactions. Typically, the accrual method provides more accurate
information regarding the financial status of your company. The cash
method, on the other hand, may better serve your overall tax status.
Consult your accountant about which method is best for you.
Peachtree allows you to operate companies using two accounting
methods:
Accrual: The accrual method records all entries at the time business

is transacted, whether or not cash has been transferred. In most
cases, companies that carry inventory or resell goods must use this
method of accounting.
Cash: The cash method recognizes transactions at the point you

actually exchange cash. While the cash method is more common in
service industries, some organizations may be restricted from using
this method by the IRS.
QuickBooks sets all its companies up using the accrual accounting method.
The type of accounting method this company uses is located on the Maintain
Company Information window.


Once you set up the accounting method for this company, you cannot change
it. If you want to change the accounting method, you must delete the
company and re-enter it. Refer to step 7 on page 251 to find out what method
Note
you selected during the conversion process.




282
Comparing QuickBooks to Peachtree
Inventory


Inventory

Inventory Costing Method
QuickBooks allows only the Average Cost costing method for inventory. In
Peachtree, however, you have the opportunity to change this method.
Peachtree offers three different costing methods for inventory: FIFO (First In
First Out), LIFO (Last In First Out), and Average Cost. To gain a better
understanding of these methods, refer to the “Inventory” chapter of the
Peachtree Accounting User™s Guide


Once a costing method is assigned to a stock item in Peachtree Accounting, it
cannot be changed.Check with your accountant if you are unsure as to which
costing method to use.
Note



Company Information
The company information in QuickBooks and Peachtree is relatively similar
with only a few exceptions. In QuickBooks, there are two areas for your
company™s address: the Company Name and the Legal Name. In Peachtree,
however, there is only the Company Name field. Furthermore, the Income
Tax Form Used equates to the Form of Business. There are, however, four
fields Peachtree requires that QuickBooks does not. These are:
• Company Telephone Number
• Company Fax Number
• State Unemployment ID
• Posting Method
Peachtree also lists the accounting method this company uses and provides
you with audit trail and time and attendance options. For more information
on these options, see the Peachtree Accounting User™s Guide.




283
B Converting QuickBooks Data to Peachtree Accounting
Getting Started Guide


Tasks
The following table lists the chief tasks associated with the main sections of
QuickBooks and Peachtree.


Major Tasks

Feature Main Task QuickBooks Peachtree
Inventory Setting Up Purchases and Vendors/ Maintain Inventory Items
Inventory Items Items and Services window

Company Adding or Company/Company Info Maintain Company
Information Editing Information window
Company
Information




284
• Index •
Numerics B compact disc

<<

. 45
( 47 .)



>>