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Getting Started Guide


Quotes
If you entered customer quotes in the previous version of your company data,
these are now accessed in the new Quotes task window.
® To edit previous quotes, or to create new quotes, from the Tasks menu,
select Quotes/Sales Orders, then select Quotes from the submenu.

For more information, see the “Accounts Receivable” chapter of the User™s
Guide.

Inventory Item Description
Peachtree Accounting now allows you to have two detailed descriptions for
inventory items, one for purchases and one for sales. The item description
that converts will be saved as your description for sales. If you want to add a
new detailed description for purchases, you can enter this in the Maintain
Inventory Items window.

Freight
Peachtree Accounting has added a freight field to quotes, sales orders, and
sales invoices. In order to use this new field, you need to set up the default
G/L freight account.
® From the Maintain menu, select Default Information, then Inventory Items
from the submenu. Enter the G/L Freight Account to credit when you post a
sales invoice.

Peachtree-compatible pre-printed forms work with the new freight field. If
you use pre-printed quotes or sales invoices and enter a freight charge, these
transactions add the new freight amount on your form. When using freight,
you should select one of the forms labeled “w/Freight” to include the new field
on your pre-printed form.
If you have customized quotes and sales invoice forms and decide to use the
new freight field, you will have to add the Freight Amount data object to your
custom form. Otherwise, your totals may print incorrectly.

Forms
The standard forms included in Peachtree Accounting have been changed,
dropping the “R3” from the end. These are the same forms, only the names
are different. Some new forms have been added including credit memos and
packing slips which include items you ship to a customer. Also new quotes
and sales invoice forms have been added which include the new freight field
(see above).




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Conversion Issues
From Peachtree Accounting Release 3.5 (or lower)


Reports
All your customized report and forms are updated to the new Peachtree
Accounting format.
In financial statements, Peachtree Accounting has added a new G/L Account
Summary report. This report summarizes account activity over a period of
time, essentially summarizing the General Ledger. It can be copied from the
sample company, Bellwether Garden Supply.
To copy this financial statement into your company, follow these
instructions:
1 Open your company in Peachtree Accounting.

2 From the Reports menu, select Financial Statements.

3 Select the Copy button. The Copy Report window displays.

4 Type a name for the report in the New Report Name field (for example, G/L
Account Summary).

5 Select BCS as the Source Company.
This is the sample company. If you do not see BCS, check your data path.
If the sample company data is not installed, you can reinstall Peachtree
Accounting. Select the Custom installation option, and choose to only
install the sample company data.
6 Select <Predefined> G/L Account Summary as the report to copy. Then,
select OK.
The report is copied into your company under financial statements.
You may also notice Bellwether Garden Supply has some examples of
customized financial statements. These include
• Consolidated Income Statement
• Income Statement/Budget Variance
• Gross Profit by Departments
These financial statements are designed specifically for Bellwether Garden
Supply. They demonstrate the use of departments and budgets in the chart of
accounts. If you copy these into your own company, you need to alter the
design to reflect your company™s chart of accounts.




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2 Upgrading from Previous Versions
Getting Started Guide



Upgrading Inventory from Peachtree Accounting Release 3.0
Important Note: This section does not apply to users upgrading from
Peachtree Accounting Release 3.5 or higher.
Peachtree Complete Accounting Release 7 has a new, date-based system of
inventory costing. This could cause slight differences in inventory-related
general ledger accounts from previous periods, as reflected on previous-
period reports and financial statements.
During conversion, we save any differences in inventory-related general
ledger accounts for each accounting period. You can choose to create general
ledger entries in each period that will adjust for these differences (if any). That
means the information on previous-period financial statements won™t
change.
Whether you create the entries or not, Peachtree does not change inventory
information for previously closed fiscal years. In general, we recommend that
you do create these general ledger entries. You can always delete the entries
later.

When You Would Create the General Ledger Entries:
• If you have used pre-conversion account balances to prepare
financial statements that you distributed to any outside parties.
• If you have used pre-conversion account balances to prepare income
tax returns.

When You Might Not Create the General Ledger Entries:
• If you have not distributed Financial Statements to outside parties,
and...
• ¦You have not prepared income tax returns based on pre-
conversion account balances.
If you do create these entries, you can view them through Tasks, General
Journal Entry, by clicking the Edit button. They are dated the last day of the
period, with a Reference of Conversion and a Description of Inventory
Conversion Adjustment.
Also, if you do create these entries, be aware that the ending value of your
Inventory Valuation Report may no longer match your ending value in your
Inventory General Ledger Account balance. This is because General Journal
entries are posted directly to the general ledger but do not update your
inventory ledger.




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Conversion Issues
From Peachtree First Accounting


If Your Inventory Valuation Report is Different in Peachtree
Complete Accounting
It is possible that the information on your Inventory Valuation Report will be
different after conversion. Basically, this is because Peachtree Complete
Accounting Release 7 has implemented a more accurate, date-based costing
method. In particular, we have improved the method of handling cost of
goods entries when you sell out-of-stock items, and of accurately recosting
sales or purchase returns.

If Your Ending Inventory Valuation Report After Conversion Does
Not Match You General Ledger™s Inventory Account
This could be for the reasons explained in the paragraph above, or it could be
that a transaction used an incorrect General Ledger account (any journal
entry to any inventory account). It is also possible that you have made general
journal entries posted to inventory accounts. These entries only post amounts
and do not affect quantities; therefore, valuation is not affected by general
journal entries.

From Peachtree First Accounting
At the beginning of the install process, Peachtree will search for a copy of First
Accounting. If detected, you will be prompted to replace the existing
\PTFIRST directory with Peachtree Complete Accounting Release 7. We
recommend you install the update into the existing Peachtree First
Accounting (usually \PTFIRST, unless you changed it to a different name
during the previous installation). However, you may want to make a complete
backup prior to installing.
If you elect to use a new or alternate directory name, you will be prompted for
the original registration number and serial number. Enter your First
Accounting registration and serial numbers; if you don™t know the number,
install the update into your existing Peachtree First Accounting directory.


Upgrading Inventory from First Accounting Release 1.0
First Accounting Release 1.0 only allowed “non-stock” and “description only”
inventory items. Peachtree Complete Accounting Release 7 provides
additional inventory item types such as “stock items” and “assemblies”. These
new inventory types can track quantity on hand and unit cost. You cannot
change a converted Release 1.0 inventory item type. If you want to establish
inventory quantity and cost, you will have to create a new inventory item and
assign it the new item type of Stock Item or Assembly.




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2 Upgrading from Previous Versions
Getting Started Guide



Upgrading Payroll from First Accounting Release 1.0
If you are upgrading from First Accounting Release 2.0, this section does not
apply.
IMPORTANT: If you used payroll in First Accounting, when you convert to
Peachtree Complete Accounting Release 7 before running payroll, you must
complete the Payroll Setup Wizard in Maintain Default Information. Please
refer to the User™s Guide or Peachtree Accounting Help for assistance in
setting up and modifying the payroll tax and field information.
Please note that after converting to Peachtree Complete Accounting, all of
your employees who were entered in First Accounting Release 1.0 are
specified as Hourly pay type employees with a Weekly pay frequency and a tax
status of Single. To modify these defaults you should first set up payroll in
Maintain Employee Default Information for Employees and then change each
employee accordingly in Maintain Employees.
Payroll checks that were entered in First Accounting Release 1.0 cannot be
edited in Peachtree Complete Accounting because of differences in how
payroll is processed in the two systems.




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Converting Data from other Products
Peachtree Complete Accounting for DOS


Converting Data from other Products
You can convert data from other products including Peachtree Complete
Accounting for DOS, Quicken, and QuickBooks.

Peachtree Complete Accounting for DOS
You should use the default settings to install Peachtree Complete Accounting
for Windows. Do not install Peachtree Complete Accounting for Windows
over your existing Peachtree Complete Accounting for DOS directory.


The company data conversion is only used for companies which used prior
releases of Peachtree Accounting or First Accounting. This process does not
convert company data from Peachtree Complete Accounting for DOS. Those
Note
conversions require a separate utility from Peachtree Software. To order the
conversion utility for Peachtree Complete Accounting for DOS Version 7 (or
higher), please call 1-800-247-3224.

Quicken
You can import existing Quicken data in to a new company set up in
Peachtree Accounting. Due to basic differences between the two programs,
some of the Quicken data cannot be imported into Peachtree Accounting as
it is. Rather, you must redefine how you want the data to be handled as part
of the import program. Understanding the basic program differences can help
you decide how you want to redefine Quicken data.
For more information, see “Converting Quicken Data to Peachtree
Accounting” on page 213.

QuickBooks and QuickBooks Pro
If you created a company using QuickBooks or QuickBooks Pro, you can
convert your company data to the Peachtree Accounting format. Peachtree
will convert most QuickBooks lists (such as accounts, customers, vendors,
employees, items, and jobs) and current balances.
Peachtree Accounting can only convert company data created in versions 4 or
5 of both QuickBooks and QuickBooks Pro for Windows. You cannot convert
company data from an earlier Windows version of QuickBooks or
QuickBooks for DOS.
For more information, see “Converting QuickBooks Data to Peachtree
Accounting” on page 245.



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