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Transcript of Chapter 12: Accounts Receivable. ©The McGraw-Hill Companies, Inc., 2004 3 of 48 Accounts Receivable...
Chapter 12: Chapter 12: Accounts ReceivableAccounts Receivable
Chapter 12: Chapter 12: Accounts ReceivableAccounts Receivable
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 33 of 48 of 48
Accounts ReceivableAccounts ReceivableIn Chapter 11, you learned how to use In Chapter 11, you learned how to use Peachtree’s Purchases/Receive Inventory and Peachtree’s Purchases/Receive Inventory and Payments tasks. Payments tasks. Now that you have purchased merchandise from Now that you have purchased merchandise from vendors, you are ready to sell that merchandise. vendors, you are ready to sell that merchandise. To do that, you need to learn how to use To do that, you need to learn how to use Peachtree’s Sales/Invoicing task.Peachtree’s Sales/Invoicing task.Before you can use the Sales/Invoicing task, you Before you can use the Sales/Invoicing task, you need to set up customer defaults, sales tax need to set up customer defaults, sales tax information, and customer maintenance information, and customer maintenance information. After you set these defaults, information. After you set these defaults, Peachtree will use this information when you Peachtree will use this information when you record a sale.record a sale.
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Software Objectives, p. 429Software Objectives, p. 429
Set up customer default information.Set up customer default information.Set up sales tax information.Set up sales tax information.Set up customer maintenance information.Set up customer maintenance information.Record credit sales, cash sales, and sales Record credit sales, cash sales, and sales returns.returns.Record customer receipts, partial payments, Record customer receipts, partial payments, and edit invoices.and edit invoices.Make four backups: 2 for Jessica's Sales & Make four backups: 2 for Jessica's Sales & Service; 2 for the end-of-chapter exercises.Service; 2 for the end-of-chapter exercises.
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Web Objectives, p. 429Web Objectives, p. 429Use your Internet browser to go to the book’s Use your Internet browser to go to the book’s website at website at www.mhhe.com/yacht2003www.mhhe.com/yacht2003
Go to the Internet Activity link on the book’s Go to the Internet Activity link on the book’s website. Then, select WEB EXERCISES PART website. Then, select WEB EXERCISES PART 3. Complete the second web exercise in Part 3, 3. Complete the second web exercise in Part 3, “The Accountant’s Web Magazine and Resource “The Accountant’s Web Magazine and Resource Guide: Faulkner & Gray’s Electronic Accountant.”Guide: Faulkner & Gray’s Electronic Accountant.”Use a word processing program to write Use a word processing program to write summaries of the websites that you visited.summaries of the websites that you visited.
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Peachtree’s Accounts Receivable Peachtree’s Accounts Receivable System, p. 430System, p. 430
S e lec t th e in vo ice th a t ap p lies to th e cu s tom er's ch eck ,th en se lec t th e "P ay" b ox.
Th e cu s tom er sen d s you a ch eck to p ay th e b ill.
P rin t an d sen d an in vo ice to you r cu s tom er.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 77 of 48 of 48
Peachtree TipsPeachtree Tips
You You mustmust complete Chapter 11 before you complete Chapter 11 before you start Chapter 12. start Chapter 12.
If the general ledger account (GL account If the general ledger account (GL account column) is not displayed on the column) is not displayed on the “Sales/Invoicing” window, check the global “Sales/Invoicing” window, check the global options. In the “Hide General Ledger options. In the “Hide General Ledger Accounts” section, all boxes must be Accounts” section, all boxes must be unchecked (see p. 52, steps 1-4).unchecked (see p. 52, steps 1-4).
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Backing Up Chapter 12Backing Up Chapter 12
DiskDisk Backup Name Backup Name
KBKB Page Nos.Page Nos.
17 of 1817 of 18 A:\Chapter 12 BeginA:\Chapter 12 Begin 111 KB111 KB 448448
A:\Chapter 12A:\Chapter 12 118 KB118 KB 469-470469-470
A:\Exercise 12-1A:\Exercise 12-1 101 KB101 KB 476476
A:\Exercise 12-2A:\Exercise 12-2 105 KB105 KB 477477
TOTAL KBTOTAL KB 435 KB435 KB
.
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Chapter 12 TopicsChapter 12 Topics1.1. Software & web objectives, p. 429Software & web objectives, p. 4292.2. Getting started, p. 431Getting started, p. 431
a. Setting up customer defaults, pp. 431-433a. Setting up customer defaults, pp. 431-433b. Setting up tax defaults, pp. 433-435b. Setting up tax defaults, pp. 433-435c. Setting up customer maintenance information,c. Setting up customer maintenance information,
pp. 435-439pp. 435-4393.3. Recording sales, pp. 439-440Recording sales, pp. 439-440
a. Entering invoices for credit sales, pp. 440-441a. Entering invoices for credit sales, pp. 440-441b. Printing the sales invoice, pp. 442-447b. Printing the sales invoice, pp. 442-447c. Backing up your data, p. 448c. Backing up your data, p. 448d. Entering a service invoice, pp. 448-450d. Entering a service invoice, pp. 448-450e. Sales returns, pp. 451-454e. Sales returns, pp. 451-454
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Chapter 12 Topics (continued)Chapter 12 Topics (continued)
4.4. Recording receipts and cash sales, p. 455Recording receipts and cash sales, p. 455a. Entering a receipt, pp. 455-458a. Entering a receipt, pp. 455-458b. Cash sales, pp. 458-460b. Cash sales, pp. 458-460c. Finance charges, p. 460c. Finance charges, p. 460
5.5. Printing customer forms, p. 460Printing customer forms, p. 460a. Printing invoices, p. 460a. Printing invoices, p. 460b. Printing statements, p. 461b. Printing statements, p. 461c. Printing mailing labels, pp. 461-462c. Printing mailing labels, pp. 461-462d. Preparing collection letters, pp. 462-464d. Preparing collection letters, pp. 462-464
6.6. Printing the sales journal, pp. 464-465Printing the sales journal, pp. 464-465
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Chapter 12 Topics (concluded)Chapter 12 Topics (concluded)7.7. Printing the cash receipts journal, p. 466Printing the cash receipts journal, p. 4668.8. Printing customer ledgers, p. 467Printing customer ledgers, p. 4679.9. Printing the general ledger trial balance, pp. 467-468Printing the general ledger trial balance, pp. 467-46810.10. Editing receipts, pp. 468-469Editing receipts, pp. 468-46911.11. Backing up Chapter 12 data, pp. 469-470Backing up Chapter 12 data, pp. 469-47012.12. Internet activity, p. 470Internet activity, p. 47013.13. Summary and review, pp. 470-471Summary and review, pp. 470-471
a.a. Going to the net, p. 471 Going to the net, p. 471 b.b. Multiple-choice questions, pp. 471-474Multiple-choice questions, pp. 471-474c. Exercise 12-1, pp. 474-476c. Exercise 12-1, pp. 474-476d. Exercise 12-2, pp. 476-477d. Exercise 12-2, pp. 476-477e. Chapter 12 index, p. 478e. Chapter 12 index, p. 478
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Getting started, p. 431 Getting started, p. 431 Complete steps 1 – 2j on p. 431. Then, complete steps 1 - 5 for Complete steps 1 – 2j on p. 431. Then, complete steps 1 - 5 for setting up customer defaults on pp. 431 and 432.setting up customer defaults on pp. 431 and 432.
Click on <OK>.Click on <OK>.
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Setting up sales tax defaults, p. 433Setting up sales tax defaults, p. 433
Read the instructions on page 433. Then, complete steps 1 – Read the instructions on page 433. Then, complete steps 1 – 5 on p. 433 for setting up sales tax defaults.5 on p. 433 for setting up sales tax defaults.
Click on Click on SSave. Complete step 6 on page 434. Click Close to ave. Complete step 6 on page 434. Click Close to return to the menu bar.return to the menu bar.
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Maintain sales tax codes, p. 435Maintain sales tax codes, p. 435Complete the steps 1-5 on pages 434-435. Complete the steps 1-5 on pages 434-435.
Click on “Close” to return to the menu bar. Click on “Close” to return to the menu bar.
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Maintain Customers/Prospects, p. 436Maintain Customers/Prospects, p. 436
Click on Maintain, then Customers/Prospects.Click on Maintain, then Customers/Prospects.Type the customer information shown in step 2 on pp. 435-Type the customer information shown in step 2 on pp. 435-436.436.
Click on the “SaClick on the “Salles Defaults” tab.es Defaults” tab.
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Sales defaults, p. 437Sales defaults, p. 437After selecting the “SaAfter selecting the “Salles Defaults” tab (step 3), es Defaults” tab (step 3), complete step 4 on p. 436.complete step 4 on p. 436.
Click on Click on SSave. Then, continue adding customers. ave. Then, continue adding customers. Complete step 6 on pages 437 – 439.Complete step 6 on pages 437 – 439.
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Recording sales, p. 439-440Recording sales, p. 439-440Read the information on pp. 439 and 440. Then, complete steps 1- 7 on pp. 440 and 441 for entering Read the information on pp. 439 and 440. Then, complete steps 1- 7 on pp. 440 and 441 for entering invoices for credit sales.invoices for credit sales.
Continue with steps 4 – 5.m. on pp. 365 and 366.Continue with steps 4 – 5.m. on pp. 365 and 366.
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Print Forms: Invoices/Pkg. Slips, p. 442Print Forms: Invoices/Pkg. Slips, p. 442
To print the sales invoice, follow steps 1, 2, and 3 on page To print the sales invoice, follow steps 1, 2, and 3 on page 442. Make sure that “Invoice Plain Service #2” is highlighted. 442. Make sure that “Invoice Plain Service #2” is highlighted.
Click on <OK>. Read step 5 on page 442.Click on <OK>. Read step 5 on page 442.
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Print Forms: Invoices, p. 443Print Forms: Invoices, p. 443
Complete step 5 on p. 442. Then, compare your screen to the one Complete step 5 on p. 442. Then, compare your screen to the one shown on p. 443.shown on p. 443.
Click on <Print>. Compare your sales invoice with the one shown on Click on <Print>. Compare your sales invoice with the one shown on page 444. page 444.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2020 of 48 of 48
Printing sales invoices, pp. 445-447Printing sales invoices, pp. 445-447
Continue entering sales to customers on Continue entering sales to customers on pages 445 – 447.pages 445 – 447.
Print your sales invoices. Compare them Print your sales invoices. Compare them with the ones shown on pages 445 – 447.with the ones shown on pages 445 – 447.
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Backing up your data, p. 448Backing up your data, p. 448
Complete steps 1 – 9 to back up your Complete steps 1 – 9 to back up your data.data.
Use Use Chapter 12 BeginChapter 12 Begin as the back up as the back up name.name.
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Entering a service invoice, pp. 448-450Entering a service invoice, pp. 448-450
Read the information about service Read the information about service invoices on page 448 and 449.invoices on page 448 and 449.
Complete steps 1 – 8 on pages 449 and Complete steps 1 – 8 on pages 449 and 450.450.
Compare your invoice to the printout Compare your invoice to the printout shown on p. 450.shown on p. 450.
Complete step 9 on p. 450.Complete step 9 on p. 450.
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Sales returns, pp. 451-452Sales returns, pp. 451-452Read the information about sales returns on p. 451. Read the information about sales returns on p. 451. Complete steps 1 – 6 on pp. 451 and 452.Complete steps 1 – 6 on pp. 451 and 452.
Click on Click on SSave to post. Then, close.ave to post. Then, close.
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Credit card window, p. 453Credit card window, p. 453Complete steps 1 - 6 on p. 453. The “Credit Card Complete steps 1 - 6 on p. 453. The “Credit Card Information” screen appears.Information” screen appears.
Complete steps 7 – 10 on pages 453-454.Complete steps 7 – 10 on pages 453-454.
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Receipts window, p. 454Receipts window, p. 454After completing steps 7-10 on pp. 453-454, the “Receipts” After completing steps 7-10 on pp. 453-454, the “Receipts” screen appears.screen appears.
Click on Click on SSave to post, then click on the “Close” icon.ave to post, then click on the “Close” icon.
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Entering a receipt, pp. 455 and 456Entering a receipt, pp. 455 and 456Read page 455. Then, complete steps 1 – 7 on pp. 455-456.Read page 455. Then, complete steps 1 – 7 on pp. 455-456.
Click on Click on SSave to post. Read the information under step 8 on p. 456.ave to post. Read the information under step 8 on p. 456.
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Partial payment, pp. 457-458Partial payment, pp. 457-458Complete steps 1 – 5 on p. 457.Complete steps 1 – 5 on p. 457.
Click on Click on SSave to post (this is step 6 on p. 458).ave to post (this is step 6 on p. 458).
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Enter cash sales, pp. 458-459Enter cash sales, pp. 458-459
Read the information about cash sales on Read the information about cash sales on p. 458.p. 458.
Complete steps 1- 10 on pages 458 and Complete steps 1- 10 on pages 458 and 459 to enter cash sales.459 to enter cash sales.
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Receipts window for cash sale, p. 459Receipts window for cash sale, p. 459
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Printing customer forms, pp. 460-464Printing customer forms, pp. 460-464
Read the information on pages 460 – 464.Read the information on pages 460 – 464.
Complete steps 1 and 2 on page 463.Complete steps 1 and 2 on page 463.
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Collection Manager window, p. 463-464Collection Manager window, p. 463-464
After completing step 2 on page 463, the “Collection Manager” After completing step 2 on page 463, the “Collection Manager” window appears.window appears.
Complete steps 3 – 8 on page 464.Complete steps 3 – 8 on page 464.
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Printing the sales journal, Printing the sales journal, pp. 464-465pp. 464-465
Complete steps 1 – 4 on pp. 464-465.Complete steps 1 – 4 on pp. 464-465.
Compare your printout of the sales journal Compare your printout of the sales journal to the one shown on p. 465.to the one shown on p. 465.
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Printing the cash receipts Printing the cash receipts journal, p. 466journal, p. 466
Complete steps 1 – 3 on p . 466.Complete steps 1 – 3 on p . 466.
Compare your printout of the cash receipts Compare your printout of the cash receipts journal to the one shown on p. 466.journal to the one shown on p. 466.
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Printing the customer ledgers, Printing the customer ledgers, p. 467p. 467
Complete steps 1 and 2 on page 467.Complete steps 1 and 2 on page 467.
Compare your printout of the customer Compare your printout of the customer ledgers to the one shown on p. 467.ledgers to the one shown on p. 467.
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Printing the general ledger trial Printing the general ledger trial balance, p. 467-468balance, p. 467-468
Complete steps 1 and 2 on page 467.Complete steps 1 and 2 on page 467.
Compare your printout of the general Compare your printout of the general ledger trial balance to the one shown on p. ledger trial balance to the one shown on p. 468.468.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 3636 of 48 of 48
Editing receipts, pp. 468-469Editing receipts, pp. 468-469
Click on Tasks, Receipts, then select the “Abc Open” Click on Tasks, Receipts, then select the “Abc Open” icon. Highlight “Invoice 104, Judy Piner.”icon. Highlight “Invoice 104, Judy Piner.”
Click on <Click on <OOK>. The “Receipts” window appears with K>. The “Receipts” window appears with Judy Piner’s partial payment of $95.Judy Piner’s partial payment of $95.
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Backing Up Chapter 12 Data, Backing Up Chapter 12 Data, pp. 469-470pp. 469-470
Complete steps 1 - 9 on pages 469-470.Complete steps 1 - 9 on pages 469-470.The back up name is The back up name is Chapter 12Chapter 12..
Click on <Click on <OOk>. Compare your check to the one shown on p. 381. Record the additional payments shown on p. k>. Compare your check to the one shown on p. 381. Record the additional payments shown on p. 382. 382.
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Glossary of TermsGlossary of TermsChapter 12Chapter 12
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Accounts receivable, p. 430Accounts receivable, p. 430
Money that is owed by customers to the Money that is owed by customers to the business.business.
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Accounts Receivable transactions, p. 430Accounts Receivable transactions, p. 430
Credit transactions from customers.Credit transactions from customers.
When Jessica's Sales & Service sells When Jessica's Sales & Service sells merchandise on account to customers, the merchandise on account to customers, the transactions are known as accounts transactions are known as accounts receivable transactions.receivable transactions.
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Invoice, p. 430Invoice, p. 430
A bill that shows an itemized list of goods A bill that shows an itemized list of goods shipped or services rendered, stating shipped or services rendered, stating quantities, prices, fees, and shipping quantities, prices, fees, and shipping charges.charges.
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Cash Receipts Journal, p. 439Cash Receipts Journal, p. 439
A journal used to record all inflows of A journal used to record all inflows of cash. cash.
Peachtree takes the necessary information Peachtree takes the necessary information from the “Receipts” window and from the “Receipts” window and automatically journalizes the transactions automatically journalizes the transactions in the cash receipts journal.in the cash receipts journal.
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Sales journal, p. 439Sales journal, p. 439 Sales on account are recorded in the Sales on account are recorded in the sales journal.sales journal.
In Peachtree, all the information about a In Peachtree, all the information about a sale is recorded in the “Sales/Invoicing” sale is recorded in the “Sales/Invoicing” window. Then, Peachtree takes the window. Then, Peachtree takes the necessary information from this window necessary information from this window and automatically journalizes the and automatically journalizes the transaction in the sales journal.transaction in the sales journal.
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Customer ledger, p. 439Customer ledger, p. 439
The customer ledger shows account The customer ledger shows account activity for each customer.activity for each customer.
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Accounts receivable ledger, p. 439Accounts receivable ledger, p. 439
The accounts receivable ledger shows the The accounts receivable ledger shows the account activity for each customer. account activity for each customer.
In Peachtree, this is called the customer In Peachtree, this is called the customer ledger.ledger.
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Service invoice, p. 448Service invoice, p. 448An alternative to the standard invoice. An alternative to the standard invoice. Use it when you want to create an Use it when you want to create an invoice without inventory items.invoice without inventory items.
Jessica's Sales & Service sells and Jessica's Sales & Service sells and repairs household items. When repairs repairs household items. When repairs are done, a service invoice is used.are done, a service invoice is used.
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11 Go to the book’s website at Go to the book’s website at www.mhhe.com/yacht2003www.mhhe.com/yacht2003
22 In the “Student Center” list, link to Internet Activities.In the “Student Center” list, link to Internet Activities.
33 Link to WEB EXERCISES PART 3.Link to WEB EXERCISES PART 3.
44 Complete the “THE ACCOUNTANT’S WEB MAGAZINE Complete the “THE ACCOUNTANT’S WEB MAGAZINE AND RESOURCE GUIDE: FAULKNER & GRAY’S AND RESOURCE GUIDE: FAULKNER & GRAY’S ELECTRONIC ACCOUNTANT” exercise. Read steps 1-3.ELECTRONIC ACCOUNTANT” exercise. Read steps 1-3.
55 Follow the steps shown on the book’s website to complete Follow the steps shown on the book’s website to complete this Internet activity.this Internet activity.
66 Using a word processing program, write a brief summary Using a word processing program, write a brief summary of what you find. Include all appropriate website of what you find. Include all appropriate website addresses.addresses.
Internet Activity, p. 470Internet Activity, p. 470
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Going to the Net, p. 471Going to the Net, p. 471Access the Business Owner’s Toolkit website Access the Business Owner’s Toolkit website at at www.toolkit.cch.com/text/P06_1430.aspwww.toolkit.cch.com/text/P06_1430.aspRead the “accounts receivable” page.Read the “accounts receivable” page.
1.1. What is the common abbreviation for What is the common abbreviation for accounts receivable?accounts receivable?
2.2. What is the control account for customer What is the control account for customer sales on account?sales on account?
3.3. How is the ending accounts receivable total How is the ending accounts receivable total computed?computed?