User Guide

Lesson III—General Ledger

Review of Lesson III

• The General Journal contains transactions that establish and adjust

the chart of account balances. It is also used to transfer funds from

one account to another or make correcting entries. In the General

Journal you distribute the debits and the credits. In other journals,

Peachtree Accounting automatically distributes the entry for you.

Make sure the Out of Balance amount equals zero (Ø), or you can’t

post the General Journal entry.

• At the end of each accounting period you should change to the next.

Peachtree Accounting does not actually close accounting periods.

You change accounting periods as needed, moving back and forth

through the fiscal year.

• You cannot post a new transaction to a previous accounting period.

However, you can post future transactions while remaining in the

current accounting period.

• All transactions currently entered in the General Ledger must be

posted before you can change accounting periods.

Now that you have been introduced to the General Ledger area of Peachtree

Accounting, you are ready to proceed to Lesson IV—Accounts Payable.

If you would like to quit Peachtree Accounting, follow these steps.

Quit Peachtree Accounting

➤

From the File menu, select Exit.

For a keyboard shortcut, you could select a+4 to exit Peachtree

Accounting as well.

This closes the current company and exits Peachtree Accounting.