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Chapter 03:
Customers
McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Customer Transactions
In Chapter 3, you learn about Bellwether
Garden Supply’s customers. In this
chapter, you learn how Peachtree handles
accounts receivable transactions with
customers.
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Peachtree Tips
All work in Chapters 1 and 2, including the end-of-chapter exercises, must be completed before starting Chapter 3.
If the Sales/Invoicing window or Receipts window does not show the G/L account field, see textbook page 18, steps 1a-d, for setting global options. (Global options are also shown in the front matter on pages xvi-xviii.)
You need to record (enter the sale to a customer), post, then print Invoice No. 101 (pages 115-125) before entering Receipts. (text pages 126-129).
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Peachtree Tips
If the GL Account field is not displayed
on the Quotes, Receipts, or
Sales/Invoicing windows you need to
check your global settings. Refer to the
steps 1-3 on pages 18-19 to make sure
that the boxes in the Hide General
Ledger Accounts section are
unchecked (from the menu bar,
Options; Global).
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Backing Up Chapter 3
Backup Name (.ptb)
Excel Report (.xlsx) and Adobe (.pdf) KB Page Nos.
Chapter 3.ptb 3,522 KB 135
Exercise 3-2.ptb 3,524 KB 138
Exercise 3-2_Customer Ledgers.xlsx 18 KB 138
Exercise 3-2_Customer Ledgers.pdf 50 KB 138
Make two backups: back up Chapter 3 data on page 136; and back up Exercise 3-2
on page 139. Export Customers Ledgers to Excel, page 139; and save one Adobe
PDF file, page 139. All the backups made and files saved in Part 1 (Chapters 1-8)
are shown on textbook pages 2-3.
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Chapter 3
Glossary of Terms
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Sales Order, p. 101
A sales order is a document containing a
list of items or services that a customer
wants to buy. A sales order is a request for
a sale. No accounting information is
updated when a sales order is posted.
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Accounts Receivable module or
accounts receivable system, pp. 103-105
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Sales discount, p. 114
A cash discount that is offered to customers for early payment of their sales invoices. For example, Bellwether Garden Supply offers Teesdale Real Estate a 5% discount for payments received within 15 days of the invoice date. In Peachtree, the discount period (number of days) and discount percentage can be changed.
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Real-time posting, p. 122
The sample company, Bellwether
Garden Supply, uses real-time posting.
When real-time posting is used, the
transactions that you enter are posted as
you save them. On the Tasks windows,
click on the Save icon to post to the
general ledger.
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Batch posting, p. 123
Journal entries that are held in temporary
storage and not made part of the
permanent records of the company until
you decide you are satisfied with them
and select Post from the icon bar. After
you post, the General Ledger and all other
accounting reports are updated.
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Customer Ledgers, p. 132
Peachtree’s accounts receivable system
includes the customer ledgers. Customer
Ledgers list customers with detailed
transaction information including
outstanding balances for each customer.
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Credit Memos, p. 134
Credit Memos are returns to customers.
Use the Credit Memos window to enter
credit memos for customer returns and
credits. Credit memos can be applied to
any existing sales invoice.
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Going to the Net, p. 136Access the Financial Accounting Standards
Board website at www.fasb.org. Select the
About FASB tab; then Our People. Link to
Members of the FASB.
1. How many board members serve on the
Financial Accounting Standards Board? Do
they serve part time or full time?
2. What are the qualifications for the board
members?
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Analysis Question, p. 138
With the Customers & Sales Navigation Center serving as the starting
point to perform tasks related to Accounts Receivable, list five
Customers & Sales tasks.
The Customers & Sales Navigation Center includes two tabs:
Customers & Sales and Customer Management. The Customers &
Sales Navigation Center displays information and access points related
to the company’s customers and sales. The Customers & Sales Tasks
includes five sections.
1) Customers & Sales Tasks provides a graphic representation of the
flow of customer-related tasks, as well as access to those tasks.
The workflow diagram also provides access to windows where you
enter/maintain customer, job, and sales tax information.
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2) Customers: A summary of customer information; for example, link to View Detailed
List.
3) Recently Used Customer Reports: Access to customer reports.
4) Aged Receivables: An overview of the company’s aged receivables. You can also
link or drill down to various areas.
5) Peachtree Solutions: Links Checks & Forms, Product Feedback, Credit Card
Service, and Time & Billing.
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Assessment Rubric, pp. 138-139
Date Transaction
Navigation
Center/Module
Task
Window
Journal
Dr./Cr.
3/3/12 Bellwether Garden Supply
sold one Rotary Mower -
EQLW-14140 to Teesdale
Real Estate, Invoice 102,
$299.99; plus $18 sales tax.
Customers & Sales,
Sales Invoices, New
Sales Invoice
Accounts Receivable
Sales/
Invoicing
Sales Journal
Dr. 50000-EQ Product
Cost-Equipment,
$139.95
Dr. 11000, Accounts
Receivable/Teesdale
Real Estate, $319.99
Cr. 23100, Sales Tax
Payable 18.00
Cr. 40000-EQ Sales-
Equipment, $299.99
Cr. 12000, Inventory,
$139.95
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Assessment Rubric (concluded)
Date Transaction
Navigation
Center/Module
Task
Window
Journal
Dr./Cr.
3/15/12 Received Check No.
9915 in the amount of
$302.99 from
Teesdale Real Estate.
Customers & Sales;
Receipts, Receive
Money, Receive money
from customer
Accounts Receivable
Receipts Cash Receipts Journal
Dr. 49000 Discounts
Taken, $15.00
Dr. 10200 Regular
Checking Account,
$302.99
Cr. 11000 Accounts
Receivable, $317.99
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Online Learning Center Go online to www.mhhe.com/yacht2012 for additional
resources. Link to Student Edition, select Chapter 3.
o Interactive Testing
o Glossary of Terms
o Feature Quizzes
o PowerPoints
o Assessment Rubrics
o Going to the Net
o QA Templates
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