Chapter 13: Chapter 13: Customers & SalesCustomers & Sales

McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.

Customers & SalesCustomers & SalesIn Chapter 12, you learned how to use Peachtree’s In Chapter 12, you learned how to use Peachtree’s Purchases/Receive Inventory and Payments Purchases/Receive Inventory and Payments features. features. Now that you have purchased merchandise from Now that you have purchased merchandise from vendors, you are ready to sell that merchandise. To vendors, you are ready to sell that merchandise. To do that, you need to learn how to use Peachtree’s do that, you need to learn how to use Peachtree’s Customers & Sales Navigation Center.Customers & Sales Navigation Center.Before using the Sales/Invoicing window, you need Before using the Sales/Invoicing window, you need to set up customer defaults, sales tax information, to set up customer defaults, sales tax information, and customer maintenance information. After you set and customer maintenance information. After you set these defaults, Peachtree will use this information these defaults, Peachtree will use this information when you record a sale.when you record a sale.

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Peachtree’s Accounts Receivable Peachtree’s Accounts Receivable System, p. 504System, p. 504

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The Customers & Sales Navigation CenterThe Customers & Sales Navigation CenterOn the Customers & Sales Navigation Center, On the Customers & Sales Navigation Center, Peachtree illustrates the accounts receivable system.Peachtree illustrates the accounts receivable system.

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Peachtree TipsPeachtree Tips

You You mustmust complete Chapter 12 before you start complete Chapter 12 before you start Chapter 13. Chapter 13. If the general ledger account (GL account field) If the general ledger account (GL account field) is not displayed on the Sales/Invoicing window, is not displayed on the Sales/Invoicing window, check the global options. In the Hide General check the global options. In the Hide General Ledger Accounts section, all boxes must be Ledger Accounts section, all boxes must be unchecked (refer to pages xiii-xiv, Setting unchecked (refer to pages xiii-xiv, Setting Global Options).Global Options).

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Backing Up Chapter 13Backing Up Chapter 13

Backup Name (.ptb)Backup Name (.ptb)Excel (.xlsx) Excel (.xlsx)

KilobytesKilobytes Page Nos.Page Nos.

Chapter 13 Begin.ptbChapter 13 Begin.ptb 1,428 KB1,428 KB 516516Chapter 13.ptbChapter 13.ptb 1,473 KB1,473 KB 544544Chapter 13_SJ_CRJ_CL_GLTB.xlsxChapter 13_SJ_CRJ_CL_GLTB.xlsx 24 KB24 KB 545545Exercise 13-1.ptbExercise 13-1.ptb 1,365 KB1,365 KB 551551Exercise 13-2.ptbExercise 13-2.ptb 1,372 KB1,372 KB 552552Exercise 13-2_SJ_CRJ_CL_GLTB.xlsxExercise 13-2_SJ_CRJ_CL_GLTB.xlsx 23 KB23 KB 552552

The chart below shows the size of the backups made in Chapter 13. The textbook steps show you how to back up to Peachtree’s default hard drive location at C:\Sage\Peachtree\Company\[shortened company name]. You can also specify a hard drive location, or back up to external media such as a CD-R or USB media. The chart for the size of all the backups made in Chapter 13 is on page 432.

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Glossary of TermsGlossary of TermsChapter 13Chapter 13

Accounts receivable, p. 503Accounts receivable, p. 503

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. 503Accounts Receivable transactions, p. 503

Credit transactions from customers.Credit transactions from customers.When Samantha's Service Merchandise When Samantha's Service Merchandise sells merchandise on account to sells merchandise on account to customers, the transactions are known as customers, the transactions are known as accounts receivable transactions.accounts receivable transactions.

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Invoice, p. 504Invoice, p. 504

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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Sales journal, p. 516Sales journal, p. 516 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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Cash Receipts Journal, p. 516Cash Receipts Journal, p. 516

A journal used to record all inflows of cash. A journal used to record all inflows of 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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Accounts receivable ledger, p. 517Accounts receivable ledger, p. 517

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. 524Service invoice, p. 524An 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.Samantha's Service Merchandise sells Samantha's Service Merchandise sells and repairs household items. When and repairs household items. When repairs are done, a service invoice is repairs are done, a service invoice is used.used.

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11 Go to the book’s website at Go to the book’s website at www.mhhe.com/yacht2011.

22 Link to Student Edition. Link to Student Edition.

33 In the Choose a Chapter field, select Chapter 13. Observe that the Quizzes and More Resources list includes additional activities. In the Course-wide Content list, link Internet Activities; then link to Part 3 Internet Activities for Chapter 12-15. Select Open or Save.

44 Complete the WebCPA–Tools and Resources for the Electronic Complete the WebCPA–Tools and Resources for the Electronic Accountant exercise. Read steps 1–3. Accountant exercise. Read steps 1–3.

55 Follow the steps shown on the book’s website to complete this Follow the steps shown on the book’s website to complete this Internet activity.Internet activity.

66 Using a word processing program, write a brief summary of what you Using a word processing program, write a brief summary of what you find. Include all appropriate website addresses.find. Include all appropriate website addresses.

Internet Activity, p. 545Internet Activity, p. 545

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Going to the Net, p. 546Going to the Net, p. 546Access the Business Owner’s Toolkit website at Access the Business Owner’s Toolkit website at www.toolkit.com/small_business_guide/sbg.aspx?nid=P06_1430. Read the accounts receivable . Read the accounts receivable page, and then answer the following questions.page, and then answer the following questions.What is the common abbreviation for accounts What is the common abbreviation for accounts receivable?receivable?What is the control account for customer sales What is the control account for customer sales on account?on account?How is the ending accounts receivable total How is the ending accounts receivable total computed?computed?

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Assessment Rubric, p. 553Assessment Rubric, p. 553Date Transaction

Navigation Center/Module

TaskWindow

JournalDr./Cr.

1/6 Sold five tool kits on account to Abe Carter, Invoice 101

1/10 Abe Carter returned one of the tool kits purchased on 1/6, Invoice No. 101, CM101. Mr. Carter also paid the balance of Invoice 101.

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Analysis Question, page 553Analysis Question, page 553

What is the balance in the Accounts What is the balance in the Accounts Receivable account, Samantha’s Service Receivable account, Samantha’s Service Merchandise? Why? Merchandise? Why?

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