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Chapter 2: Chapter 2: Vendor TransactionsVendor Transactions
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 22 of 29 of 29
Vendor TransactionsVendor Transactions
In Chapter 2, you learn about Bellwether Garden In Chapter 2, you learn about Bellwether Garden Supply’s vendors. In this chapter, you learn how Supply’s vendors. In this chapter, you learn how Peachtree handles accounts payable transactions with Peachtree handles accounts payable transactions with vendors. vendors.
When Bellwether Garden Supply orders inventory from When Bellwether Garden Supply orders inventory from vendors, Account No. 12000, Inventory, is debited. vendors, Account No. 12000, Inventory, is debited. Accounts Payable and the vendor account is credited.Accounts Payable and the vendor account is credited.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 33 of 29 of 29
Software Objectives, p. 49Software Objectives, p. 49Restore data from Exercise 1-2. (This back up was Restore data from Exercise 1-2. (This back up was made on p. 46.)made on p. 46.)
Enter a purchase order.Enter a purchase order.
Enter and post a vendor invoice in the Enter and post a vendor invoice in the “Purchases/Receive Inventory” window.“Purchases/Receive Inventory” window.
Go to the “Payments” window to pay a vendor.Go to the “Payments” window to pay a vendor.
Print a check in payment of the vendor invoice.Print a check in payment of the vendor invoice.
Analyze vendor payments.Analyze vendor payments.
Make two backups: one blank, formatted disk for the Make two backups: one blank, formatted disk for the Chapter 2 backup; one blank, formatted disk for the Chapter 2 backup; one blank, formatted disk for the Exercise 2-2 backup.Exercise 2-2 backup.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 44 of 29 of 29
Web Objectives, p. 49Web Objectives, p. 49
Use 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/business/accounting/yacht2003www.mhhe.com/business/accounting/yacht2003
Complete the Internet activity for Accounting Complete the Internet activity for Accounting Students.Students.
Use a word processing program to write a summary Use a word processing program to write a summary about the website(s) that you visited.about the website(s) that you visited.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 55 of 29 of 29
Peachtree TipsPeachtree Tips
In Chapter 1 on page 46, you backed up In Chapter 1 on page 46, you backed up (saved) Exercise 1-2. In order to begin (saved) Exercise 1-2. In order to begin where you left off, you must Restore your where you left off, you must Restore your data from Exercise 1-2. Restoring will allow data from Exercise 1-2. Restoring will allow you to start where you left off at the end of you to start where you left off at the end of Chapter 1. Chapter 1. The work in Chapters 1-7 is cumulative. The work in Chapters 1-7 is cumulative. Chapter 7’s financial statements will reflect Chapter 7’s financial statements will reflect within chapter activities within chapter activities andand end-of-chapter end-of-chapter exercises.exercises.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 66 of 29 of 29
Peachtree TipsPeachtree Tips
Change global settings to show general ledger accounts, pp. 51-52, Change global settings to show general ledger accounts, pp. 51-52, (Options, Global). If the boxes are checked, then general ledger (Options, Global). If the boxes are checked, then general ledger accounts (“GL Account” column) are hidden on the Tasks screens. accounts (“GL Account” column) are hidden on the Tasks screens. Make sure the boxes are unchecked so that the general ledger Make sure the boxes are unchecked so that the general ledger accounts will show on the Tasks screens.accounts will show on the Tasks screens.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 77 of 29 of 29
Peachtree Tips Peachtree Tips
Peachtree defaults to hiding the general ledger Peachtree defaults to hiding the general ledger accounts. This is called “Accounting Behind the accounts. This is called “Accounting Behind the Screens.” (p. 51)Screens.” (p. 51)
The screen illustrations in the book show the The screen illustrations in the book show the general ledger accounts.general ledger accounts.
Once you set global options for one company, Once you set global options for one company, they are in effect for all Peachtree companies.they are in effect for all Peachtree companies.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 88 of 29 of 29
Backing Up Chapter 2Backing Up Chapter 2
Use one blank, formatted disk to back up Chapter 2 on page 75. Use another blank, formatted disk to back up Exercise 2-2 on page 81.
ChapterChapter DisksDisks Backup NameBackup Name KBKB Pg Nos.Pg Nos.
22 4 of 184 of 18 a:\Chapter 2.ptba:\Chapter 2.ptb 849849 7575
5 of 185 of 18 a:\Exercise 2-a:\Exercise 2-2.ptb2.ptb
850850 8181
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 99 of 29 of 29
Chapter 2 TopicsChapter 2 Topics1.1. Software & web objectives, p. 49Software & web objectives, p. 492.2. Getting Started, p. 50Getting Started, p. 503.3. Restoring data from Chapter 1, pp. 50-51Restoring data from Chapter 1, pp. 50-514.4. Accounts payable tasks, p. 51Accounts payable tasks, p. 51
a. The purchase order window, p. 51a. The purchase order window, p. 51b. Changing global settings for “Accounting Behind the b. Changing global settings for “Accounting Behind the
Screens,” pp. 51-52Screens,” pp. 51-52c. Printing purchase orders, pp. 56-57c. Printing purchase orders, pp. 56-57d. The Purchases/Receive Inventory window, pp. 58-59d. The Purchases/Receive Inventory window, pp. 58-59e. Adding a new vendor, pp. 59-62e. Adding a new vendor, pp. 59-62f. Entering a vendor invoice, pp. 63-64f. Entering a vendor invoice, pp. 63-64g. Posting a purchase transaction, 65g. Posting a purchase transaction, 65
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1010 of 29 of 29
Chapter 2 Topics continuedChapter 2 Topics continued5.5. Payments to vendors, pp. 65-68Payments to vendors, pp. 65-686.6. Printing checks, pp. 68-71Printing checks, pp. 68-717.7. Displaying the vendor ledgers, pp. 71-72Displaying the vendor ledgers, pp. 71-728.8. Vendor credit memos, pp. 72-74Vendor credit memos, pp. 72-749.9. Backing Up Chapter 2 data, p. 75Backing Up Chapter 2 data, p. 7510.10. Internet activity, p. 75Internet activity, p. 7511.11. Summary & Review, p. 76Summary & Review, p. 76
a. Going to the net, p. 76a. Going to the net, p. 76b.b. Multiple choice questions, pp. 77-79Multiple choice questions, pp. 77-79c. Exercise 2-1, pp. 79-80c. Exercise 2-1, pp. 79-80d. Exercise 2-2, pp. 80-81d. Exercise 2-2, pp. 80-81e. Chapter 2 index, p. 82e. Chapter 2 index, p. 82
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1111 of 29 of 29
Changing Global Setting for “Accounting Changing Global Setting for “Accounting Behind the Screens, pp. 51-52Behind the Screens, pp. 51-52
From the menu bar, click on Options, Global. From the menu bar, click on Options, Global.
The boxes in the section “Hide General Ledger The boxes in the section “Hide General Ledger Accounts” Accounts” mustmust be unchecked, p. 52. be unchecked, p. 52.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1212 of 29 of 29
““Purchase Orders” window, p. 52Purchase Orders” window, p. 52From the menu bar, click on Tasks, then select Purchase From the menu bar, click on Tasks, then select Purchase Orders.Orders.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1313 of 29 of 29
Vendor drop-down list, p. 53Vendor drop-down list, p. 53Select “AARON-01,” Aaron and Son Contractors, as the Select “AARON-01,” Aaron and Son Contractors, as the vendor. (This is step 5 on page 53.)vendor. (This is step 5 on page 53.)
Continue with steps 6, 7, 8, and 9 on pages 53 and 54.Continue with steps 6, 7, 8, and 9 on pages 53 and 54.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1414 of 29 of 29
Completed Purchase Order, p. 55Completed Purchase Order, p. 55After completing steps 10, 11, 12, and 13 on pages 54 After completing steps 10, 11, 12, and 13 on pages 54 and 55, the completed “Purchase Orders” window is and 55, the completed “Purchase Orders” window is shown.shown.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1515 of 29 of 29
““Accounting Behind the Screens,” Accounting Behind the Screens,” Purchase Order Journal, p. 56Purchase Order Journal, p. 56
From the completed “Purchase Orders” window, click on the From the completed “Purchase Orders” window, click on the “Journal” icon.“Journal” icon.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1616 of 29 of 29
Purchases/Receive Inventory, p. 58Purchases/Receive Inventory, p. 58From the menu bar, select Tasks, then Purchases/Receive From the menu bar, select Tasks, then Purchases/Receive Inventory.Inventory.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1717 of 29 of 29
Maintain Vendors, p. 59Maintain Vendors, p. 59The “Maintain Vendors” window appears when you The “Maintain Vendors” window appears when you press the plus key <+> in the Vendor Ipress the plus key <+> in the Vendor IDD field. field.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1818 of 29 of 29
Completed “Purchases/Receive Completed “Purchases/Receive Inventory” window, p. 64Inventory” window, p. 64
The completed “Purchases/Receive Inventory” screen The completed “Purchases/Receive Inventory” screen is shown on p. 64.is shown on p. 64.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 1919 of 29 of 29
““Payments” window, p. 66Payments” window, p. 66From the menu bar, select Tasks, then Payments.From the menu bar, select Tasks, then Payments.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2020 of 29 of 29
Completed “Payments” window, p. 67Completed “Payments” window, p. 67The completed “Payments” window is shown on The completed “Payments” window is shown on page 67.page 67.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2121 of 29 of 29
Select a Report, p. 69Select a Report, p. 69From the menu bar, select Reports, then Accounts Payable.From the menu bar, select Reports, then Accounts Payable.
Scroll down the Report list. Double-click on the“Disbursement Scroll down the Report list. Double-click on the“Disbursement Checks” folder to open it. Then, click on “AP Preprint 1 Stub.”Checks” folder to open it. Then, click on “AP Preprint 1 Stub.”
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2222 of 29 of 29
Vendor Ledger, p. 72Vendor Ledger, p. 72From the menu bar, select Reports, Accounts Payable, From the menu bar, select Reports, Accounts Payable, highlight Vendor Ledgers, then select highlight Vendor Ledgers, then select
Chapter 2 Chapter 2 Glossary of TermsGlossary of Terms
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2424 of 29 of 29
Purchase discount, p. 49Purchase discount, p. 49
Cash discounts from vendors in return for Cash discounts from vendors in return for early payment of an invoice, for example, early payment of an invoice, for example, 2% 10 days, net 30.2% 10 days, net 30.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2525 of 29 of 29
Purchase orders, p. 51Purchase orders, p. 51
Purchase orders are used to place an Purchase orders are used to place an order from a vendor.order from a vendor.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2626 of 29 of 29
Coding system, p. 59Coding system, p. 59
A combination of letters and numbers A combination of letters and numbers that are used to identify customers that are used to identify customers and vendors. The coding system is and vendors. The coding system is case sensitive, for example AAA-01 is case sensitive, for example AAA-01 is not the same as aaa-01.not the same as aaa-01.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2727 of 29 of 29
Case sensitive, p. 60Case sensitive, p. 60
Refers to the use of lowercase and Refers to the use of lowercase and uppercase letters. When coding a customer uppercase letters. When coding a customer or vendor number, you must use either a or vendor number, you must use either a capital or lowercase letter. For example, capital or lowercase letter. For example, AAA-01 is not the same as aaa-01.AAA-01 is not the same as aaa-01.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2828 of 29 of 29
Chapter 2, Internet Activity, p. 75Chapter 2, Internet Activity, p. 751.1. Go to the book’s website at Go to the book’s website at
www.mhhe.com/yacht2003www.mhhe.com/yacht2003
2.2. In the “Student Center” list, link to Internet Activities.In the “Student Center” list, link to Internet Activities.
3.3. Link to Link to WEB EXERCISES PART 1WEB EXERCISES PART 1..
4.4. Scroll down the screen to “ACCOUNTING Scroll down the screen to “ACCOUNTING STUDENTS – Chapter 2.” Complete steps 1-3.STUDENTS – Chapter 2.” Complete steps 1-3.
5.5. Using a word processing program, write a summary Using a word processing program, write a summary about the sites you selected. Include the website about the sites you selected. Include the website address in your summary (maximum length, 75 address in your summary (maximum length, 75 words; minimum length, 50 words.words; minimum length, 50 words.
©The McGraw-Hill Companies, Inc., 2004©The McGraw-Hill Companies, Inc., 2004 2929 of 29 of 29
Going to the Net, p. 76Going to the Net, p. 76
Access information about domain name Access information about domain name statistics at statistics at www.zooknic.com/Domains/counts.htmlwww.zooknic.com/Domains/counts.html
1.1. What is the number of domain names What is the number of domain names worldwide?worldwide?
2.2. How many .com names are there?How many .com names are there?
3.3. List the extensions that are used with website List the extensions that are used with website domain names.domain names.