Chapter 3: Customer Transactions Chapter 3: Customer Transactions

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 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.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Software Objectives, p. 85 Restore data from Exercise 2-2. (This back up was made on p. 82.) Go to the Tasks menu to enter quotes and sales orders. Enter customer terms in the Maintain menu. Go to the Tasks menu to enter a sales invoice. Print a sales invoice. Post a receipt for the previously invoiced amount. Make two backups: one blank, formatted disk for the Chapter 3 backup; one blank, formatted disk for the Exercise 3-2.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Web Objectives, p. 85 Use your Internet browser to go to the book’s website at Complete the Internet activity for the American Accounting Association. Use a word processing program to write a summary about the websites(s) that you visited.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 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 column, see text pages 53 and 54 for setting global options. You need to enter, post, then print Invoice No. 101 before using the “Receipts” task. (Text pages )

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Peachtree Tips If the “GL Account” column is not displayed on the “Quotes” or other Tasks windows you need to check your global settings. Refer to the steps on pages 53 and 54 to make sure that the boxes in the “Hide General Ledger Accounts” section are unchecked (see Options/Global).

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Backing Up Chapter 3 DisksBackup Name KBPage Nos. 6 of 18A:\Chapter 3.ptb of 18A:\Exercise 3-2.ptb Use one blank, formatted disk to make the Chapter 3 backup on pages You will need another blank, formatted disk to back up Exercise 3-2 on page 124.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Chapter 3 Topics 1. Software & web objectives, p Getting Started, p Accounts receivable tasks, pp a.Entering a quote, pp b.Converting a quote to a sales order, p. 90 c.Entering a sales order, p. 91 d.Printing a sales order, pp The maintain customers/prospects window, pp a. Entering a discount for a customer, pp b. Entering a sale to a customer, pp c. Distributing against a specific account, pp d. Discount information, pp

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Chapter 3 Topics continued 5. Posting the invoice, p Printing invoices, pp Entering receipts, pp Analyzing customer payments, pp Displaying the customer ledgers, pp Backing up chapter 3 data, pp Internet activity, p Summary and review, p. 119 a.Going to the net, p. 120 b.Short-answer questions, pp c.Exercise 3-1, p. 123 d. Exercise 3-2, p. 124 e. Chapter 3 index, p. 125

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., “Quotes” window, p. 87 From the menu bar, click on Tasks, then select Quotes/Sales Orders. From the submenu, click on Quotes.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., “Quotes” window completed, p. 89 The completed “Quotes” window on p. 89 is shown.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Select Quote, p. 90 Click on Tasks, Quotes/Sales Order, then select Quotes. Click on the “Abc Edit” icon. On the “Select Quote” window, highlight Foster Consulting Technologies. Click on OK.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Convert Quote, p. 91 Click on the radio button next to Sales Order. Click on Ok.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., “Sales Order” window, p. 91 Click on Tasks, then Quotes/Sales Order, and then select Sales Orders. Follow steps on p. 92 to print a sales order.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., “ Maintain Customers/Prospects” window, p. 94 Click on Maintain, then select Customers/Prospects. In the “Customer ID” box, click on the magnifying-glass icon. The customer list appear.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Customer file displayed, p. 95 From the customer list, select “COLEMAN-01, Coleman Realty.”

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Customer Terms completed, p. 98 From the Coleman Realty “Maintain Customers/Prospects” window, click on the “Sales Defaults” folder tab. Click on the “Terms” arrow. Follow the steps on pages

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Completed “Sales/Invoicing” window, p. 106 This completed “Sales/Invoicing” screen is shown on page 106.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., “Terms Information,” p. 106 This “Terms Information” screen is shown on page 106.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Invoice Plain Service, p. 107 Select Reports, then Accounts Receivable. Scroll down the report list and double-click on the “Invoices/Credit Memos/Packing Slips” folder. Scroll down the list; highlight “Invoice Plain.”

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Completed “Receipts” window, p. 113 The completed “Receipts” window is shown on page 113.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., “Collection Manager” window, p. 114 Click on Analysis, then Collection Manager.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., “Total Bracket” window, p. 115 Click on Analysis, then Collection Manager. Select the “Bracket” icon.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., “Customer Detail” window, p. 116 Click on Analysis, then Collection Manager. Select the “Bracket” icon. Highlight Coleman Realty’s first invoice (-26). Select the “Source” icon. Click on “Close”.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Displaying Customer Ledgers, p. 117 Click on Reports, then Accounts Receivable. Scroll down the list, then highlight “Customer Ledgers.” Click on the “Preview” icon.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Customer Ledgers, p. 118 The customer ledger is shown on page 118. Click on the “Close” icon.

Chapter 3 Glossary of Terms

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Sales discount, p. 95 A cash discount that is offered to customers for early payment of their sales invoices. For example, Bellwether Garden Supply offers Coleman Realty 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.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Real-time posting, p. 107 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 screens, click on the “Save” icon to post to the general ledger.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Batch posting, p. 107 There is another type of posting included in Peachtree. It is called batch posting. When using batch posting, the transactions you enter are saved to a temporary holding area where you can review them before posting to the general ledger. To post to the general ledger when Batch posting is used, click on Tasks, then System, then select Post.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Chapter 3, Internet Activity, p Go to the book’s website at 2In the “Student Center” list, link to Internet Activities. 3Link to WEB EXERCISES PART 1. 4Scroll down the screen to the “AMERICAN ACCOUNTING ASSOCIATION.” Complete steps Using a word processing program, write a summary about the sites you selected. Include the website address in your summary (maximum length, 75 words; minimum length, 50 words.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., Going to the Net, p. 120 Access the Financial Accounting Standards Board website at Go to the “FASB Facts” link. Then, link to Facts About FASB and Board Members/Staff. 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 of the board members?