Chapter 13:

Customers & Sales

McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

Customers & SalesIn Chapter 12, you learned how to use Peachtree’s Purchases/Receive Inventory and Payments features.

Now that you have purchased merchandise from vendors, you are ready to sell that merchandise. To do that, you need to use Peachtree’s Customers & Sales Navigation Center.

Before using the Sales/Invoicing and Receipts windows, you set up customer defaults, sales tax information, and customer maintenance information. After these defaults are set up, Peachtree uses that information when a sale is recorded.

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Peachtree’s Accounts Receivable

System, p. 504

Record, then print a sales invoice.

The customer sends a check to pay for the credit sale.

Select the invoice that applies to the customer's check, then

select the pay box.

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The Customers & Sales Navigation CenterOn the Customers & Sales Navigation Center, Peachtree illustrates the

accounts receivable system.

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Peachtree Tips

You must complete Chapter 12 before you start

Chapter 13.

Restore the Chapter 12.ptb file made on pages

481-482.

If the general ledger account (GL account field)

is not displayed on the Sales/Invoicing window,

check the global options. In the Hide General

Ledger Accounts section, all boxes must be

unchecked (refer to pages xvi-xvii, Setting

Global Options).

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Backing Up and Saving Files

Chapter 13, pp. 427-428

Backup Name (.ptb)

Excel (.xlsx) Kilobytes Page Nos.

Chapter 13 Begin.ptb 1,052 KB 510

Chapter 13.ptb 1,082 KB 538

Chapter 13_SJ_CRJ_CL_GLTB.xlsx 24 KB 539

Exercise 13-1.ptb 967 KB 544

Exercise 13-2.ptb 984 KB 546

Exercise_SJ_CRJ_CL_GLTB.xlsx 23 KB 546

Exercise 13-2.Sales Journal.pdf 6 KB 546

Exercise 13-2_Cash Receipts Journal.pdf 6 KB 546

Exercise 13-2_Customer Ledgers 6 KB 546

Exercise 13-2_General Ledger Trial

Balance.pdf

6 KB 546

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Glossary of Terms

Chapter 13

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Accounts receivable, p. 497

Money that is owed by customers to the

business.

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Accounts Receivable transactions, p. 497

Credit transactions from customers.

When Cynthia's Service Merchandise sells

merchandise on account to customers, the

transactions are known as accounts

receivable transactions.

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Invoice, p. 498

A bill that shows an itemized list of goods

shipped or services rendered, stating

quantities, prices, fees, and shipping

charges.

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Sales journal, p. 510

Sales on account are recorded in the

sales journal.

In Peachtree, all the information about a

sale is recorded in the Sales/Invoicing

window. Then, Peachtree takes the

necessary information from this window

and automatically journalizes the

transaction in the sales journal.

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Sales/Invoicing window, p. 512

Sales Journal

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Cash Receipts Journal, p. 510

A journal used to record all inflows of

cash.

Peachtree takes the necessary information

from the Receipts window and

automatically journalizes the transactions

in the cash receipts journal.

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Receipts window, p. 523

Cash Receipts Journal

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Accounts receivable ledger, p. 511

The accounts receivable ledger shows the

account activity for each customer.

In Peachtree, this is called the customer

ledger.

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Customer Ledgers, p. 536

Accounts Receivable Ledger

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Service invoice, p. 518

An alternative to the standard invoice.

Use it when you want to create an

invoice without inventory items.

Cynthia's Service Merchandise sells

and repairs household items. When

repairs are done, a service invoice is

used.

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Sales/Invoicing window, p. 519

Service Invoice

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Going to the Net, pp. 539-540Access the Business Owner’s Toolkit website

at

www.toolkit.com/small_business_guide/sbg.

aspx?nid=P06_1430. Read the accounts

receivable page, and then answer the following

questions.

What is the common abbreviation for accounts

receivable?

What is the control account for customer sales

on account?

How is the ending accounts receivable total

computed?

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Analysis Question, page 546What is the balance in the Accounts Receivable account,

Cynthia’s Service Merchandise? Why?

The balance in the Accounts Receivable account of

Cynthia’s Service Merchandise is $381. This balance

reflects the customer account balance for Joann Poe.

The Customers Ledgers subsidiary account balance is

the same as the Accounts Receivable controlling

account balance in the general ledger.

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Assessment Rubric, p. 547

Date Transaction

Navigation

Center/Module

Task

Window

Journal

Dr./Cr.

1/6 Sold five tool kits on account to

Alan Clark, Invoice 101

Customers & Sales;

Sales Invoice, New

Sales Invoice

Accounts Receivable

Sales/Invoicing Sales Journal

Dr. 50500, Cost of

Sales, Tools, $150

Dr. 11000, Accounts

Receivable/Alan Clark,

$459

Cr. 23100, Sales Tax

Payable, $34

Cr. 40200, Sales-

Tools, $425

Cr. 12000,

Merchandise

Inventory, $150

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Assessment Rubric (continued), p. 547

Date Transaction

Navigation

Center/Module

Task

Window

Journal

Dr./Cr.

1/10 Alan Clark returned one of the

tool kits purchased on 1/6,

Invoice No. 101, CM101. Mr.

Clark also paid the balance of

Invoice 101.

Customers & Sales,

Credits and Returns,

New Credit Memo

Accounts Receivable

Credit Memos Sales Journal

Dr. 23100, Sales Tax

Payable, $6.80

Dr. 40200, Sales-Tools,

$85

Dr. 12000,

Merchandise Inventory,

$30

Cr. 50500, Cost of

Sales-Tools, $30

Cr. 11000, Accounts

Receivable/Alan Clark,

$91.80

Continued

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Assessment Rubric (concluded), p. 547

Date Transaction

Navigation

Center/Module

Task

Window

Journal

Dr./Cr.

1/10 Mr. Clark paid the balance of

Invoice 101.

Customers & Sales;

Receive Money from

Customer

Accounts Receivable

Receipts window Cash Receipts Journal

Dr. 10200, Caliber

Bank, $367.20

Cr. 11000, Accounts

Receivable/Alan Clark,

$367.20

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Online Learning Center Go online to www.mhhe.com/yacht2012 for additional resources. Link

to Student Edition, select Chapter 13.

o Interactive Testing

o Glossary of Terms

o Feature Quizzes

o Two Flash Videos: Demonstrations of sales invoice and

customer payments.

o PowerPoints

o Assessment Rubrics

o Going to the Net

o QA Templates

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