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Chapter 3: Chapter 3: CustomersCustomers
McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
Customer TransactionsCustomer Transactions
In Chapter 3, you learn about Bellwether In Chapter 3, you learn about Bellwether Garden Supply’s customers. In this Garden Supply’s customers. In this chapter, you learn how Peachtree handles chapter, you learn how Peachtree handles accounts receivable transactions with accounts receivable transactions with customers.customers.
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Peachtree TipsPeachtree Tips
All work in Chapters 1 and 2, including the end-of-All work in Chapters 1 and 2, including the end-of-chapter exercises, must be completed before chapter exercises, must be completed before starting Chapter 3.starting Chapter 3.If the Sales/Invoicing window or Receipts window If the Sales/Invoicing window or Receipts window does does notnot show the G/L account field, see textbook show the G/L account field, see textbook page 16, steps 1a-d, for setting global options. page 16, steps 1a-d, for setting global options. (Global options are also shown in the front matter (Global options are also shown in the front matter on pages xiii-xv.)on pages xiii-xv.)You need to record (enter the sale to a customer), You need to record (enter the sale to a customer), post, then print Invoice No. 101 (pages 114-124) post, then print Invoice No. 101 (pages 114-124) before entering Receipts. (text pages 127-130).before entering Receipts. (text pages 127-130).
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Peachtree TipsPeachtree Tips
If the GL Account field is not displayed If the GL Account field is not displayed on the Quotes, Receipts, or on the Quotes, Receipts, or Sales/Invoicing windows you need to Sales/Invoicing windows you need to check your global settings. Refer to the check your global settings. Refer to the steps 1-3 on pages 16-17 to make sure steps 1-3 on pages 16-17 to make sure that the boxes in the Hide General that the boxes in the Hide General Ledger Accounts section are unchecked Ledger Accounts section are unchecked (from the menu bar, Options; Global).(from the menu bar, Options; Global).
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Backing Up Chapter 3Backing Up Chapter 3
Backup NameBackup Name
Excel Report Excel Report
KBKB Page Nos.Page Nos.
Chapter 3.ptbChapter 3.ptb 3,725 KB3,725 KB 136-137136-137
Exercise 3-2.ptbExercise 3-2.ptb 3,722 KB3,722 KB 141141
Exercise 3-2_Customer Exercise 3-2_Customer Ledgers.xlsxLedgers.xlsx
18 KB18 KB 141141
Make two backups: back up Chapter 3 data on pages 136-137; Make two backups: back up Chapter 3 data on pages 136-137; and back up Exercise 3-2and back up Exercise 3-2 on page 140. Export Customers Ledgers to Excel on page 141. All the backups made in Part 1 (Chapters 1-8) are shown on textbook page 2.
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Chapter 3 Chapter 3 Glossary of TermsGlossary of Terms
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Sales Order, p. 101Sales Order, p. 101
A sales order is a document containing a A sales order is a document containing a list of items or services that a customer list of items or services that a customer wants to buy. A sales order is a request for wants to buy. A sales order is a request for a sale. No accounting information is a sale. No accounting information is updated when a sales order is posted.updated when a sales order is posted.
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Accounts Receivable module or Accounts Receivable module or accounts receivable system, p. 103accounts receivable system, p. 103The Customers & Sales Navigation Center shows the flow of customer-The Customers & Sales Navigation Center shows the flow of customer-related tasks and takes you where you need to go to perform those related tasks and takes you where you need to go to perform those tasks. The Customers & Sales selection represents Peachtree’s tasks. The Customers & Sales selection represents Peachtree’s accounts receivable module or accounts receivable system. accounts receivable module or accounts receivable system.
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Sales discount, p. 114Sales discount, p. 114
A cash discount that is offered to A cash discount that is offered to customers for early payment of their sales customers for early payment of their sales invoices. For example, Bellwether Garden invoices. For example, Bellwether Garden Supply offers Teesdale Real Estate a 5% Supply offers Teesdale Real Estate a 5% discount for payments received within 15 discount for payments received within 15 days of the invoice date. In Peachtree, the days of the invoice date. In Peachtree, the discount period (number of days) and discount period (number of days) and discount percentage can be changed. discount percentage can be changed.
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Real-time posting, p. 123Real-time posting, p. 123
The sample company, Bellwether The sample company, Bellwether Garden Supply, uses real-time posting. Garden Supply, uses real-time posting. When real-time posting is used, the When real-time posting is used, the transactions that you enter are posted as transactions that you enter are posted as you save them. On the Tasks windows, you save them. On the Tasks windows, click on the Save icon to post to the click on the Save icon to post to the general ledger. general ledger.
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Batch posting, p. 123Batch posting, p. 123
Journal entries that are held in temporary Journal entries that are held in temporary storage and not made part of the storage and not made part of the permanent records of the company until permanent records of the company until you decide you are satisfied with them you decide you are satisfied with them and select Post from the icon bar. After and select Post from the icon bar. After you post, the General Ledger and all other you post, the General Ledger and all other accounting reports are updated.accounting reports are updated.
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Customer Ledgers, p. 133Customer Ledgers, p. 133
Peachtree’s accounts receivable system Peachtree’s accounts receivable system includes the customer ledgers. Customers includes the customer ledgers. Customers Ledgers lists customers with detailed Ledgers lists customers with detailed transaction information including transaction information including outstanding balances for each customer.outstanding balances for each customer.
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Credit Memos, p. 135Credit Memos, p. 135
Credit Memos are returns to customers. Credit Memos are returns to customers. Use the Credit Memos window to enter Use the Credit Memos window to enter credit memos for customer returns and credit memos for customer returns and credits. Credit memos can be applied to credits. Credit memos can be applied to any existing sales invoice.any existing sales invoice.
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Chapter 3, Internet Activity, p. 137Chapter 3, Internet Activity, p. 137
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 3. Observe that the Quizzes In the Choose a Chapter field, select Chapter 3. Observe that the Quizzes and More Resources list includes additional activities. In the Course-wide and More Resources list includes additional activities. In the Course-wide Content list, link to Internet Activities; then link to Content list, link to Internet Activities; then link to Part 1 Internet Activities for Chapter 1-8. Select Open or Save.
4.4. Complete the Chapter 3 activity, AMERICAN ACCOUNTING ASSOCIATION Complete the Chapter 3 activity, AMERICAN ACCOUNTING ASSOCIATION – Chapter 3. Complete steps 1-3. – Chapter 3. Complete steps 1-3.
5.5. Using a word processing program, write a summary about the site (s) you Using a word processing program, write a summary about the site (s) you selected. Remember to include the website address(es) of each link. Your selected. Remember to include the website address(es) of each link. Your summaries should be no more than 75 words or less than 50 words. summaries should be no more than 75 words or less than 50 words.
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Going to the Net, p. 138Going to the Net, p. 138Access the Financial Accounting Standards Access the Financial Accounting Standards Board website at Board website at www.fasb.org. Select the . Select the About FASB tab; then Our People. Link to About FASB tab; then Our People. Link to Members of the FASBMembers of the FASB..
1.1. How many board members serve on the How many board members serve on the Financial Accounting Standards Board? Do Financial Accounting Standards Board? Do they serve part time or full time?they serve part time or full time?
2.2. What are the qualifications for the board What are the qualifications for the board members? members?
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Assessment Rubric, pp. 141-142Assessment Rubric, pp. 141-142
Date TransactionNavigation
Center/ModuleTask
WindowJournalDr./Cr.
3/3 Bellwether Garden Supply sold one Rotary Mower - EQLW-14140 to Teesdale Real Estate, Invoice 102, $299.99; plus $18 sales tax.
3/15 Received Check No. 9915 in the amount of $302.99 from Teesdale Real Estate.
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Analysis Question, p. 142Analysis Question, p. 142
With the Customers & Sales Navigation With the Customers & Sales Navigation Center serving as the starting point to Center serving as the starting point to perform tasks related to Accounts perform tasks related to Accounts Receivable, list four features of the Receivable, list four features of the Customer & Sales Navigation Center.Customer & Sales Navigation Center.
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