Chapter 3:
Customer
Transactions
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.
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Software Objectives, p. 83
Restore data from Exercise 2-2. (This back up was
made on p. 81.)
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.
Analyze receipts and customer credit memos.
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.
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Web Objectives, p. 83
Use your Internet browser to go to the book’s website
at www.mhhe.com/yacht2003
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.
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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 51 and 52 for setting
global options.
You need to enter, post, then print Invoice
No. 101 before using the “Receipts” task.
(Text pages 95-107)
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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 51 and 52 to make sure that the
boxes in the “Hide General Ledger
Accounts” section are unchecked (see
Options/Global).
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Backing Up Chapter 3
Use one blank, formatted disk to make the Chapter 3 backup on
pages 116-117. You will need another blank, formatted disk to
back up Exercise 3-2 on page 122.
Disks
Backup Name
KB
Page Nos.
6 of 18
A:\Chapter 3.ptb
854
116-117
7 of 18
A:\Exercise 3-2.ptb
856
122
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Chapter 3 Topics
1.
2.
3.
4.
Software & web objectives, p. 83
Getting Started, p. 84
Accounts receivable tasks, p. 85
a. Entering a quote, pp. 85-88
b. Converting a quote to a sales order, pp. 88-89
c. Entering a sales order, pp. 89-90
d. Printing a sales order, pp. 90-91
The maintain customers/prospects window, pp. 92-93
a. Entering a discount for a customer, pp. 93-95
b. Entering a sale to a customer, pp. 95-101
c. Distributing against a specific account, pp. 101-102
d. Discount information, p. 103
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Chapter 3 Topics continued
Posting the invoice, p. 104
Printing invoices, pp. 104-107
Entering receipts, pp. 108-112
Analyzing customer payments, pp. 112-114
Displaying the customer ledgers, pp. 114-115
Credit memos, pp. 115-116
Backing up chapter 3 data, pp. 116-117
Internet activity, p. 117
Summary and review, pp. 117-118
a. Going to the net, p. 118
b. Short-answer questions, pp. 119-121
c. Exercise 3-1, pp. 121-122
d. Exercise 3-2, p. 122
e. Chapter
3 index,
p. 123
©The McGraw-Hill
Companies, Inc.,
2004
5.
6.
7.
8.
9.
10.
11.
12.
13.
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“Quotes” window, p. 85
From the menu bar, click on Tasks, then select
Quotes/Sales Orders. From the submenu, click on
Quotes.
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“Quotes” window completed, p. 87
The completed “Quotes” window on p. 87 is shown.
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Select Quote, p. 88
Click on Tasks, Quotes/Sales Order, then select Quotes.
Click
. On the “Select Quote” window, highlight Foster
Consulting Technologies.
Click on
The “Quotes” window displays. Click on the Convert icon.
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Convert Quote, p. 88
Click on the radio button next to Sales Order.
Click on OK.
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“Sales Order” window, p. 90
Click on Tasks, then Quotes/Sales Order, and then
select Sales Orders.
Follow steps on pages 90-91 to print a sales order.
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“Maintain Customers/Prospects” window, p. 92
Click on Maintain, then select Customers/Prospects. In
the “Customer ID” field, click on the magnifying-glass
icon. The customer list appear.
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Customer file displayed, p. 93
From the customer list, select “TIDMORE-01,
Tidmore Real Estate.”
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Customer Terms completed, p. 95
From the Tidmore Real Estate “Maintain Customers/Prospects”
window, click on the “Sales Defaults” folder tab. Click on the
“Terms” arrow. Follow the steps on pages 93-95.
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Completed “Sales/Invoicing” window, p. 102
This completed “Sales/Invoicing” screen is shown on page 102.
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“Terms Information,” p. 103
After completing steps 1 and 2 on page 103, the “Terms
Information” screen appears.
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Invoice Plain Service, p. 105
Select Reports, then Accounts Receivable. Scroll down
the report list and double-click on the “Invoices/Pkg.
Slips” folder. Scroll down the list; highlight “Invoice
Plain.”
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Completed “Receipts” window, p. 111
The completed “Receipts” window is shown on page 111.
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“Collection Manager” window, p. 112
Click on Analysis, then Collection Manager. The
“Collection Aging” bar graph appears.
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“Total Bracket” window, p. 113
Click on Analysis, then Collection Manager. Select the
“Bracket” icon.
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“Customer Detail” window, p. 113
Click on Analysis, then Collection Manager. Select
the “Bracket” icon. Highlight Tidmore Real Estate.
Select the “Source” icon. The “Customer Detail”
screen appears.
Click on “Close.”
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Displaying Customer Ledgers, p. 114
Click on Reports, then Accounts Receivable. Scroll
down the list, then highlight “Customer Ledgers.”
Click on the “Preview” icon.
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Customer Ledgers, p. 115
The customer ledger is shown on page 115.
Click on the “Close” icon.
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Chapter 3
Glossary of Terms
Sales discount, p. 93
A cash discount that is offered to
customers for early payment of their sales
invoices. For example, Bellwether Garden
Supply offers Tidmore Real Estate 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.
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Real-time posting, p. 104
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.
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Batch posting, p. 104
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.
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Chapter 3, Internet Activity, p. 117
1
Go to the book’s website at www.mhhe.com/yacht2003
2
3
In the “Student Center” list, link to Internet Activities.
Link to WEB EXERCISES PART 1.
4
Scroll down the screen to the “AMERICAN ACCOUNTING
ASSOCIATION-Chapter 3” Complete steps 1-3.
5 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.
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Going to the Net, p. 118
Access the Financial Accounting
Standards Board website at
http://accounting.rutgers.edu/raw
Link to FASB. Click on FASB Facts. From
the drop-down list, select 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?
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