Chapter 13: Customers & Sales McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Customers & Sales In 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. 13-2
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. 13-3
The Customers & Sales Navigation Center On the Customers & Sales Navigation Center, Peachtree illustrates the accounts receivable system. 13-4
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). 13-5
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 13-6
Glossary of Terms Chapter 13 13-7
Accounts receivable, p. 497 Money that is owed by customers to the business. 13-8
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. 13-9
Invoice, p. 498 A bill that shows an itemized list of goods shipped or services rendered, stating quantities, prices, fees, and shipping charges. 13-10
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. 13-11
Sales/Invoicing window, p. 512 Sales Journal 13-12
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. 13-13
Receipts window, p. 523 Cash Receipts Journal 13-14
Accounts receivable ledger, p. 511 The accounts receivable ledger shows the account activity for each customer. In Peachtree, this is called the customer ledger. 13-15
Customer Ledgers, p. 536 Accounts Receivable Ledger 13-16
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. 13-17
Sales/Invoicing window, p. 519 Service Invoice 13-18
Going to the Net, pp. 539-540 Access 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? 13-19
Analysis Question, page 546 What 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. 13-20
Assessment Rubric, p. 547 Date Transaction 1/6 Sold five tool kits on account to Alan Clark, Invoice 101 Navigation Center/Module Customers & Sales; Sales Invoice, New Sales Invoice Task Window Sales/Invoicing Journal Dr./Cr. Sales Journal Dr. 50500, Cost of Sales, Tools, $150 Accounts Receivable Dr. 11000, Accounts Receivable/Alan Clark, $459 Cr. 23100, Sales Tax Payable, $34 Cr. 40200, Sales- Tools, $425 Cr. 12000, Merchandise Inventory, $150 13-21
Assessment Rubric (continued), p. 547 Date Transaction 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. Navigation Center/Module Customers & Sales, Credits and Returns, New Credit Memo Accounts Receivable Task Window Credit Memos Journal Dr./Cr. 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 13-22
Assessment Rubric (concluded), p. 547 Date Transaction 1/10 Mr. Clark paid the balance of Invoice 101. Navigation Center/Module Customers & Sales; Receive Money from Customer Accounts Receivable Task Window Receipts window Journal Dr./Cr. Cash Receipts Journal Dr. 10200, Caliber Bank, $367.20 Cr. 11000, Accounts Receivable/Alan Clark, $367.20 13-23
Online Learning Center Go online to www.mhhe.com/yacht2012 for additional resources. Link to Student Edition, select Chapter 13. o o o o o o o o Interactive Testing Glossary of Terms Feature Quizzes Two Flash Videos: Demonstrations of sales invoice and customer payments. PowerPoints Assessment Rubrics Going to the Net QA Templates 13-24