Peachtree Accounting Software Technical Help

 It is recommended you test this in the sample Peachtree Company first to be sure you understand the concept.

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Step 1 – Create the Invoice

1. Open the sample company and select Maintain from the Peachtree menu, then select Customer/Prospects.
   
2. Create a new customer for testing purposes. Save the new customer and then close the Maintenance window.
   
3. Select Tasks from the Peachtree menu, and then select Sales Invoicing.
   
4. Create an Invoice for this new customer for $100.00, use 101 for the invoice number and a date of March 1, post the invoice.
   Note: In this example we are using the month of March.
   
5. Select Tasks from the Peachtree menu, and then select Receipts. Enter a receipt for the same customer on March 2 where you receive check 201 for $100.00 paying off Invoice 101.

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Step 2 – Record the Non-sufficient Funds (NSF) check

On March 10th you receive a return notice from the bank for Check 201 for $100.00 and are charged a 15.00 NSF Charge. Follow these steps:

1. Select Tasks from the Peachtree menu, then select Sales Invoicing and create a new invoice for the customer to charge him for the NSF expense.
   Create Invoice number 101NSF dated March 10 with a single line description where $15.00 is going to the GL account for Bank Charges Expense.
   
   
   
   
2. To save the invoice, click on the Save icon. If you are in Batch posting you will need to go to Tasks, System, Post and Post the Sales Journal.

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Step 3 – Re-establish the Customer’s balance

You will want to keep an accurate record of the activity on the Customer Ledger, and the Account Reconciliation will be easier to manage because you will have lines for each part of the transaction. If you were to erase or change the original receipt, this will make it hard to track the process. Follow these steps to keep a more accurate record of these transactions:

1. Select Tasks from the Peachtree menu, and then select Sales Invoicing.
   
2. Click on the Open button and it will display the invoices entered for this period.
   
3. Select the invoice 101NSF and then click Ok.
   
4. Now click on the Amount Paid at Sale arrow/button.
   
5. In the Deposit ticket ID area put NSF101R.
   
6. In the Reference area put NSF101R.
   
7. In the Amount area put –100.00.
   
8. Make sure the GL account displayed in the Cash Account area is the same as the one the NSF check was received on.
   
9. Click on OK.
   
10. Now Save and Post the invoice.

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Step 4 – Applying a new receipt to the above transactions

The customer pays you back on March 15 in one of two ways.

1. The customer writes you a second check. Select Receipts from the Peachtree menu then enter the Customer ID. Use that check number to pay off the 101NSF invoice you created in Step 3.
   
   Or:
   
   
2. The customer says send the check back through the bank and he will write a second check for the amount owed later. In this situation, since Peachtree will allow you to use the same check number twice post it in the Receipts section. You will then later see that the balance remaining on Invoice 101NSF is $15.00. When the customer sends the check for this you apply it normally in the Receipt area, or you can waive the charge by issuing a credit memo.

Special Note: When doing your Account Reconciliation you will want to pay close attention to these transactions so that you reconcile them correctly. Consult with your CPA for detailed instructions.

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If you do not wish to charge the NSF fees, follow these steps to re-establish the customer’s balance owed:

1. Once the returned check notice is received, you will want to take that money out of your bank account as well as show on the customer record that the money is still owed.
   
2. Select Tasks from the Peachtree menu, then select Receipts. Select the customer and click on the Apply to Revenues tab. Place a check in the prepayments box.
   
3. Enter the amount of the returned check as a negative number in the amount field. Give an appropriate description for this transaction.
   
4. Save the transaction. This will then take the money out of the bank, and show on the customer record that this amount is now owed to you again. This will show as an outstanding invoice in the aging report and receipts window.

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