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Thread: New system set up

  1. #1
    n00b DMP-ENT is on a distinguished road
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    Default New system set up

    I have a very small internet retail business and don't really have an established bookkeeping system. Everything has been on paper. I have my taxes done by a CPA every year and he suggested getting Peachtree software. I did, and now I am having a tough time getting him to set things up for me. He's always too busy, so I have to do it myself.
    I am not an accountant. In fact I have some trouble understanding terminology, etc.
    I need someone to answer basic accounting questions. Is there someone who could help?

  2. #2
    Administrator ZahiD is a jewel in the rough ZahiD's Avatar
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    Not to sound smart here but I would like to point that you are asking for peachtree help in quickbooks forum. I would outright like to also say that your CPA was absolutely wrong suggesting you get peachtree. It is not the easiest software to work with even for someone like me with accounting background. Quickbooks is the way to go, you could have easily worked with quickbooks online and there is lot of help available, it is used by 80% of the small businesses in america.

    You can try http://community.peachtree.com/peachtree/ which I believe is the official web community of peachtree and
    zahid

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  3. #3
    n00b DMP-ENT is on a distinguished road
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    Thank you for your reply.
    My questions are not specifically about Peachtree but rather about setting everything up like chart of accounts, what all comes under assets, liabilities, etc. I am going to download Quickbooks simple start (free off internet) and set that up. When I outgrow that, upgrade and import everything to that. Does that sound like a logical way to go?
    Is there someone who has set up an e-commerce website I could get some help from? Could I get an email address for this person?

  4. #4
    Administrator ZahiD is a jewel in the rough ZahiD's Avatar
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    Yes when you outgrow, just get the premier version of quickbooks and you are good to go.

    You should go with the simple chart of account that comes pre-packaged when you start a new company and then add new accounts as needed.

    What kind of e-commerce website are you talking about? I can help you out in this aspect, send me Private Message using this forum and we can talk more.
    zahid

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  5. #5
    n00b DMP-ENT is on a distinguished road
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    Default Quick Books help

    Zahid,
    Last July I posted here for accounting help, and you replied to me. My accountant has been little help to me setting up my chart of accounts, etc.
    I have Quick books simple start.

    This is how my internet business works...
    I have a website..auto parts. I have vendors.
    When I get an online order from a customer, he pays by credit card through PayPal.
    I put the order through to my vendor, pay by credit card, they drop ship to my customer.
    Then I transfer funds from PayPal to my bank account. I usually leave funds in my PayPal account to cover possible returns/refunds.
    Then I pay my credit card off every month. The difference, less PayPal fees and web hosting fees, becomes profit.

    My vendors are not really accounts payable accounts because I pay up front for the merchandise.

    Could you kindly respond to me? I have questions I'm sure you could easily answer.

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