Peachtree 2007 question.

"John Hastings" wrote

Well, the things you spent money on were either a start-up expense, furniture and equipment, inventory, or some other type of asset account.

Expenses paid prior to opening would be one of the above, and shown as an asset.

They'd still be a partners equity contribution (credit) entry.

Ok, so you don't debit cash, but you'll debit the asset the expense relates to.

You need to get the various accounts set-up before entering any $ amounts.

Then journal entry in the opening balances, expenses, etc.

That's OK. See if there is a local college that has a Peachtree (or basic accounting) class as part of their continuing education program.

It'll help in dozens of ways.

Hi, I've just bought peachtree pro 2007. My partner borrowed $17,000 to start a small business with. Where do I enter this information? I selected a default business of computer services, and this has a traditional chart of accounts for this type of business. Since it is a partnership. How do I put in the money to get started? Does the 17k go under partners contributions? and get balanced against long term liabilities? There doesn't seem to be a start up capital account.

The problem with that I think is that we spent a few thousand before the bank account was opened. So there are no checks to track it, just receipts. So I was thinking...

You do not have to pay by check for it to be considered a business expense. You can record the receipt of cash as a capital contribution from the partner and then use the cash to pay for rent etc or you can record simple debit the expense/asset acount and credit partner's contribution

These beginning entries can be confusing. You should talk to an accountant. Let him/her set up the initial entries for you.

HS