How Do I Set Up a Long-Term Liability in Peachtree Accounting?
Accurately tracking a long-term, or “fixed,” liability–such as a mortgage–is a key component in maintaining accurate, balanced accounting records. Peachtree Accounting software was developed in the 1970s and packaged with IBM computers beginning in the early 1980s. Used in many accounting firms today, Peachtree software makes setting up your client’s long-term liabilities quick and easy. Create a new principal account by selecting “Maintain” from the main Peachtree menu. Click on “Chart of Accounts” and enter your new principal account’s ID in the “Account ID” field. Describe the new account by entering your preferred identifying information in the “Description” field. Go to the “General Tab” and choose “Long Term Liability” from the drop-down options in the “Account Type” field. Click on “Tasks” and then “General Journal Entry” from the Main menu. Enter the total cash amount of the loan and the deposit account on line one of “Proceeds” to record your debit. Create additional lines f
