Computerized Accounting systems maintain all of it’s input in compartments called periods. Some systems identify these periods with the name of the month or with a simple numeric designation such as 1, 2, 3, et. al. Peachtree currently has Valdez Realty in Period 7, the July period. You can see this in the status bar at the bottom of the screen. This is because Valdez has elected to use the calendar year for his Fiscal year. We will need to change the current period to the August period prior to inputting the next month’s transactions. You must always tell Peachtree to move to the next accounting period when starting on the transactions for a new month. This process is the equivalent of “Closing” in a manual accounting system although the temporary accounts are not really closed until the end of the month.

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