LEARNING HOW TO SET UP CHARTS OF ACCOUNTS IN PEACH TREE (SAGE 50) BELOW IS THE DIAGRAMMATIC REPRESENTATION THE DIAGRAM ABOVE IS EXPLAINED THUS: The chart of accounts of an organization is the various ledgers created to capture accounting transactions as it relates to assets, liabilities, incomes, expenses and equity. It enables easy classification of transactions under accounting heads to help in proper reporting. An example of setting up a chart of accounts is creating an expense account called Diesel Account for capturing all diesel expenses of a company. The process is below: 1. CLICK Maintain Menu 2. CHOOSE Chart of Accounts 3. TYPE the Account ID (You can use the drop-down list to help create number for your account type: For instance, Account ID for ex...