In working with different clients’ software, I’ve found that both Peachtree and QuickBooks are quite user friendly. If you are trying to determine which accounting software is right for your company or maybe you work in both software’s and want to know the equivalent of certain tasks in each one, this blog will point out some similarities and differences that may help guide your decision.
First, let’s start with the similarities:
Both Peachtree and QuickBooks have a “Home” screen that visually shows you a map of each module and the respective functions you can perform. For example, in the Accounts Payable module, you can click “enter bills” and be taken directly to that function from the home screen. This view is especially helpful for non-accountants navigating accounting software. Both types of software allow the capability to delete transactions as opposed to only enabling the void function as many larger accounting systems require.
As for the differences:
Unlike QuickBooks, you cannot apply credits to a specific customer or vendor through a journal entry to accounts receivable or payable by using the name drop-down box in Peachtree. Credit memo’s must be used to maintain the accuracy of the sub-ledger and related aging reports by vendor/customer. Be careful though, Peachtree will still allow you to post journal entries to AR and AP without warning you of this issue. Peachtree will also allow you to select which GL account you wish the credit side of your entry in the enter bills function to post. In QuickBooks, you can only enter bills to accounts payable. This brings me to my next point. Unlike QuickBooks, you can have multiple GL accounts with the account type of accounts payable or receivable. While this can be helpful, make sure you think through all consequences such as the effect this will have on reporting and the increased margin of error in making sure the right account is selected when payments are processed. Also, Peachtree does not have a credit card module that allows you to save an account as a credit card type and reconcile it with the same functionality as a bank account. I have also been unsuccessful at finding a way to lock prior periods in Peachtree without closing the entire year or just specifying which user logins can edit prior periods. In QuickBooks, you can password protect prior periods but in Peachtree if you close the year the only way to post transactions is to import them into the system.
While these are just a few of the similarities and differences, this information is definitely useful in determining the functionality of each software package. A side by side comparison will also help you determine the desired level of built in internal controls you wish to have while still balancing the need for task efficiency.Written by: Andrea Murray TGG Accounting