I've used computer accounting systems from those running on mainframe computers in the early 70' through DOS and now Windows for the PC. For my own businesses, I've used Peachtree Complete for Windows since their very first Windows offering (which curiously was Version 2.0). I think it is superior to other similarly priced software - by a substantial margin. No bookkeeping system, whether it is a Big Chief tablet, a souped up check register like Quicken or any other software, is going to make an accountant out of a sow's ear. The production of reasonably accurate financial records and Financial Statements requires dedication and some understanding of accounting concepts and processes. That said, Peachtree does a pretty good job of isolating the user from the exoterics of double entry accounting through the use of on screen "forms" for check writing, invoicing, etc. (but every such screen has a menu option you can click on to see your entry in debit/credit "journal" format).
Peachtree is a double entry, General Ledger based system - that is to say the full detail of every transaction, from whatever source (accounts payable, payroll, etc.), is posted directly to the General Ledger. There are no optional stand alone modules; General Ledger, Accounts Receivable (sales), Accounts Payable (purchases), Payroll, Inventory and Time & Billing are all integral parts of the system.
My favorite feature of Peachtree is its reporting capability. Just about any report one can dream up can be generated. Provided one takes the time to learn how. Learning is impeded by the fact that there are three different kinds of "reports" - Financial Statements, Forms, and Reports, each of which has its own system of modification. The integral "Report Wizard, of questionable value - it is certainly no substitute for learning how to use the report designer An optional extra cost version of Crystal Reports that integrates into Peachtree is available. In addition, any report Peachtree generates can be "dumped" into a spreadsheet for further massage simply by clicking the Excel icon on the toolbar.
Financial statements can be designed with up to 30 columns and almost any date range and subset of data (such as departments, enterprises, regions, etc.) The structure of financial statements is not tied to the order of the account numbering scheme.
Two fiscal years of detail are always "open" in which you can edit, add or delete transactions. If you discover you had made an error in posting in the past, you can go back to the original transaction and correct the error (as opposed to making a correcting journal entry). If you are in an environment where these sorts of changes need to be tracked, there is an option to activate the "Audit Trail" that logs when a person enters data, maintains (edits) existing data, and removes data. Password protection, down to screen level, can be implemented.
This IS a Windows program, so it is very mouse aware. Fortunately, since keyboarding is usually faster, almost all data entry tasks can be accomplished using the keyboard for navigation and entry. You can go from Peachtree's opening screen to posting a purchase to creating, posting and printing the check to pay the vendor while adding/editing accounts, vendors, etc. along the way without having to use the mouse.
Payroll functions are very good. In addition to the basics (printing W-2 forms, state & federal reports etc.), you can set up 401k deductions, maintain important dates, track vacation time, etc. Peachtree aggressively markets its Payroll Tax service but it is fairly easy to update the tax tables yourself. At least for now. Beginning about version 8.0 users have been locked out of the "global" or default tax tables. Fortunately, the user can also set up and maintain Company Tax Tables. The Payroll Tax service only updates the Global Tables; if the appropriate information has been entered in the Company Tax Tables, these will be the ones used by the in your payroll calculations.
Other features include a very good Inventory system and a really cool Jobs capability which allows you to accumulate income and expense information across fiscal years which is not cleared when income and expense accounts are closed at the end of a fiscal year (for example, a report that shows the total income and expenses associated with a construction project that covers several years).
As with earlier upgrades, 2003 isn't revolutionary but has lots of little improvements over 2002. Among them are two, either of which would have been enough to entice me to upgrade. One of these is the ability to suppress the monthly subtotals in the General Ledger report. This can dramatically reduce the amount of paper it takes to print the G.L. which you may need to do for an annual audit or whatever. Another is the option to print invoice detail on the billing statement. Before, the only description printed on a Customer Billing Statement was the invoice numbers. Copies of invoices had to be mailed with the statements to show the description of actual charges. Now you can print this detail, by invoice, on the billing statement itself.
If you have an older version - say 7.0 or earlier - by all means consider upgrading (with the caveat that somewhere around version 7.0 extra "licenses" began to be required for more than one user). Among the things you will gain are alphabetical listing of customized reports in the Reports Menu, an ability to preview almost anything before it is printed (including checks, invoices, etc.), a "find transactions" facility that permits you to search for transactions by a plethora of criteria, and numerous new standard reports.
There are many other features that I like that could be discussed. And some things I'd like to see changed. But in the field of moderately priced small business accounting software, Peachtree Complete 2003 is the system to beat.
