In a large resealable plastic bag, combine the flour, salt and pepper. Add chicken, a few pieces at a time, and shake to coat.
In a large skillet, brown chicken in oil in batches on both sides. Return all to skillet. In a large bowl, combine the preserves, onion, barbecue sauce and soy sauce; pour over chicken. Bring to a boil. Reduce heat; cover and simmer for 15 minutes.
Add green peppers and water chestnuts. Bring to a boil. Reduce heat; simmer, uncovered, for 5 minutes or until a meat thermometer reads 170°. Serve immediately with rice; or cool chicken and transfer to a freezer container and freeze for up to 3 months.
To use frozen chicken: Thaw in the refrigerator overnight. Remove from the refrigerator 30 minutes before reheating. Cover and bake at 350° for 50-60 minutes or until bubbly. Serve with rice. Yield: 8 servings.