Account groups
Definition
Account Groups play an important role in G/L Account numbering and structuring. The Account Groups are groups of G/L Accounts where we can assign Number Range to the G/L Accounts.
Account Groups are one more important part of Chart of Account which acts as a separator between various types of G/L Accounts. This helps us differentiate the G/L accounts according to their nature.
Account Groups play an important role in G/L Account numbering and structuring. The Account Groups are groups of G/L Accounts where we can assign Number Range to the G/L Accounts.
Account Groups are one more important part of Chart of Account which acts as a separator between various types of G/L Accounts. This helps us differentiate the G/L accounts according to their nature.
Account Groups are created considering the nature of G/L Accounts. Following are the majorly used categories for account groups:
- Liabilities
- Assets
- Income
- Expenses
- Purchase Accounting
The numbering of Account Groups should be designed carefully based on client requirement. A detailed discussion should be made before finalising the number ranges for Account Groups.
Further it is better to ensure enough availability of number range for General Ledgers in future.
Run through the images of sample Account Group, the will be helpful for you to understand the numbering logic for Account Groups:
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