A chart of accounts (COA) is a created list of the accounts used by an organization to define each class of items for which money or the equivalent is spent or received. It is used to organize the finances of the entity and to segregate expenditures, revenue, assets and liabilities in order to give interested parties a better understanding of the financial health of the entity.
Chart of account (COA) is important for any company. Groups are collection of Ledgers of the same nature. Account Groups are maintained to determine the hierarchy of Ledger Accounts which is helpful in determining and presenting meaningful and compliant reports.
has the flexibility of setting user required chart of accounts. You can group the Ledger accounts under the required Groups at the time of creating the chart of accounts or you can alter them at any time.
The Group behavior is classified into Capital or Revenue and more specifically into Assets, Liabilities, Income and Expenditure. The Groups ascertain whether the same will affect Profit and Loss Account which is revenue in nature or Balance Sheet which is capital in nature.
- How to Create New Group?
- How to Edit Group?
- How to Delete Group?
- How to Change Group Relation?
- How to Sort Order Group?
How to Create New Group?
- In the Master Information menu, select Group.
- Right-click on the group under which you want to create a new group.
- Then click Add.
- Then type new group name and press Enter key.
How to Edit Group?
- Right-click on the group which you want to edit.
- Click Edit.
3. Type update group name and press Enter key.
How to Delete Group?
- Right-click on the group which you want to Delete.
- Click Delete.
3. Click OK.
How to Change Group Relation?
- Select and drag group which you want to change Group Relation.
- Then drop it to select related group.
- or Cancel drag n drop the selected group are drop
How to Sort Order Group?
- Select and drag group which you want to Sort Order Group.
- Then drop selected group between two groups gap.