Group

Group

The account group is a summary of accounts.The account group also defines the set up when creating a G/L account in the chart of accounts. The account groups are entered in Customizing per chart of accounts.Basically Group can be defined as Primary Group or Sub Group.

Groups have a hierarchical organization.At the top of the hierarchy are Primary Groups.These are the main asset, liability, income or expenditure groups of accounts that determine the entire accounting and their presentation,user can also create subgroup under this primary groups.

Roles

Finance Admin

Path

Accounting » Accounting Configuration » Groups

Terminologies Used

• Asset : In financial accounting, an asset is any resource owned by the business. Anything tangible or intangible that can be owned or controlled by a company/organization/institution which have future economic value that can be measured is an asset.e.g Cash,Land,Inventory,Building,etc.

• Liability : Liability can be defined as Credit.e.g Bank Loan,Expense Owing
• Income : Income can be referred as Profit or Revenue.
• Expense : Expense can be referred as outflow of cash or other valuable assets from a person or company to another person or company.

e.g Rent,Employee Salary etc.

Pre-Requisite

• Finance Policy must be created
• Finance Admin Role to User

Inputs Needed

• Group Name
• Nature of Group (Primary/Sub Group)
• Parent Group

Functionality

1. Able to Add/Edit/Delete Group and Subgroup
2. Able to Upload Groups using Excel
3. Able to export/Print Group details in Excel Format

Step by Step

1. Add/Edit/Delete Group

2. Upload Groups Using Excel

3. Export/Print Group