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<< Click to Display Table of Contents >> Account Groups |
  
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<< Click to Display Table of Contents >> Account Groups |
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An account group is used to designate how a GL Account ID will be presented in the company's financial statements. It also determines how the GL Account ID balance will be processed during fiscal year-end closing and account consolidation using the Consolidated Ledger module. Accounts groups in AccountMate are best described as follows:
•Account groups refer to common accounts such as Cash, Accounts Receivable and Accounts Payable that can be subdivided into specific GL Account IDs for recording transactions of particular divisions or departments within the company.
Example: You can subdivide Cash into Cash in Bank (CIB); Cash on Hand, Cash Equivalents and Petty Cash. Cash in Bank can be further subdivided into CIB - Payroll, CIB - General, CIB - Disbursements.
•Account groups may be assigned report levels ranging from 1 to 4. The balances of related accounts belonging to the same report level are then summed up for reporting purposes. Refer to the following table:
Account Category |
Account Groups |
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Level 1 |
Level 2 |
Level 3 |
Level 4 |
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Current Assets |
Cash
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Checking Account |
Special Checking Account |
Investment Checking Account |
Plant and Equipment Maintenance Checking Account |
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Payroll Checking Account |
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General Checking Account |
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Petty Cash Fund
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Petty Cash Fund – Operations |
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Petty Cash Fund - Administration |
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Savings Account |
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Accounts Receivable |
Trade Receivables |
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Non-Trade Receivables |
Employees’ Cash Advance |
Employees’ Cash Advance - Operations |
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Employees’ Cash Advance - Administration |
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Interest Receivable |
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•Each GL Account ID in the General Ledger is assigned an account group, which in turn is assigned a particular account category and report level that will affect the GL Account ID’s presentation in the financial statements.
Set Up, Update or Delete Account Groups
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