Defining Account Group - IRS Software

Defining Account Group

General Ledger > Account Group

  1. Account Group also is known as Parent Account, is a listing of General Ledger accounts which is defined before a Chart of Account is set up. These accounts are further divided into Balance Sheet Accounts and Profit and Loss Accounts.
  2. The Balance Sheet account type is further categorized into Asset, Liability and Equity whereas the Profit and Loss account type is recorded either as Income or Expense.

To Add Account Group

  1. 1. Choose General Ledger > Account Group.
  2. 2. Click Add.
  3. 3. Enter Code, Description; choose Account Type option and Account Operation (Yellow field is Mandatory)
  4. 4. Click Save.

 

 

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