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Setting up the Account Group
We’re excited to announce that the latest information is now available on our new site, the Ginesys One Wiki!. Visit the site for up-to-date resources and insights. We look forward to continuing to support you there!
We’re excited to announce that the latest information is now available on our new site, the Ginesys One Wiki!. Visit the site for up-to-date resources and insights. We look forward to continuing to support you there!
Setting up the Account Group
The Account Group allows the segregation of the various accounts into groups and sub groups for easier management of the organization’s accounts.
What are the different types of Account Groups?
- Assets & Liabilities- While assets are resources that are expected to benefit future operations, liabilities are debts that represent negative cash flows in future. Assets are source of future cash flow; like buildings, machinery, equipment, or inventory of merchandise or investments and liabilities includes accounts payable (goods and service purchased on credit), notes payable (a written promise to pay), other accrued expenses (like wages, interest, taxes).
- Income & Expense- Income refers to transactions that have resulted in positive cash flow on a regular basis and Expense refers to negative cash flows on a daily basis.
Prerequisites
- The users' role must have access to the Accounts Group feature in Admin - Finance - Chart of Accounts through Roles in Ginesys Web - Admin - Security.
Step-by-step guide
To go back to the main page click on Managing Chart of Accounts in Ginesys ERP Admin
, multiple selections available,
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