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
Group Node
The group nodes can be added, modified, expanded or collapsed by right clicking on the default nodes.
The options and their functions are as follows:
Options | Functions |
|---|---|
| Add | This option is used in order to create a new Group Name. Note: A new Group can only be created under a Parent to which a General Ledger is not yet tagged. |
| Edit Group | If you are willing to edit any group, you can do using this option. You need to select the parent of the node you want to edit and click on edit. |
| Expand All | This option is used to view all the Child Nodes with the Sub-Child Nodes of the selected Group. |
| Collapse All | This option is used to hide all the Child Nodes with the Sub-Child Nodes of the selected Group. |
Leaf Node
A Leaf Node is a node which has no tagged ledgers or child nodes.
Leaf nodes can also be edited by right clicking on them. It displays a few options which allows you to add, modify and delete the leaf nodes. Here, the Ledger Group and Ledger Sequence can also be modified. New group can be added to the lowest untagged node.
The options and their functions are as follows:
Options | Functions |
|---|---|
| Add | This option is used in order to create a new Group Name. |
Edit Ledger Group | This option helps you to edit the ledger group. |
| Edit Ledger Sequence | This option allows to edit the ledger sequence. |
| Delete | This option is used to delete the node. |
To go back to the main page click on Managing Chart of Accounts in Ginesys ERP Admin