GL Account Groups

Purpose

I guess you already have observed that an account belongs to a group (type). And a group (type) belongs to a class. Depending on how your country wants to present the balance sheets and profit and loss statements, you can build these rules with help of groups (types) and classes.

When a balance sheet is printed it is sorted on 1. class, 2. group(type) and last the account itself. As you see the accounts are not necessarily printed out in account number order. First the Title for the first Class is printed, Then the Title for the first Group is printed. Then the accounts within this group are printed. When a new group is coming, the totals within the old group group is printed before the title of the next group is printed. The same thing happens when a new class is coming. The total for the old class is printed and the title of the new class is printed and so on. By arranging the classes/groups you can present your balance sheets and PL statements your own way. By also using sub-groups (a group belonging to another group) you can create even more sophisticated aggregators. But this is more acvanced.

Procedure

Define/Review Acount Types
Set Account Groups
Set GL Accounts

Tips and Tricks

I need to re-arrange the Account Groups/Classes. How do I do that?

As default the groups are numbered from 1-12. And Classes default from 1-4

Remember that the Balance Sheet/Profit and Loss Statement and Monthly Break down are ordered by class/group/account

Let us start with the groups. For now let the old groups be there. Enter your groups and start f.i. with number 20. Enter all the groups you want in right order. Make a gap between them of 5. Then you can easily insert new groups if you need one. Now go into the GL Accounts and enter your new groups on each account one by one. It is now time for you to delete the old groups 1-12.

If you want to rearrange the classes. Start by entering the classes at number 10 and again make a gap of 5. Go back to the GL Account Groups and select your new classes on each group. And finally you can delete your old classes.

That's it.

Using of multi level sub-types of account groups.

The current account Types/Groups setup with sub-levels allow up to several levels of account Types/Groups.

Examples

@@Setting up sub-levels:

                            Parent                                Level 
1     Assets                       Class 
1     Short term                -1 Type/Group                     1 
2     Current Assets             1 Type/Group                     2 
3     Bank Accounts              2 Type/Group                     3 
1065  Bank                       5 Account 
4     Long term                 -1 Type/Group                     1 
1500  Inventory                  2 Account 
a.s.o@@

First there are classes. Then there are Types/Groups in 1-3 levels. And finally the Account itself. In this example the 2 Current Assets is a sub-group of Type/Group 1 Short term. And 3 Bank Accounts is a sub-group of Type/Group 2 Current Assets.
@@Another way of setting up the Types/Groups.

                            Parent                                Level 
1    Assets                        Class 
1000 Short term                 -1 Type/Group                     1 
1001 Current Assets           1000 Type/Group                     2 
1002 Bank/Cash                1001 Type/Group                     3 
1003 Bank                     1002 Type/Group                     4 
1065 Cheque Account           1003 Account 
1100 Long term                  -1 Type/Group                     1 
a.s.o@@

Here you can have 4-5 levels of Types/Groups. The Types/Groups must be in sorted order inside the class. This example is somewhat exaggerated. In my opinion. I am satisfied with only one level of account Types/Groups. But some countries/organizations may require more levels of accounts Types/Groups.