This option allows you to set up to two Reporting Groups for your General Ledger Accounts. These Account Groups should represent the further grouping or division of your Income, Expenses, Capital, Assets and Liabilities, i.e. Financial Categories or the main classification of the Accounts in the Accounting Equation.

The five main groups of the Financial Categories are usually further divided into Account Groups. e.g.

1. Income - Income from normal business activities, e.g. sales, consulting, etc. and Other Income received such as interest, etc.
2. Expenses - Expenses incurred during normal business activities, e.g. rent, cleaning, etc. and Expenses of a Capital nature.
3. Capital - The contribution/s or investment from the owner/s. The groups you may wish to enter, would depend on the type of ownership for the business, e.g. Company, Close Corporation, Partnership or Sole Proprietorship.
4. Assets - Fixed Assets (Immovable Assets) and Current Assets (Movable Assets)
5. Liabilities - Long-term Liabilities and Current Liabilities.

You may create any number of groups to meet your requirements. These Account Reporting Groups are used to structure the layout of the Balance Sheet and Balance Sheet. You may also select to print General Ledger Transactions Reports only for those accounts which are linked to a specific reporting group, e.g. Fixed Assets, Current Assets, etc.

After setting up your Account Groups, you need to link these Account Groups to the correct Financial Categories in the Setup→System Parameters→Financial Categories menu option.

You will be able to select any of the Accounts Reporting Groups 1 or 2, if you have set it up on the following menu options:

• Edit - Accounts - Bank, General Ledger and Tax (Account Types).
• Reports - General Ledger
  • Chart of Accounts (Account Listing)
  • Budget Performance
  • General Ledger Account Movements
  • Trial Balance
  • Income Statement
  • Balance Sheet

To Set Reporting Groups for Accounts:

1. Click on the Setup→System Parameters→Groups menu option.
   - Keyboard Access: Press the Alt+S+S+G keys on your keyboard.
   The Reporting Groups screen is displayed:
   
   
2. Click on the Account Groups tab, if not already displayed. The screen will change to reflect the Account Group1.
3. If you wish to rename the Reporting Group Name - Account Group1, double-click on the Account Group1 field and type your new description.
4. To add a new Account Group to the root directory or list, select the Account Group1 field and click on the New button.
5. Click on the OK button to save your changes and close or exit this screen, unless you wish to add or edit Account Reporting Group2, or any of the other Reporting Groups.