Create account groups during company setup
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In the Company setup checklist, to create a custom set of account groups manually select Create, or to create a default set automatically select Default. You can also choose to create them later, but it's recommended that you create default account groups now to save time later, and so that you can obtain financial statements with greater ease later on.
Create default account groups
The system can automatically create default account groups for your company. Default account groups are high-level categories that you would expect to see in a balance sheet: Assets, Liabilities and Equity, Current Assets and Liabilities. The lowest level default category is Cash and Cash Equivalents under Current Assets.
The following are the account groups that the system creates when you choose default account groups in the Company setup checklist.
Assets
Current Assets
Cash and Cash Equivalents
Short-Term Investments
Accounts Receivable
Other Receivable
Other Current Assets
Fixed Assets
Property, Plant, & Equipment
Furniture & Fixtures
Office Equipment
Computers
Software
Leasehold Improvements
Other Assets
Deposits & Other Assets
Liabilities and Equity
Liabilities
Current Liabilities
Accounts Payable
Accrued Liabilities - Other
Accrued Payroll
Deferred Liabilities
Other Current Liabilities
Income Taxes Payable - Current
Long Term Liabilities
Long Term Debt & Other
Income Taxes Payable
Equity
Capital
Retained Earnings
Current Profit and Loss
Operating Income
Gross Profit
Revenue
Cost of Goods Sold
General and Administrative Expense
Compensation
Benefits
Hiring Expenses
Time
Expenses
Travel & Entertainment
Supplies & Equipment
Depreciation
Amortization
Repairs & Maintenance
Office Expense
Insurance
Professional Fees
Promotion
Financial Fees
Other Income
Other Expense
To create default account groups for your company:
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- Under Set up company master list, find the step for Account groups.
- Select Default. The Create default account groups window displays the default account group hierarchy.
- Select Create in the upper-left corner of the window. The system begins creating your default account groups along with a message indicating that the default groups are being created.
Create custom account groups
You can create your own account groups from the Company setup checklist or from the General Ledger application.
To create an account group from the Company setup checklist:
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- Under Set up company master list, find the step for Account groups.
- Select Create. The Account Group Information page displays. This is the same page that you fill out when you access it from the General Ledger (
- Select Save.
