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Account Group

Grouping of accounts is the vital part in implementing GoodBooks. Based on the grouping only, accounts are classified as Income, Expense, Asset or Liability. This classification is essential in the preparation of Profit & Loss A/c and Balance Sheet. It is highly advisable to consult with your auditor in this regard. Have your previous year P&L and Balance Sheet statements on hand before you start creating the groups.

Click here to see how you can create Account Groups.

 

Note

Note that the type you specify in the group master is the key in preparing the final accounts. Only based on the classification you have made here, GoodBooks prepares the Profit & Loss and Balance Sheet.

Cash and Bank Balance
Capital Work In Progress
ADVANCE FOR EXPENSES
Current Assets
ADVANCE AGAINST SALARY
LOAN TO STAFF
ADVANCE AGAINST WAGES
LOAN TO WORKERS
Fixed Assets
Inventories
Investment
Loan and Advances
PreOperative Project Expenses
Provisions
Debtors
Manufacturing Expenses
Opening Stock (Mfg.)
Opening Stock (Trading)
Purchases
Closing Stock (Mfg.)
Closing Stock(Trading)
Sales
Administrative Expenses
Depreciation
Financial Expenses
Profit & Loss Account
Selling Expenses
Trading Expenses
Other Income
Current Liabilities
Society  Deductions
Reserve and Surplus
Secured Loan
Share Capital
Creditors
Unsecured Loan
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