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

Contents

Revisions

January 13, 2016 @ 11:24:14 [Current Revision] by admin
January 13, 2016 @ 11:24:14 by vv
January 13, 2016 @ 11:23:27 by vv
January 13, 2016 @ 11:22:56 [Autosave] by vv
July 29, 2014 @ 13:27:20 [Autosave] by admin
July 29, 2014 @ 12:53:53 by vv
July 29, 2014 @ 12:45:15 by admin
April 9, 2013 @ 07:12:27 by editor
February 11, 2013 @ 11:14:14 by admin
February 11, 2013 @ 11:13:42 by admin

Revision Differences

--- April 9, 2013 @ 07:12:27
+++ Current Revision
+Added: 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 &amp; Loss A/c and Balance Sheet. It is highly advisable to consult with your auditor in this regard. Have your previous year P&amp;L and Balance Sheet statements on hand before you start creating the groups.
+Added: Click <a href="http:// help.goodbookserp.com/?p= 2509">here</a> to see how you can create Account Groups.
 Unchanged: &nbsp;
-Deleted: <h1><strong>Account Group</strong> <strong></strong></h1>
+Added: <strong>Note</strong>
-Deleted: 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 &amp; Loss A/c and Balance Sheet. It is highly advisable to consult with your auditor in this regard. Have your previous year P&amp;L and Balance Sheet statements on hand before you start creating the groups.
-Deleted: Group Creation
-Deleted: This form is used to create account group under major account schedules. Some of the major groups are Inventories, Investment, Loan and Advances, Provisions,  Debtors, Manufacturing Expenses, Opening Stock,  Purchases, Closing Stock (Mfg.), Closing Stock(Trading), Sales, Administrative Expenses, Depreciation, Current Liabilities, Society  Deductions, Reserve and Surplus, Secured Loan, Share Capital, Creditors, Unsecured Loan
-Deleted: Account group code and name are to be entered. The<a href="Schedule.htm"> schedule</a> code and sub schedule code under which this group is classified should be entered. These four fields are must for any group master entry. In case of sub group the valid group is to be entered in the parent code. While entering the very first group code the parent group selection list will be empty. The group type is automatically selected based on the schedule.
-Deleted: The other fields like group order and group schedule are used for report generation purpose. You can also specify whether you need only the schedule of the group or the detailed accounts while printing final accounts.
-Deleted: Opposite group code can be optionally entered to display the sum of the group code if the group balance is reverse in the profit &amp; loss and balance sheet statements.
-Deleted: The group nature should selected from the available list. The group nature is used for reporting like the ratio analysis. If the group nature is selected as STOCK, the user should enter two sets of additional schedules for the profit and loss opening and closing.
-Deleted: You can [Insert] , [Delete] and [Rename] group names. Group codes which are used as parent group codes or in the General Ledger or Sub ledger can not be deleted.
-Deleted: Note
 Unchanged: 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 &amp; Loss and Balance Sheet.
-Deleted: <table width="202" border="0" cellspacing="0" cellpadding="0">
+Added: <table border="0" width="202" cellspacing="0" cellpadding="0">
 Unchanged: <tbody>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt; width: 152pt;" width="202" height="20">Cash and Bank Balance</td>
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 Unchanged: <td style="height: 15pt;" height="20">Capital Work In Progress</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">ADVANCE FOR EXPENSES</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Current Assets</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">ADVANCE AGAINST SALARY</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">LOAN TO STAFF</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">ADVANCE AGAINST WAGES</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">LOAN TO WORKERS</td>
 Unchanged: </tr>
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 Unchanged: <td style="height: 15pt;" height="20">Fixed Assets</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Inventories</td>
 Unchanged: </tr>
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 Unchanged: <td style="height: 15pt;" height="20">Investment</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Loan and Advances</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">PreOperative Project Expenses</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Provisions</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Debtors</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Manufacturing Expenses</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Opening Stock (Mfg.)</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Opening Stock (Trading)</td>
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 Unchanged: <td style="height: 15pt;" height="20">Purchases</td>
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 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Closing Stock (Mfg.)</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Closing Stock(Trading)</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Sales</td>
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 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Administrative Expenses</td>
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 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Depreciation</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Financial Expenses</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Profit &amp; Loss Account</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Selling Expenses</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Trading Expenses</td>
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 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Other Income</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Current Liabilities</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
-Deleted: <td style="height: 15pt;" height="20">Society<span>  </span>Deductions</td>
+Added: <td style="height: 15pt;" height="20">Society  Deductions</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Reserve and Surplus</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Secured Loan</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Share Capital</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Creditors</td>
 Unchanged: </tr>
 Unchanged: <tr style="height: 15pt;">
 Unchanged: <td style="height: 15pt;" height="20">Unsecured Loan</td>
 Unchanged: </tr>
 Unchanged: </tbody>
 Unchanged: </table>

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Revisions

Revision Differences