Adding, Editing & Deleting Account Group in Ginesys HO
- Deepankana Roy (Unlicensed)
- Aparajita Basu Roy (Unlicensed)
- Debrupa Datta (Unlicensed)
- Subhasree Banerjee (Unlicensed)
The Account Group are collection of ledgers of the same nature. Account groups are maintained to determine the hierarchy of Ledger Accounts, which is helpful in determining and presenting meaningful and compliant reports. This article describes how to set up Account Group in Ginesys HO.
What are the different types of Account Groups?
At the highest level, accounts are classified into Assets, Liabilities, Income and Expenditure. Ginesys ERP provides you with pre-defined Main group and sub-groups. You can also create your own groups, either as a Main group or sub-groups. Groups can be sub-classified to an unlimited level to give a virtual accounting tree. The lowest level would be tagged with the Ledger Accounts. All accounting entries are passed using ledgers. You can create the required chart of accounts as per your need. You can group the Ledger accounts under the required Groups at the time of creating the Ledgers or you can alter them at any time.
Assets & Liabilities- While assets are resources that are expected to benefit future operations, liabilities are debts that represent negative cash flows in future. Assets are source of future cash flow; like buildings, machinery, equipment, or inventory of merchandise or investments and liabilities includes accounts payable (goods and service purchased on credit), notes payable (a written promise to pay), other accrued expenses (like wages, interest, taxes).
Income & Expense- Income refers to transactions that have resulted in positive cash flow on a regular basis and Expense refers to negative cash flows on a daily basis.
Pre-defined Groups
Ginesys ERP provides predefined groups for both Profit & loss and Balance sheet which are commonly used in the industry and are relevant for financial statement presentation. The list of groups are given below:
SN | Category | Group | Sub group | Sub Sub group |
|---|---|---|---|---|
1 | Liabilities | Equity owners Fund | Shareholders fund | Share Capital |
2 | Liabilities | Equity owners Fund | Shareholders fund | Reserves & Surplus |
3 | Liabilities | Loan Funds | Secured Loans | Term Loan |
4 | Liabilities | Loan Funds | Secured Loans | Bank OD A/C |
5 | Liabilities | Loan Funds | Unsecured Loans | Loan from body corporates |
6 | Liabilities | Current Liabilities & provision | Current Liability | Sundry Creditor |
7 | Liabilities | Current Liabilities & provision | Current Liability | Share application money |
8 | Liabilities | Current Liabilities & provision | Current Liability | Other Payables |
9 | Liabilities | Current Liabilities & provision | Provisions | Provision for taxation |
10 | Assets | Fixed assets | Depreciable assets | - |
11 | Assets | Fixed assets | Non depreciable assets | Land |
12 | Assets | Current asset, loans and advances | Cash & bank | Cash in hand |
13 | Assets | Current asset, loans and advances | Cash & bank | Bank account |
14 | Assets | Current asset, loans and advances | Inventories | Stock-in-hand |
15 | Assets | Current asset, loans and advances | Sundry Debtors | - |
16 | Assets | Current asset, loans and advances | Loans & advances (assets) | Input VAT & service tax |
17 | Assets | Current asset, loans and advances | Loans & advances (assets) | Advances |
18 | Assets | Current asset, loans and advances | Loans & advances (assets) | Deposits |
19 | Assets | Current asset, loans and advances | Branch & division | Branch Accounts |
20 | Assets | Current asset, loans and advances | Misc. Expense (asset) | Misc. Expense |
21 | Income | Direct Income | Sales | - |
22 | Income | Direct Income | Stock transfer | - |
23 | Income | Direct Income | Closing stock | - |
24 | Income | Indirect income | Other income | - |
25 | Expense | Direct Expense | Opening Stock | - |
26 | Expense | Direct Expense | Purchase | Purchase taxable |
27 | Expense | Direct Expense | Purchase | Purchase non-taxable |
28 | Expense | Direct Expense | Purchase | Purchase other charges |
29 | Expense | Direct Expense | Stock transfer | - |
30 | Expense | Direct Expense | Job charges | Job work expenses |
31 | Expense | Indirect Expenses | Personnel Expense | Cost of Employee |
32 | Expense | Indirect Expenses | Personnel Expense | Employee welfare |
33 | Expense | Indirect Expenses | Administrative expenses | General Expense |
34 | Expense | Indirect Expenses | Administrative expenses | Bank charges |
35 | Expense | Indirect Expenses | Administrative expenses | Motor car expense |
36 | Expense | Indirect Expenses | Administrative expenses | Postage & courier charges |
37 | Expense | Indirect Expenses | Administrative expenses | Printing & stationery |
38 | Expense | Indirect Expenses | Administrative expenses | Rates & taxes |
39 | Expense | Indirect Expenses | Administrative expenses | Repair & renovation expenses |
40 | Expense | Indirect Expenses | Administrative expenses | Telephone expense |
41 | Expense | Indirect Expenses | Administrative expenses | Travelling & Conveyance expense |
42 | Expense | Indirect Expenses | Administrative expenses | Vehicle expense |
43 | Expense | Indirect Expenses | Selling & distribution expense | Freight outward |
44 | Expense | Indirect Expenses | Selling & distribution expense | Advertisement expense |
45 | Expense | Indirect Expenses | Selling & distribution expense | Sales promotion expense |
46 | Expense | Indirect Expenses | Finance & interest Expense | - |
47 | Expense | Indirect Expenses | Depreciation | - |
48 | Expense | Appropriation | Appropriation expense | Income tax |
Prerequisites
The users' role must have access to the Accounts Group feature by enabling Add app operation for the feature in Admin - Security - User - Role through Finance - Setup - Chart of Account.
Step-by-step guide
Go to Finance > Setup > Chart of Account > Account Group.
Account Group module will open.
You will get two sections - Assets & Liabilities and Income & Expense.
There are Group Node and Leaf Node in every section.
Group Node:
You will get four options for Group Node - Add, Edit Group, Expand All and Collapse All. You can operate those options by right clicking on the group node.
Click on Add option.
A new Group will be added instantly.
You can add name of the newly created group.
Leaf Node:
A Leaf Node is a node which has no tagged ledgers or child nodes.
You will get four options for Leaf Node - Add, Edit Ledger Group, Edit Ledger Sequence and Delete. You can operate those options by right clicking on the group node.
Click on Add option.
A new Node will be added instantly.
You can add name of the newly created node.
Online Printing option is now available from version 12.6.6 onwards.
To go back to the main page click on the link : How To: Manage Setup in Ginesys Finance