Financial Categories

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Once your Reporting Groups for Account Groups 1 and / or 2 is added, you need to link these to one of the Assets, Capital, Expenses, Income or Liabilities Financial Categories.

The following two (2) options are available to link the Financial Categories:

1.Setup  →  System parameters  →  Financial Categories menu.

2.Edit  →  Accounts menu.

The basic report groups should already be available for a Set of Books, and you may add, edit or delete any of these groups in the Setup → System parameters → Groups menu on the Account Group 1 / Account Group 2 tabs, before linking them to Financial Categories.

Assets, Capital and Liabilities are Balance Sheet Financial Categories, and

Income and Expenses are Income Statement Financial Categories.

It is important to base this linkage, to the respective categories, on the accounting equation.

Account Groups - Reporting Group 1 and 2 The sequence in which the groups and accounts are listed, may be changed in the Setup  →  System parameters  →  Groups menu. This is done by selecting the groups on the list and use the Move up or Move down buttons.

In this tutorial, we have created Accounts - Reporting Groups 1 and 2 which is set to different sequences:

Reporting Group 1

Reporting Group 2

This will enable you to generate general ledger reports (i.e. Trial Balance, Income Statement, Balance Sheet, Chart of Accounts, to list accounts and balances to be listed according to Reporting Group 1 or according to Reporting Group 2 sequences.  

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