Account Groups

OBJECTIVE

The Account Groups function is used to determine the groups used for the presentation of financial statements and to group accounts. The groups are then associated with the general ledger accounts.

The groups are displayed as follows: The category followed by the code defined. For example, asset group 01 is presented as A01.

We recommend creating no more than five groups (Asset, Liability, Expenses, Revenue and Equity) and to focus on creating accounts in the chart of accounts, which lets you take full advantage of maestro*. Afterwards, you can make changes or create new groups to fine tune the financial statements.

Steps

maestro* > Accounting > Maintenance > Accounting > Account Groups

Create a group

Enter the required information in the Main Fields tab:

Fields followed by the * character are mandatory fields.

Field

Description

Group Type

Used to specify the category to which the group belongs.

NOTE: There are five categories: A-Assets, P-Liabilities, R-Revenue, D-Expenses and C-Equity. The Asset, Liability and Equity groups are included in the balance sheet, whereas the Revenue and Expenses groups are included in the income statement.

NOTE: You can select a category using the drop-down menu to display the various categories or you can press the first letter of the category.

Group Code*

Code for the group.

NOTE: You can create 99 codes by category using the numerical method (for example, 01-99). You can also use other codes (for example, A0-A9, B0-B9, Z0-Z9 or AA to ZZ).

French Description*

French description that identifies the group. For example: Cash, accounts receivable, depreciation, etc.

English Description

English description that identifies the group.

Field	Description
Group Type	Used to specify the category to which the group belongs. NOTE: There are five categories: A-Assets, P-Liabilities, R-Revenue, D-Expenses and C-Equity. The Asset, Liability and Equity groups are included in the balance sheet, whereas the Revenue and Expenses groups are included in the income statement. NOTE: You can select a category using the drop-down menu to display the various categories or you can press the first letter of the category.
Group Code*	Code for the group. NOTE: You can create 99 codes by category using the numerical method (for example, 01-99). You can also use other codes (for example, A0-A9, B0-B9, Z0-Z9 or AA to ZZ).
French Description*	French description that identifies the group. For example: Cash, accounts receivable, depreciation, etc.
English Description	English description that identifies the group.

Click Save.

Last modification: May 11, 2024