5.1.2 Account Group

An Account Group is a broad level categorization under which similar type of accounts are grouped under one Account Group. All accounts are classified under Account Groups. Account Group specifies the type of account you are using. All further entries of accounts are dependent on the Account Group. By looking at Account Group of an account, you can easily figure out which type of account it is i.e. it is an account for Sundry Debtor / Creditor, Bank Account, Fixed Asset and so on.

In BUSY, Account Groups can be created using the Account Group master. When you create a new company, 29 Account Group masters are created by default for your convenience. The default Account Group masters are:

Bank Accounts

Bank O / D Accounts

Capital Account

Cash-in-Hand

Current Assets

Current Liabilities

Duties & Taxes

Expenses (Direct / Mfg.)

Expenses (Indirect / Admn.)

Fixed Assets

Income (Direct / Opr.)

Income (Indirect)

Investments

Loans & Advances (Assets)

Loans (Liability)

Pre-operative Expenses

Profit & Loss

Provisions / Expenses Payable

Purchase

Reserves & Surplus

Revenue Accounts

Sale

Secured Loans