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