Account Group Continued...
Some Pre-defined Account Groups are classified as shown below:
| Primary Account Groups |
Under Account Groups |
| Current Liabilities |
Duties & Taxes
Provisions/Expenses Payable
Sundry Creditors |
Capital Account |
Reserves & Surplus |
| Current Assets |
Bank Accounts
Cash-In-HandLoan & Advance
Securities & Deposits
Stock-In-Hand
Sundry Debtors |
| Fixed Assets |
|
| Loan |
Bank O/D Account
Secured Loans
Unsecured Loans |
| Profit & Loss |
|
| Revenue Account |
Sales A/C
Expenses (Direct)
Expenses (Indirect)
Income (Direct)
Income (Indirect)
Purchase |
| Suspense Account |
|
Current Liabilities
Maintains the account for current liabilities of the Company such as Bank overdrafts, Creditors, Bills Payable and Short-Terms Loan.
Under Groups of Current Liabilities Account Group are:
- Duties & Taxes
- Provisions/Expenses Payable
- Sundry Creditors
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Duties & Taxes
Under this Account Group, you can create all Tax related accounts such as Excise Duty, Sales Tax and so on.
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Provisions/Expenses Payable
Under this Account Group, you can create Provisions/Expenses Payable accounts such as Salary, Telephone charges, Electricity charges and so on.
-
Sundry Creditors
Under this Account Group, you can create creditors account of the Company.
Capital Account
Capital Account reflects changes in a country ownership of long term and short term financial assets. Capital Account group is used to maintain Capital Account such as Land account, Equipment account, Building account.
Under Groups of Capital Account Group are:
- Reserves & Surplus
Under this Account Group, accounts such as General Reserve, Reserve Fund can be opened.
Current Assets
Current Assets are those assets which are expected to be either consumed or converted to cash for short term. Current Assets Account Group maintains the accounts for the current assets of the Company such as Unsold goods, Cash-in-hand, Cash-in-bank.
Under Groups of Capital Account Group are:
- Bank Accounts
- Cash-In-Hand
- Loan & Advance
- Securities & Deposits
- Stock-In-Hand
- Sundry Debtors
-
Bank Account
Under this Account Group, Current Account, Saving Accounts and other Bank Accounts can be created.
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Cash-In-Hand
Under this Account Group, Cash account can be created.
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Loans & Advance
Under this Account Group, you can create accounts for the Advance and Loans extended to customers.
-
Securities & Deposits
Under this Account Group, you can create accounts for deposits or securities with external parties such as rental deposit, fixed deposits and so on.
-
Stock-In-Hand
Under this Account Group, you can create Stock Account such as raw material stock, finished goods stock etc.
-
Sundry Debtors
Under this Account Group, you can create debtor’s accounts of the Company.
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