The Chart of Accounts within the accounting software is defined by Type, Class, Group and Account. All transactions are charged to an Account. Groups, classes and types are used to group transactions together for reporting purposes.
Types are the highest level and are set within the system. The following Types have been defined:
The Balance Sheet includes accounts that fall into types 1,2 and 3 whilst the Profit and Loss account includes accounts in types 4,5 and 6.
You will need to do this before you set any Account Groups. Add an ID that does not already exist, enter a name and select a Class Type. Click on Add New.
Tips and Tricks
You can create as many classes as you like. When you do a Trial Balance the entries will be totaled by class.
Look at GL Account Groups for tips on changing sequences of accounts, groups and classes