After registering the accounting groups, the ledger accounts must be associated to the accounting groups in the Chart of Accounts File.
Example:
The chart of accounts used in this company is not structured and the accountant wants to classify account X23414950 as an Asset account.
1. Register Accounting Group
First, the accounting groups must be registered:
Group | Description |
001 | Assets |
002 | Liabilities |
003 | Incomes |
004 | Expenses |
2. In the Chart of Accounts File, associate an account to its accounting group as instructed below:
Account | Accounting Group |
X23414950 | 001 |
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