Working with Software Modules

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

1. Duties & Taxes
   Under this Account Group, you can create all Tax related accounts such as Excise Duty, Sales Tax and so on.

2. Provisions/Expenses Payable
   Under this Account Group, you can create Provisions/Expenses Payable accounts such as Salary, Telephone charges, Electricity charges and so on.

3. 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

1. 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

1. Bank Account
   Under this Account Group, Current Account, Saving Accounts and other Bank Accounts can be created.

2. Cash-In-Hand
   Under this Account Group, Cash account can be created.

3. Loans & Advance
   Under this Account Group, you can create accounts for the Advance and Loans extended to customers.

4. 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.

5. Stock-In-Hand
   Under this Account Group, you can create Stock Account such as raw material stock, finished goods stock etc.

6. Sundry Debtors
   Under this Account Group, you can create debtor’s accounts of the Company.