Account groups help you better organize your financial data. If you are just starting out on Refrens, Click here to understand account groups, categories, and types >
To create an Account Group,
First, go to Advanced Accounting > Account Groups > Create New Account Group.
As you see above, a new form will open up.
Firstly, Add the name of the "account group" you want to create.
Then select the "Type" of this account group - i.e. Asset, Liability, Income, Expense, Capital (Equity)
Then select the "Category" of this account group.
See an example below:
You can also edit an existing account group and download all as a CSV directly from the dashboard. You can change the account type & category by clicking the edit icon on the dashboard.
Things to keep in mind while editing account groups:
You can edit the name of an account group anytime you require.
You can also change the type and category of an account group. But keep in mind that there are several restrictions on this (to help you save from accidental errors & data discrepancies in reporting).
A. If there are no journal entries in the account group:
If an account group does not have any entries, you are free to change its type of account group.
B. If the account group has any journal entries:
If the account group has any entry, your choice of changing the account type will be restricted.
For example, if the current account group type is Asset / Expense, you can change it to Asset / Expense account type only.
Similarly, if the current account group type is Liability / Income / Capital, you can change it to Liability / Income / Capital account type only.
Additional Resources:
1. Introduction to advanced accounting on Refrens
2. What are account groups, categories, and types?
3. How to create accounts (i.e. ledgers) and track ledger entries?
Read the help article here>
4. What are voucher books & voucher types?
5. How to create new voucher books and add voucher entries?