Working with G/L Account Groups

  • 02/01/2024
  • 3 minutes to read

The Extended Financial Reports module includes a useful feature called G/L Account Groups. You can create custom account groups and assign them to G/L accounts to manage your chart of accounts easily. It's recommended to group similar accounts together to help organize your financial reports and view financial data more effectively. You can create different groups for balance sheets, profit and loss statements, and business analyses. This makes financial reports (previously called extended account schedules) clearer and faster to create.

You can make four different groups for account schedules and pick which group a schedule belongs to: 1, 2, 3, or 4. You can assign G/L accounts to these groups either directly in the extended G/L chart of accounts or within individual G/L accounts through the G/L account card.

G/L Account Groups

To add a G/L Account Group

To add a G/L Account Group:

  1. Use the search icon, enter G/L Account Groups and select the related link.
  2. Select New.
  3. Enter information for the following columns:
    • Code
    • Description
    • Linked Accounts
    • Account Schedule Line Grouping

To assign a G/L account to a group

To assign a G/L account to a group through the G/L account card:

  1. Use the search icon, enter Open G/L Accounts and select the related link.
  2. Open the G/L Account card.
  3. Navigate to the Continia Finance FastTab, and in the Trial Balance and VAT section, select the Account Group and the Account Group code.

To assign a G/L account to a group in the chart of accounts:

  1. Use the search icon, enter Chart of Accounts, and select the related link.
  2. Navigate to the Account Group column, and select the group from the G/L Account Group list.

Assets/Liability calc: This setting determines how assets and liabilities are calculated within the account scheme based on the selected date filter. You have three options to choose from: End of Fiscal Year, Maximum Date, and Value. End of Fiscal Year: calculates account values based on the fiscal year's end date in the filter. Maximum Date: calculates values relative to the highest date in the filter. Value: categorizes cells as active/passive based on their calculated values. Customizable for specific account scheme names, overriding the default setting. Value in this field will override value set in Trial Balance and VAT Setup table.