Set up grouping schedules

You can use grouping schedules to group similar accounts together for tax exports, reports and financial statements — available in a future release — and to calculate net income in the trial balance. You can add or modify an unlimited number of grouping schedules for your project.

  1. Open your project
  2. Select the Groupings tab.
  3. Choose a grouping schedule from the drop-down menu or create a new one. We recommend you use the default — Account Classification — which you can modify.
    Code Description Subcode Description
    CA Current Assets CASH Cash and Equivalents
    MS Marketable Securities
    AR Accounts Receivable
    INV Inventory
    PE Prepaid Expenses
    OCA Other Current Assets
    NPE Net Property and Equipment PE Property and Equipment
    NON Non-Depreciable Property and Equipment
    AD Accumulated Depreciation
    NCA Non Current Assets LT Long Term Investments
    IA Intangible Assets
    ONCA Other Non Current Assets
    CL Current Liabilities AP Accounts Payable
    CUR Current Portion of Long Term Debt
    NP Notes Payable
    AL Accrued Liabilities
    COMP Compensation
    INT Interest Payable
    TAX Income Taxes Payable
    OCL Other Current Liabilities
    LTL Long Term Liabilities LTD Long Term Debt
    DEF Deferred Income Taxes
    OLTL Other Long Term Liabilities
    EQ Equity CS Capital Stock
    CAPC Capital Contributions
    CAPW Capital Withdrawals
    APIC Additional Paid in Capital
    TS Treasury Stock
    PE Partnership Equity
    RE Retained Earnings
    OE Other Equity
    DIV Dividends
    INC Income SALE Sales Revenue
    RET Returns and Allowances
    COS Cost of Sales COS Cost of Sales
    EXP Operating Expenses GEN General and Administrative Expenses
    SE Selling Expenses
    RM Repairs and Maintenance
    DEP Depreciation Expense
    OC Owners Compensation
    OOE Other Operating Expense
    OI Other Income Gain Gain on Sale
    OI Other Income
    OE Other Expenses LOSS Loss on Sale
    OE Other Expenses
    INT Interest Expense INT Interest Expense
    TAX Provision for Income Taxes TAX Provision for Income Taxes
    MEMO Memo MEMO Memo
    OTH Other Miscellaneous
  4. If you want to create a new grouping schedule:
    1. Click the Add icon.
    2. Enter a name for the grouping schedule.
    3. Select Add.
    4. Complete the steps below to add codes, subcodes, and assign accounts.
  5. If you want to add codes or subcodes an existing grouping schedule:
    1. If you are adding a subcode, first select the code you want to add the subcode for from the list.
    2. Select Add.
    3. Choose Code or Subcode from the list.
    4. Enter a name for the code.
    5. Enter a description for the code.
    6. Choose a predefined Category and Detail, if applicable.
    7. Select Save & Close
  6. If you want move, rename, recategorize, or delete a code or subcode from an existing grouping schedule:
    1. Select the code or subcode from the light to highlight it.
    2. Use the ungroup, arrow, edit and delete icons from the toolbar to make your changes.
  7. If you want to assign accounts to codes or subcodes in an existing grouping schedule:
    1. Select to highlight one (or more if you press and hold Ctrl on your keyboard) ungrouped account.
    2. Select to highlight the code or subcode you want to group the account to.
    3. Click Group.

Notes

  • Each code can have an unlimited number of subcodes.
  • You can select from a list of pre-defined tax grouping schedules unique to each tax entity. You can assign an ungrouped account to a specific tax form and line number in the Grouped Accounts list.
  • When accounts are grouped to revenue and expense codes or subcodes in the Account Classification grouping schedule, the application calculates the net income and displays the balance in the Net Income row of the trial balance. Currently, the application calculates net income for only the Account Classification grouping schedule.
  • When accounts are grouped to a code or subcode, you can edit that account from this screen.

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