An account group is segregating or grouping similar accounts into a single group. Each account group is assigned to a chart of accounts.

In Profit Books, there are already some account groups that are created in default such as Bank accounts, Cash accounts, Capital, Secured loan accounts, Unsecured loan accounts, Current Liability, Fixed Asset, Other current assets, Customers(Debtors), Vendors(creditors), etc. under primary group.

List of Account Group

To create an account group in ProfitBooks follow the following steps:

Step 1: Go to Accounting > Chart of accounts,

Step 2: Click on Account group and then click on new account group

Account group

Step 3: Fill in the following details :
Name: Name of account group.
Parent Account group: Such as Income/Expense/Asset/Liabilities.
Description: Add as per user.

Click on save and it's done.

You can also read about

How to record Journal Entries
How to add Opening Balance of Accounts, customers and vendors?
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