Advanced Summarized Reporting with Groups of Account Groups

We touched briefly on Groups of Account Groups last week but would like to go into more detail about them.  The hierarchy of account groups can be multiple levels on top of one another.  Last week we used the example of grouping the two groups, Fixed Assets and Current Assets, together in a group called Assets.  In some instances you might need more nested groups than that to organize your GL Accounts for reporting.  The example below shows you what it might look like to have 3 nested Account Groups.  The Account Groups are in blue while the GL Accounts themselves are in black.

Assets

     Current Assets

          Cash and Cash Equivalent

               1000 – Checking Account

               1010 – Petty Cash

          Inventory

               1400 – Inventory

     Fixed Assets, Net of Depreciation

          Fixed Assets

               1500 – Equipment

               1510 – Building

               1520 – Furniture and Fixtures

          Accumulated Depreciation

               1600 – Accum. Depreciation – Equipment

               1610 – Accum. Depreciation – Building

               1620 – Accum. Depreciation – Furniture and Fixtures

Having all these different levels of groupings allows you to expand and contract various groups for various reports.  In some instances you might want to see a detail of ALL accounts but in another instance you might just want to see a summary or all the Fixed Assets vs the Current Assets.

Groups of Account Groups are created much in the same way although instead of specifying which GL Accounts to include in the group you will specify which Account Group(s) to include.

To create a Group of Account Groups click on General Ledger > Account Groups > Add.

Simplify Financial Reporting - Account Groups

The first steps to creating a group of account groups is to enter a unique name, the display on report title, the display total line title and specify whether the normal balance is Debit or Credit.  The Name field is required and once the record is created you will not be able to change this value.

Simplify Financial Reporting - Account Group Setup

Next you will need to select what structure type you wish to use for this account group.  As we are making a group of account groups in this example we will select ‘Group of Account Groups’ from the dropdown.

Simplify Financial Reporting - Account Group Structure Type

You will then use the dropdown to select each account group individually and then click the ‘Add’ button to add them to your account group.  Once you have selected all of your groups they should be listed on the right side of the screen.

Simplify Financial Reporting - Adding Account Groups

When you are satisfied with the account groups included on your new group, click ‘Save’.  You can always come back in at a later date to add or remove account groups from your group if necessary.

In order to see a good visual representation of your Account Group structure we recommend going to General Ledger > Account Group Heirachy and click ‘View’.  A report will be displayed showing you which accounts and account groups belong to which accounts.