Accounting Group Posting

3.0. Accounting Group Posting Setup

Managing Accounting Group Posting

Understanding Business Partners and Customer Group



 Customer Groups
Customer Groups define the double-entry accounts for posting when there are transactions with the Business Partners under this group.
You may setup as many Groups as you like.
Note that similar concept applies to Vendor Group too. 
 Business Partners
As you have learned in basic training, Business Partner is where you enter the Customer/Vendor details.
You can also set which Customer/Vendor Group it is classified under.
Note that a Business Partner can be classified only under one Customer Group and one Vendor Group 

 To do this we have to setup the following:
Chart of Account
Customer Group
Business Partners

Posting Different Income Account for Different Customer

Setting up Chart of Accounts



Alert
STEPS:
  1. Click SETUP activity
  2. Click ACCOUNT
  3. Click CHART OF ACCOUNT module
  4. Filter INC
  5. Click SEARCH
  6. Select INC0001
  7. Click EDIT
  8. DESCRIPTION rename to Service Sales
  9. Click UPDATE
  10. Select INC0002
  11. Click EDIT
  12. DESCRIPTION rename to Maintenance Sales
  13. Click UPDATE
  14. Select INC0002
  15. Click DUPLICATE
  16. Rename DESCRIPTION to Product Sales
  17. Click ADD
  18. Close Module

Setting up Customer Groups


Alert
STEPS:
  1. Click SETUP activity
  2. Click CUSTOMER/VENDOR
  3. Click CUSTOMER GROUP module
  4. Click DUPLICATE
  5. GROUP NAME enter SVC-GRP
  6. To set the account for your INVOICE CR A/C, select INC0001 Sales
  7. To set the account for your DEBIT NOTE CR A/C, select INC0001 Sales
  8. To set the account for your CREDIT NOTE DR A/C, select INC0001 Sales in the middle-left of the screen.
  9. Click ADD
  10. Click DUPLICATE
  11. GROUP NAME enter MAINT-GRP
  12. To set the account for your INVOICE CR A/C, select INC0002 Maintenance Sales
  13. To set the account for your DEBIT NOTE CR A/C, select INC0002 Maintenance Sales
  14. To set the account for your CREDIT NOTE DR A/C, select INC0002 Maintenance Sales in the middle-left of the screen.
  15. Click ADD
  16. Close Module


Now we create Business Partner and define which group they are below



Alert
STEPS:
  1. Click SETUP activity
  2. Click CUSTOMER/VENDOR
  3. Click BUSINESS PARTNER module
  4. Click NEW
  5. BP CODE enter SCPL
  6. NAME enter Service Customer Pte Ltd
  7. In the middle-left of the screen under Customer, select SVC-GRP as your CUSTOMER GROUP 
  8. Click ADD
  9. Click NEW
  10. BP CODE enter MCPL
  11. NAME enter Maintenance Customer Pte Ltd
  12. CUSTOMER GROUP select MAINTGRP
  13. Click ADD
  14. Close Module

To facilitate issuing of invoice, we create an item.



Alert
STEPS:
  1. Click SETUP activity
  2. Click ITEM DETAILS
  3. Click ITEM module
  4. Click NEW
  5. CODE enter GSVC
  6. GROUP select Service Group
  7. DESCRIPTION enter General Service
  8. Click ADD
  9. Close module

Now we are ready to issue invoices.



Alert
STEPS:
  1. Click SALES activity
  2. Click INVOICE module
  3. Click NEW
  4. In the top-left of the screen below Date, CUSTOMER select Service Customer Pte Ltd
  5. In the middle-left of the screen, ITEM select General Service
  6. In the middle of the screen to the right of your Item, under QTY enter 1
  7. In the middle of the screen to the right of your Qty, under UNIT PRICE enter 500
  8. Click ADD



Alert
STEPS:
  1. Click EDIT on the newly created invoice
  2. Click GL
  3. Close GL module
You can see that in the middle of the screen, the $500 Sales is posted to INC0001 Service Sales Account as set in the Business Partner Group


Alert
STEPS:
  1. Click NEW
  2. In the top-left of the screen below Date, CUSTOMER select Maintenance Customer Pte Ltd
  3. In the middle-left of the screen, under ITEM select General Service
  4. In the middle of the screen to the right of your Item, under QTY enter 1
  5. In the middle of the screen to the right of your Qty, under UNIT PRICE enter 800
  6. Click ADD



Alert
STEPS:
  1. Click EDIT on the newly created invoice
  2. Click GL
  3. Close GL module
You can see that in the middle of the screen, this 2nd invoice Sales is posted INC0002 Maintenance Sales Account instead.

Understanding Item and Item Group


Alert
Item Groups
As mentioned in the basic training, Item Groups define if the item is a Service or Inventory item.
On top of that, Item Group can also be used to set double-entry accounts for posting on the list of items under this group.
However, to achieve this means you must overwrite the setting dictated by the Customer/Vendor Group.
An illustration and explanation on this will be shown later. You may setup as many Item Groups as you like. 
Items
As you have learned in basic training, Item is where you enter the details of the items.
Additionally, you can also set which Item Group it is classified under.
Note that an Item can be classified only under one Item Group. 

Posting Specific Item to Specific Income Accounts 



Alert
STEPS:
  1. Click SETUP activity
  2. Click ITEM DETAILS
  3. Click ITEM GROUP module
  4. Click DUPLICATE
  5. CODE enter PG
  6. DESCRIPTION enter Pdt Group
  7. PRIORITY (OVERWRITE BUSINESS PARTNER GROUP A/C) Tick
    1. You have to tick on Priority. This will Overwrite the Business Partners (which belongs to a Customer Group) pre-set double entries posting accounts.
  8. INVOICE CREDIT A/C select Product Sales
    1. Select the Account which you want this item to overwrite.
  9. CHANGEABLE A/C AT DOCUMENT Un-Tick
    1. If you tick on this setting, you will be allowed to choose which account to post to during issuing of the document.
  10. Click ADD
  11. Close Module


Alert
STEPS:
  1. Click SETUP activity
  2. Click ITEM DETAILS
  3. Click ITEM module
  4. Click NEW
  5. CODE enter PDT
  6. In the top-middle of the screen below Item Code, GROUP select Pdt Group
  7. DESCRIPTION enter Hardware Sales
    1. Once an item is set to the Pdt Group, it is subjected to the Overwriting Double entries Posting set in the Item Group.
  8. Click ADD
  9. Close Module

Now we are ready to issue an invoice.



Alert
STEPS:
  1. Click SALES activity
  2. Click INVOICE module
  3. Click NEW
  4. In the top-left of the screen below Date, CUSTOMER select Service Customer Pte Ltd
  5. In the middle-left of the screen, under ITEM select General Service
  6. In the middle of the screen to the right of your Item, under QTY enter 1
  7. In the middle of the screen to the right of your Qty, under UNIT PRICE enter 330
  8. In the middle-left of the screen, under ITEM select Hardware Sales
  9. In the middle of the screen to the right of your Hardware Sales Item, under QTY enter 1
  10. In the middle of the screen to the right of your Qty, under UNIT PRICE enter 990
  11. Click ADD


Alert
STEPS:
  1. Click EDIT on the newly created invoice
  2. Click GL
    1. You can see that this 3nd invoice in the middle of the screen, there are two Sales posting. $330 is posted to Service Sales Account, which is determined by the Customer Group.
    2. While $990 is posted to Product Sales Account which is determined by Item Group which we have set to overwrite the Business Partner Settings. 
  3. Close GL module


    • Related Articles

    • Business Partner Setup

      The Business Partner Registration module is where the company's Business Partners (and their details) should be registered. "Business Partners" is a term which encompasses companies who have either of these relationships with your company: as a ...

    • 5.0. Setting Bank, Mode & Business Partner in Foreign Multi Currency

      Creating a Bank Account in Foreign Multi Currency STEPS: Click SETUP activity Click ACCOUNTS Click CHART OF ACCOUNT module Select Bank 2 Click EDIT DESCRIPTION rename Bank USD CURRENCY select USD BANK INITIAL enter CITI REMARK enter 123-45678-9 Click ...

    • Changing my Item's default posting

      When you need an item to post to a specific account you can create up an item group to specify the posting. In the following example, i want to post to rental account whenever i choose the rental account. Under Setup -> Item details -> Item Group ...

    • 2.0. Item Group, Items, Warehouse And Location Code

      What Is Item Group? Item Group - Controls which General Ledger Account the double- entries are posted to. Item - Records the description of the Stock item, and set which Item Group it belongs to. Renaming Existing Item Group STEPS: Go to Setup > Item ...

    • Chart Of Accounts Setup

      Creating an Expense Account STEPS: Click SETUP activity Click ACCOUNTS Click CHART OF ACCOUNT module Click NEW CODE enter EXP3301 Enter EXP as it is an expense account, and a unique number CATEGORY select EXPENSE Select the appropriate category ...