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.
- Open your project
- Select the Groupings tab.
- 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.
- If you want to create a new grouping schedule:
- Click the Add icon.
- Enter a name for the grouping schedule.
- Select Add.
- Complete the steps below to add codes, subcodes, and assign accounts.
- If you want to add codes or subcodes an existing grouping schedule:
- If you are adding a subcode, first select the code you want to add the subcode for from the list.
- Select Add.
- Choose Code or Subcode from the list.
- Enter a name for the code.
- Enter a description for the code.
- Choose a predefined Category and Detail, if applicable.
- Select Save & Close
- If you want move, rename, recategorize, or delete a code or subcode from an existing grouping schedule:
- Select the code or subcode from the light to highlight it.
- Use the ungroup, arrow, edit and delete icons from the toolbar to make your changes.
- If you want to assign accounts to codes or subcodes in an existing grouping schedule:
- Select to highlight one (or more if you press and hold Ctrl on your keyboard) ungrouped account.
- Select to highlight the code or subcode you want to group the account to.
- 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.
Contact us
Call 800-968-0600