Use of Group Accounts in Sales and Purchases

This help covers the use of group accounts in sales and purchases.

In Netvisor, group receivables and liabilities can be added as separate accounts in the specification of accounts.

You can handle group accounts by selecting Bookkeeping > Specification of accounts > select the group receivables or group accounts payable account.

For group transactions, proceed as follows:

• Use group accounts on ML, MS, OL and OS vouchers for group transactions instead of the default liability/receivable account.
• As an accountant, update the group account manually on each ML, MS, OL and OS voucher related to a group transaction.
• Note that there is no automation for this; the change of entries to group accounts is always done manually.

It is not possible to add other sales receivables and accounts payable accounts to the reconciliation view than the bookkeeping accounts set as default in the ledgers.

You can view the reconciliation view by selecting Bookkeeping > Ledgers > Reconciliation view.

Note the following regarding the reconciliation view:

• The reconciliation view only shows those sales receivables and accounts payable accounts that have been set as default accounts for the ledgers.
• If you use other receivable and debt accounts, such as group accounts, on the vouchers of sales invoices and purchase invoices, a difference will appear in the reconciliation view for this reason.

Reconcile group accounts with sales and purchases as follows:

1. As an accountant, list the balances of the group accounts for each month under review.
2. Add up the monthly balances of the group accounts.
3. Compare the total amounts to the difference shown in the reconciliation view.
4. Make sure that the total amount of the group accounts and the difference in the reconciliation view are the same.

Frequently asked questions

Question: How do I use group accounts in sales and purchases?

Answer: Add group receivables and liabilities as separate accounts in the specification of accounts and use group accounts on ML, MS, OL and OS vouchers for group transactions instead of the default liability/receivable account. Always update these entries manually.

Question: Why is there a difference in the reconciliation view when I use group accounts?

Answer: You cannot add other sales receivables and accounts payable accounts to the reconciliation view than the default ledger accounts. When you use other receivable and debt accounts, such as group accounts, on the vouchers of sales invoices and purchase invoices, a difference will appear in the reconciliation view for this reason.

Question: How do I reconcile group accounts with the reconciliation view?

Answer: List the balances of the group accounts by month, add them up and compare the total to the difference shown in the reconciliation view. The amounts must be the same.

Keywords

group accounts, group receivables, group liabilities, ML voucher, MS voucher, OL voucher, OS voucher, reconciliation view, sales receivables, accounts payable, ledger, Netvisor