Ledger Group

Implementation Updated by Implementation

What is Ledger Group?

ledger group is a combination of standard ledgers for the purpose of applying the functions and processes of General Ledger Accounting to the group as a whole. Via Ledger group, a ledger gets the correct direction.

Overview

Ledger Group defines the nature of ledger. In Financial Reports it shows lots of same natured ledgers as a group under a ledger group. While scrutiny and preparation of financial reports it becomes easy to understand the nature of transaction and balances on basis of Ledger Group.

Use Case-

Suppose there is a firm “XYZ Ltd”. They are a manufacturing unit and they have lots of direct expenses & Indirect Expense with same name i.e. Electricity Expense and diesel expense. But better understanding please note that in manufacturing unit electricity expense is considered as direct which is used in production house to run machines. And the Indirect expense is considered for electricity used in office premises.

With this feature they can create Electricity expense in 2 different ledger groups. And same will show in different heads in financial reports.

 

Steps to be performed to create Ledger Group

1.Go to Ledger Folder

2.Go to Masters and Click on Ledger Group Creation

3.Add all the details i.e. (i)Ledger Group Name (ii)Long Description (iii)Select Account Group (iv)Select Master Type (v)Select Type (vi)Select Sub Type.

3.1.Enter series (This series will be used by system to assign Ids for ledger account to be created under ledger group). Click on Save.

4.Edit Ledger Group-> User can edit Ledger group. (Please note if ledger is created under ledger group then user can change only the name of Ledger group. And if user wants to change the selected option then there should no ledger exist for that Ledger Group).

5.Report: User can check ledger group listing in report

5.1-User can print & download the report. User can move back to ledger group creation page by click on add and edit.

How did we do?

General Ledger Creation

Ledger Report

Contact