Set up grouping schedules
Grouping schedules enable you 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 and click the Groupings tab.
- We recommend that you use the default grouping schedule, Account Classification, which you can modify or rename. If necessary, you can add new grouping schedules.
- Each grouping schedule is comprised of a set of codes or subcodes. You can add, edit, or delete codes and subcodes. To add a new code, click Add and select Code. In the Add Code panel, enter a name for the code, add a description, and then select a category and a detail.
- You can modify each grouping schedule by assigning accounts to codes or subcodes. Select one or more ungrouped accounts, select a code or subcode, and then click Group.
Notes
- Each code can have an unlimited number of subcodes.
- 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.
Tax grouping schedules
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.
- The contents of the tax grouping schedule vary based on the entity type for the contact.
Note: The application does not provide tax grouping schedules for Unspecified or Limited Liability Company entity types. You cannot add custom tax grouping schedules.
- You can assign unique unit numbers with a 3-digit maximum to tax codes related to a form that allows for multiple units (e.g., rentals and farm rentals). To add a unit, highlight a line number in the Grouped Accounts list, click Edit, and increase the amount in the Number of Units field.
Contact us
Call 800-968-0600
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