What is the purpose of account groups? The account group is a summary of accounts based on criteria that effects how master records are created. The account group determines: The number interval from which the account number is selected when a G/L account is created.
How many accounting account groups are there? There are five types of accounts in accounting.
What is customer account group? Customer account groups control the customer hierarchy containing the customer master record. It determines the role of a customer and customer master data. When a customer account is created, it is assigned to a certain account group.
What is a group of accounts called in accounting? A chart of accounts (COA) is a list of financial accounts set up, usually by an accountant, for an organization, and available for use by the bookkeeper for recording transactions in the organization’s general ledger.