The Account Group stands for the Group under which any particular account is classified. Standard Account Groups are already provided with their effects on the Balance Sheet. New account groups can be added by clicking on new. Head group Name is all predefined, you can add a new group as per your requirements, you can select what kind of an effect the group is going to have, whether it’s an asset, liability , expenses or income from the Account effect option, please also specify what kind of an income head it’s going to provide and click on Save. when done.
While adding or editing any group, care must be taken to enter the correct head group under which this group is to be classified and effect of the account under this new group.
Any change or Addition/Deletion in Group Master should be done only if it is necessary as it will change their effect on Final accounts.