Set up main account categories

This article explains how to set up main account categories. Main account categories are used for the default reports in financial reporting and in Power BI. Main account categories that are created by default can be renamed but not deleted. Additional account categories can be created and used for reporting and analysis purposes. This article uses the USMF demo company.

When defining the main account category, consider the most detailed grouping level necessary for effective financial reporting, data analysis, and decision-making. Some examples of granular account categories include Cash, Fixed Assets, Short-term Investments, Accounts Receivable, and Accounts Payable.

Note

The Main account type determines the general classification of an account, such as Balance Sheet, Profit & Loss, Asset, or Liability. In contrast, the Main account category provides a more detailed grouping for accounts within these classifications.

Create a main account category

1. Go to General Ledger > Chart of accounts > Accounts > Main account categories.
2. Select New.
3. In the Main account category field, enter a unique name.
4. In the Description field, enter a description for the main account category.
5. In the Main account type field, select the main account type that will be linked to the category.

Link main accounts to account category

1. Click Link main accounts.
2. In the list, select the main accounts to assign to the main account category by checking the boxes in the Linked column. Assigning main accounts to a main account category will aggregate the balances of the accounts when that category is used for financial reporting and analysis.
3. Select or clear the Linked option to choose the main accounts.
4. Select OK.
5. Select Yes.