Item Group Accounts

Navigation: From the Main Menu select Setup Entry and then press the Item Groups button.

For speed and simplicity, it is best to first enter your Item Groups without entering the accounts, and then to enter the accounts all at once. After all the groups are entered, you can follow this procedure:

Setting G/L Accounts to your Item Groups

• Select the account(s) for one of the groups by pressing … and selecting them from the list.
• Some groups will just have an Asset Acct, but costed groups will also have a Sales Acct, and a Cost of Goods Sold account.
• Press the Copy Accounts button.
• Select another Item Group that uses the same accounts.
• Press the Paste Accounts button.
• Select each of the rest of the item groups individually that use these accounts and press the Paste Accounts button in each of them.

AutoFluent recommends that you ask your accountant how to set up your Chart of Accounts in your accounting software. However, here are some suggestions:

• Typically, you do not need more than one inventory account, because this system already has many reports that break out the inventory into groups.
• Create an account called Sales as an Income type account. Then set up all your sales accounts as Sub Accounts of this account. Again, however, multiple sales accounts are not required, because you have these item groups.

Examples

Here are some example accounts. Note that Sales:Parts is the QuickBooks way of referring to the account called Parts, which is a Sub Account of the Sales account.

• Accounts for Stocked Parts Groups
  • Sales:Parts
  • Inventory:Parts
  • Cost of Goods Sold:Parts

• Accounts for Outside Parts Groups
  • Sales:Outside Parts
  • Inventory:Outside Parts
  • Cost of Goods Sold:Outside Parts

• Accounts for Outside Labor Groups
  • Sales:Sublet Labor
  • Inventory:Sublet Labor
  • Cost of Goods Sold:Sublet Labor

• Accounts for Shop Labor Groups
  • Sales:Labor (Labor is not costed)

• Accounts for Fees and Taxes Groups
  • Sales:Fees (Fees are not costed)