Set Up Posting Groups
You use posting groups to specify which general ledger accounts are affected when you post transactions with customers, vendors, items, and bank accounts. Therefore, you need to set up the chart of accounts before you can create posting groups.
There are three types of posting groups for selling inventory and resources to customers and buying inventory from vendors:
General posting groups
Specific posting groups
VAT Posting Groups
General Posting Groups
There are two types of general posting groups: business and product. You assign business posting groups to customers and vendors. You assign product posting groups to items and resources.
In the General Posting Setup window, you specify the general ledger accounts that are used for each combination of a general business posting group and a general product posting group. For example, you can post the sale of the same item to different sales accounts in the general ledger due to customers being assigned different business posting groups.
Specific Posting Groups
The primary purpose of specific posting groups is to identify the primary balance sheet account for each supporting ledger. For instance, the total outstanding accounts receivable balance of all the customers should correspond to the total balance of the Accounts Receivable accounts in the balance sheet. Specific posting groups are assigned to customers, vendors, items, bank accounts, and fixed assets. These posting groups create the direct link to the primary balance sheet account for each master item.
VAT Posting Groups
VAT posting groups are used to calculate Value Added Tax (VAT). They are set up in a similar way as the general posting groups. The steps for setting up VAT posting groups is described in Set Up VAT.
The following table describes a sequence of tasks, with links to the topics that describe them. These tasks are listed in the order in which they are generally performed.
| To | See |
|---|---|
Learn how to use posting groups to link different kinds of accounts, such as customer, vendor and bank accounts, to the general ledger. |
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Set up general business groups that you can use to categorize customers and vendors for posting purposes. |
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Set up general product groups that you can use to categorize items, resources, work centers and machine centers for posting purposes. |
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Set up the default posting accounts for each combination of a general product group and a general business group. |
How to: Set Up Combinations of General Business Groups and General Product Groups |
Copy the default posting accounts from a line in the General Posting Setup window to a new line, to reduce data entry. |
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Set up customer posting groups and specify general ledger accounts for receivables, service charges, payment discounts, interest, additional fees, invoice rounding and currency application rounding for each posting group. |
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Set up vendor posting groups and specify general ledger accounts for payables, service charges, payment discounts, invoice rounding and currency application rounding for each posting group. |
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Set up inventory posting groups that you can use to categorize items for posting purposes. |
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Set up the default posting accounts for each combination of a location and an inventory posting group. |
How to: Assign Default General Ledger Accounts to Inventory Posting Groups |
Prepare the inventory posting setup to receive item value entries posted as a consequence of negative inventory posting of work in progress. |
How to: Set Up WIP Accounts for Posting Material Consumption |
Set up bank account posting groups and assign a bank general ledger account to each posting group. |
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Set up fixed assets posting groups and specify the general ledger accounts to which the program posts transactions involving fixed assets. |