Account groups

Account groups are the set of accounts used to create journal entries for adding, transferring, or disposing of assets.

General Ledger accounts

Accounts groups define these asset-processing General Ledger accounts for a company:

  • Asset clearing

  • Proceeds

  • Disposal expense

  • Gain

  • Loss

  • Deferred gain

  • Deferred loss

The asset clearing account is used for asset additions. The other accounts are used during asset disposals. Together with asset types, account groups define all of the accounts used in processing an individual asset.

If your company uses Part 32 books to depreciate asset classes, you might want to define account groups used solely for those assets. Lawson highly recommends that the disposal accounts you specify for the account group associated with an asset class match the accumulated depreciation account specified for the asset class type.

How are account groups used?

When you set up the Asset Management application, you must define at least one account group for each company that has assets assigned to it.

You can make changes to the account groups after you define them.

Changes to account groups are dynamic. When you make an account group change, all new assets that use the account group are affected. Past transactions that used that account group are not affected.