Functions > Setup > Chart of Accounts
Asset groups are only available if full accounting mode is enabled.
Asset groups are a way of grouping together similar asset transactions. An example of an asset group would be the purchase or sale of a house.
You can choose to ignore some transaction types from cash flow analysis such as transferring money from one bank account to another. This can affect some reports.
You can choose if this group is used to record the purchase or sales of properties. If set, these transactions are excluded from the balance sheet, which uses the property and fittings values and depreciation instead.
A transaction tax rate can be set for each liability group. This is used for GST or VAT type taxes. Tax amounts are then automatically calculated during transaction entry.
There is an option to specify if the asset is a current asset, or a long term asset. This only affects reporting.
The option to close a group simply hides the group when adding new transactions. Existing transactions using the group will still exist. This can be useful if you stop needing a particular group, but dont want to delete it.