•SUMMARY ACCOUNTS –
–A summary account is an account whose balance is the sum of balances of multiple detail accounts. Summary accounts are used to perform online summary inquiries, as well as speed the processing of financial reports, Mass Allocations, and recurring journal formulas. Summary Templates are used to create summary accounts.
•SUMMARY v/s PARENT ACCOUNT –
|Parent Account||Summary Account|
|No Inquiry||Online Inquiry|
|used of reporting||used for reporting|
|Used for Mass Allocations||Used for Mass Allocations
•STEPS TO CREATE SUMMARY ACCOUNTS –
The process of creating summary accounts is completed in the following steps:
–Determine your summary account needs.
–Plan the summary account structure to meet your needs.
–Define your parent/child hierarchy.
–Define Rollup groups.
–Assign parents to Rollup groups.
–Create your summary template.