An account set is a group of general ledger account numbers. You assign an account set to each customer and national account to specify the general ledger accounts to which the customer's transactions are distributed, including:
You must create at least one account set before you can add customer records.
You can change the accounts in the account set at any time.
By default, the account set for a customer group is assigned to customer and national account records in the group (for example, when you add a new customer to a customer group, or change a customer's group). However, you can change the account set for a customer.
If you use multicurrency accounting, you assign a currency code to each account set to identify the currency used by the customers you will assign to the set. Once you save (add) an account set, you cannot change its currency.
Multicurrency account sets identify the customer's currency and general ledger exchange gain and loss accounts, as well as an account for rounding differences arising from multicurrency transactions. You can change the account set for a multicurrency customer or national account only to another set that uses the same currency.
Note: Member customers of national accounts can use a different account set than that used by the national account. However, both the national account and the customer must use the same currency.
The general ledger accounts you assign to multicurrency account sets depend on the type of currency information you require in your general ledger. For example, you might use a separate receivables control account for each currency, but use the same numbers for the rest of the accounts in all your account sets. If you use the same account number for all exchange gains and losses, the balance in that general ledger account is the net exchange gain or loss on receivables transactions.