Smartgroups are contact-specific groups of categories. looch organizes your balance sheet by tying some categories and groups to contacts. The names of the sub-categories within these Smartgroups, or in some cases the name of the Smartgroup itself, is generated automatically based on the contact or teammate you chose when categorizing a transaction.
By using Smartgroups, looch stores prepayments and security deposits in the contact's profile. This helps you remember these hard-to-track amounts and makes it easy for you to apply them against payments.
The looch chart of accounts has the following Smartgroups:
1200:Other Short-Term Assets:Due From Owners
1201:Other Short-Term Assets:Due From Shareholders
1205:Other Short-Term Assets:Due From Teammates
1210:Other Short-Term Assets:Prepayments To Contacts
1220:Other Short-Term Assets:Short-Term Security Deposits to Contacts
1230:Other Short-Term Assets:Short-Term Investments
1240:Other Short-Term Assets:Loans Receivable
1250:Other Short-Term Assets:Smartcard Pay
1400:Other Assets:Long-Term Security Deposits To Contacts
1800:Investment Assets:Long-Term Investments
2020:Short-Term Liabilities:Short-Term Loans Payable
2030:Short-Term Liabilities:Prepayments From Contacts
2040:Short-Term Liabilities:Short-Term Security Deposits From Contacts
2100:Long-Term Liabilities:Long-Term Loans Payable
2110:Long-Term Liabilities:Long-Term Security Deposits From Contacts
3000:Equity:Owner's Equity (If you're a Single-Member LLC or Partnership)
3020:Equity:Shareholder's Equity (If you're taxed as a Corporation)