A Record Group is a group of related records, keyed by SetID, which define the valid values for one or more fields in PeopleSoft.  Related values are keyed with/under a single Record Group. 

For example, Record Group FS_02 defines edit tables related to Calendars. Record Group FS_26 defines edit tables related to Locations.   Record Group AR_02 defines edit tables related to the Accounts Receivable Aging. 

The structure of Record Groups is core to the feature of PeopleSoft known as TableSet sharing.  Record Groups support sharing one set of valid values across multiple Business Units.

All Business Units in PeopleSoft Financials must have a completely defined TableSet of valid values.  To support this, Business Units are often defined with reference to a default SetID.  The SetID value is then the key used to access the complete set of valid values know as a Table Set. 

Within a TableSet, each Record Group must reference one and only one SetID.  Values specific to a Business Unit are keyed by a SetID referenced only by that Business Unit - sometimes the actual BU is used as the key/SetID value.  Values shared with one or more Business Units are typically keyed by a more generic SetID - perhaps representative of a market or geographic segment.  Finally, values shared across all Business Units are usually keyed by a generic SetID - sometimes SHARE or MODEL.