Have a TA1232 and just installed a TVA50 VPS. There are 7 CO's and originally, they wanted CO1-C06 to be answered by AA if no one picks up in 4 rings. Now they inform me that CO1-CO4 will be Company 'A' and CO5-CO7 will be Company 'B'. So they want the AA Greetings to be different depending on if call comes in on CO1-CO4 (Hunt Group 1) or CO5-CO7 (Hunt Group 2). So I believe I need to do some sort of Trunk programming on the TVA50, but I'm not sure where to specify this and wether I need to make any changes on the TA1232 ??

Look under Port/Trunk service.
There you set up service groups and assign ports to service them.