On Amazon the "parent" product is a non-buyable product used to relate child products. The Amazon catalog uses the parent product to establish relationships between the child products. For example, if two shirts have the same parent then they are related and are considered child products.

Zentail does not create an additional SKU when creating a Variation Group. Instead, one of the members of the group is treated as a Master SKU. When a group listing is pushed from Zentail to Amazon, a new Parent SKU will be created in seller center but this sku will not appear in your Zentail catalog.

When editing a member of a group on Zentail, you will see whether or not you aren editing the Master SKU or you will see a link that will navigate to the Master SKU:

When editing the Master SKU:

When editing a Variant:

For more information on Master SKUs and how they relate to the creation of groups, check out this article.

The Parent SKU value will be generated automatically, normally something similar to this:
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It is also possible to search for a Parent SKU on the Catalog Page.

As you can see in the worksheet below, only the SKUs that are the Master SKU for their respective groups have a Parent SKU value:
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However, if you want to control the name of the Parent SKU, you can edit it in the Advanced Options for Amazon, it will be listed as the Group Parent SKU Override. If you wish to use a custom value, you must add it BEFORE listing for the first time, otherwise you may need to delete the listing on the channel and relist the items a second time.

You will only be able to modify a Parent SKU when editing the Master SKU.