1.Company Account Defaults
Some of the following accounts will be set by default when you create a new company, others can be created. The accounts can be seen in the Chart of Accounts. These values can be changed later on if needed.
- Default Bank Account
- Default Cash Account
- Default Receivable Account
- Round Off Account
- Round Off Cost Center
- Write Off Account
- Discount Allowed Account
- Discount Received Account
- Exchange Gain / Loss Account
- Unrealized Exchange Gain/Loss Account
- Default Payable Account
- Default Employee Advance Account
- Default Cost of Goods Sold Account
- Default Income Account
- Default Deferred Revenue Account
- Default Deferred Expense Account
- Default Payroll Payable Account
- Default Expense Claim Payable Account
- Default Cost Center
2. Item Account Default
In this section, you can define Company-wide transaction-related defaults for this Item.
- Default Expense Account: It is the account in which cost of the Item will be debited.
- Default Income Account: It is the account in which income from selling the Item will be credited.
- Default Cost Center: It is used for tracking expense for this Item.
Default Account it is the general account of the item in which cost of the item will be debited